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Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
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  • Silver Lake Resources' Gold Sales Jump To 151,060 Ounces During FY13 0 comments
    Jun 30, 2013 9:00 PM

    Silver Lake Resources (ASX: SLR) continues to increase production rates from the company's operations in the Eastern Goldfields and Murchison districts of Western Australia, with full year gold sales of 151,060 ounces for financial year 2013.

    Importantly for Silver Lake - operational changes made in April 2013 at Mount Monger Operations have improved business outcomes.

    The production included 135,282 ounces from the Mount Monger Operations, and 15,778 ounces from Murchison Gold Operations.

    Quarterly gold sales were 56,450 ounces (43,189 ounces from Mount Monger and 13,261 ounces from Murchison).

    Silver Lake had around 2500 ounces of bullion on hand as at 30 June 2013. The company currently has JORC Resources and JORC Ore Reserves containing: 6.6 million ounces of gold inclusive of 1.8 million ounces of reserve; 10.4 million ounces of silver; and 140,000 tonnes of copper.

    The company has a commitment to long term exploration targeting 10 million gold ounces over time.

    FY14 budget to reduce costs, maximise cashflow

    Silver Lake said that its budget for Financial Year 2014 is being finalised, and will take into account the decline in A$ gold price, and will focus on deferring capital, reducing costs across the business and maximising cashflow.

    The Mount Monger business optimisation is to be announced once the budget is finalised, which will take into account the June 2013 ore reserves and mineral resources - which are to be announced in late July 2013.

    Additional news forecast for later this month includes the Hollandaire PFS. Recent drilling results from Hollandaire some impressive copper intersections such as:

    - 12.0 metres at 8.7% copper including 5.0 metres at 3.1g/t gold from 88 metres;
    - 12.0 metres at 8.1% copper including 5.0 metres at 2.1g/t gold from 73 metres; and
    - 10.0 metres at 8.8% copper and 2.8g/t gold from 138 metres.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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