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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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  • Phoenix Gold's Shares Continue To Climb 0 comments
    Aug 29, 2013 1:48 AM

    Phoenix Gold's (ASX: PXG) shares are on the move upwards again today, and with good reason, as the self-funded explorer continues a successful aggressive gold exploration program in Western Australia.

    Phoenix is trading 9.8% higher today at $0.225 on solid volume, which is well over double where the stock was changing hands around six-weeks ago.

    Earlier in the week the company delivered some impressive metrics from the development of Stage 1 of the Blue Funnel Gold Mine, which is progressing in line with expectations.

    Mining kicked off last month and ore processing has now commenced under a toll milling arrangement with FMR Investments at its Greenfield's Mill in Coolgardie.

    Blue Funnel will deliver near term total net cash flow to Phoenix in excess of A$3 million, based on a gold price of A$1,350/oz. Blue Funnel is the second of a series of cash generating mines for the company.

    This is a modest base price considering gold is currently fetching over A$1,550/oz.

    The project required minimal start-up capital costs and Stage 1 delivers 86,000 tonnes at 3.5 g/t at a total cash cost of A$980 per ounce, with toll milling to produce over 9,000 ounces at 93% recovery.

    Phoenix holds A$16 million in cash and continues to generate funds internally, which is extremely important in the current difficult fund raising markets.

    The company is targeting a 4 million ounce resource with one million ounces in reserves by December 2013, while also being on track to complete a DFS before the end of the year.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

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