Wow - I got a notification this morning from Twitter and there is an article on * about Laneway. Here are a couple of extracts:- Special Report: Laneway Resources has begun another round of high-grade gold mining at its Agate Creek mine in North Queensland that is set to deliver even more cash than the prior campaign thanks to even higher prices. The well-timed restart coincides with still strong gold prices that are back up over and $US1900 an oz, which for Aussie gold producers translates into a very lucrative $2,691 an oz. Laneway Resources (ASX:LNY) expects this high-grade production run of 42,800t at 6.5 grams per tonne (g/t) to deliver around 8,950oz and “significant positive near term cash flow” .At the current high Aussie dollar gold price, that would likely hand the company something in the vicinity of around $24m revenue. This will substantially boost Laneway’s coffers and leave it well funded to advance exploration and development of its projects without the need to tap shareholders for more cash and risk further dilution. At the current high Aussie dollar gold price, that would likely hand the company something in the vicinity of around $24m revenue. This will substantially boost Laneway’s coffers and leave it well funded to advance exploration and development of its projects without the need to tap shareholders for more cash and risk further dilution. “With mining activities now underway at a time of continuing high gold prices, we are looking forward to the significant cash generation from this mining campaign to support the self-funded ongoing appraisal and exploitation of the Agate Creek project and the company’s broader project portfolio,” chairman Stephen Bizzell said. Laneway is also continuing to progress other processing plant options which may be utilised longer term for the processing of high-grade ore from Agate Creek, including for the second batch of ore from the current mining campaign. Agate Creek so far has a defined resource of 471,000oz of contained gold. Laneway is continuing to evaluate and progress the broader mineralisation potential at Agate Creek and the development and planning for large scale mining activities, including the processing of the current resource. The company’s plan longer term is to grow the resource to beyond 1 million ounces, at which size it should be able to justify the development of a processing facility on site.
Well well well some good positive news so lets hope lots of people read this article.
LNY Price at posting:
0.8¢ Sentiment: Hold Disclosure: Held
