KalNorth Gold Mines Limited (ASX: KGM) is pleased to announce...

KalNorth Gold Mines Limited (ASX: KGM) is pleased to announce
that processing of the first batch of ore from the initial open pit at
Lindsay’s Gold Mine has been completed at the Carosue Dam Mill.
The first batch, comprising 7,184t of gold ore, was extracted from the
Lindsay’s open pit mine in February. It was then transported by 170t
maxi-haul road trains to the nearby Carosue Dam Mill for crushing and
processing.
Samples of the crushed ore have been taken for assaying and grade
verification. Independent laboratories in Kalgoorlie will assay the ore
to determine final grade and content of contained gold. Results are
expected in the coming week.
First payment is expected from Saracen Mineral Holdings Ltd within 10
days of grades being finalised.
During March, ore transported from the Lindsay’s open pit mine to
Carosue Dam Mill is expected to ramp up to the full rate of 25,000t per
month.
Chairman, Laurence Freedman AM, said:
“With the processing of our first parcel of ore underway and payment
imminent, KalNorth is at a significant turning point. In a matter of
weeks we will be cashflow positive, no longer dependent on
shareholder equity to fund our activities.
“The moment where shareholder value becomes tangible is only weeks
away