Avoca Resources Limited

Published : May 29th, 2009

High Grade Gold Production Continues

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29 May 2009

 

AVOCA HIGH GRADE GOLD PRODUCTION CONTINUES

 

Highlights

 

?         Record gold production from Trident of 18,149 ounces for the four week period ending 24 May 2009. 

 

?         Treatment head grade increases to 6.0 g/t with 96,666 tonnes processed and 97.4 % recovery over the four week period.

 

?         Well positioned to meet production targets for FY2010

 

 

ASX 200 mid-tier gold producer, Avoca Resources Ltd (ASX:AVO), is pleased to announce record production is continuing at the high-grade Trident gold mine, located south of Kalgoorlie in Western Australia, with 18,149 ounces produced over the four week period to 24 May 2009. 

 

A total of 96,666 tonnes of ore was processed over the four week period at a head grade of 6.0 g/t gold and recoveries of 97.4%.  The head grade results were achieved with only 48% of the total ore processed being sourced from the high grade 1005 level Western Zone stope.  The results indicate that the estimated reconciled grade of the 1005 level Western Zone stope is 8 g/t gold.

 

Avoca continues to achieve a processing rate at Trident of between 1.2 to 1.3 million tonnes per annum despite the Trident mill having a nameplate capacity of 1 million tonnes per annum.  The increased processing rate has not impacted recovery levels, and the head grade and production levels achieved in the past four weeks leaves Avoca well positioned to meet its production targets for FY 2010.

 

Avoca Managing Director, Mr Rohan Williams, said that the recent production figures auger well for Avoca?s shareholders.

 

The June quarter is shaping up as a watershed period for Avoca, with the ramping up of higher gold production, lower cash costs and stronger operating cash flows.?

 

We remain confident in our target to produce 180,000 ounces at cash costs of approximately A$450 per ounce in 2009/2010.?

 

 

Mr Williams added that Avoca?s management team is continuing to unlock the significant value in Avoca?s assets by increasing the amount of gold production out of the Trident mine and developing an exploration program that targets a number of exciting prospects in the Higginsville area.

 

These are very good results which demonstrate that our highly experienced management team is developing Trident into one of Australia's premier gold mines  The strong cash flows generated by Trident will underpin our aggressive exploration campaign to unlock more value from Higginsville.?

 

 

For further information please contact:

 

Avoca Resources: Rohan Williams, 08 9226 0625

 

Purple Communications: Warrick Hazeldine, 08 6314 6300 / 0417 944 616

 

 

 

Please Note:

Not for dissemination in the United States, or over U.S. newswire services.

 

Avoca Background

 

Avoca is an ASX 200 gold mining and exploration company based in Perth, Western Australia. Avoca has grown rapidly since its listing in 2002, and its acquisition of the Higginsville exploration project in 2004, located 130km south of Kalgoorlie.

 

Following the discovery of the Trident underground gold mine at Higginsville in late 2004, and the subsequent construction of the Higginsville Gold Project which included a new 1 million tonne per annum CIL treatment facility built on time and under budget; it poured its first gold bar on 1 July 2008.  The time taken from exploration project acquisition to gold pour was exactly four years.  Presently, Trident is Western Australia?s third largest underground gold mine and has recently commenced mining the thick and high grade 1005 level, which has contributed to record gold production levels.  Avoca remains confident it will produce 180,000 ounces of gold in FY2010 at a cash cost of A$450 per ounce (not including royalties).

 

Avoca has a highly credentialed management team with considerable expertise in exploration, project development and underground mining.  Avoca?s managing director, Rohan Williams, has more than 15 years experience in the region having worked as a geologist at the +15 million ounce St Ives field immediately north of Higginsville, and the +6 million ounce Norseman field immediately to the south. 

 

The Avoca Board is confident that its management team will continue to expand and develop the existing 1.45 million ounce Higginsville resource base into realising its goal of a +10 year mine life for Higginsville.  

 

Purple Communications

Level 3, 28 Kings Park Road, WEST PERTH WA 6005

Ph: 08 6314 6300 Fax: 08 6314 6355

purple@purplecom.com.au

 

 


 

Avoca Resources Limited

CODE : AVO.AX
ISIN : AU000000AVO0
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Avoca Res. is a producing company based in Australia.

Avoca Res. is listed in Australia and in Germany. Its market capitalisation is AU$ 1.0 billions as of today (US$ 1.0 billions, € 750.8 millions).

Its stock quote reached its lowest recent point on February 21, 2003 at AU$ 0.09, and its highest recent level on November 12, 2010 at AU$ 3.79.

Avoca Res. has 303 301 781 shares outstanding.

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Annual reports of Avoca Resources Limited
2008 annual report
Nominations of Avoca Resources Limited
9/8/2009Dioro Appoints Three Avoca Nominees to Board
Project news of Avoca Resources Limited
10/9/2009(Trident Gold Mine)50,584 Ounce Q1 Production From Trident At A$428 Cash Operat...
6/4/2009(South Kalgoorlie Gold Mine)Record Monthly Gold Production of 20,457oz From Trident
5/29/2009(Higginsville - Trident)High Grade Gold Production Continues
3/21/2007New high grade drill results provide potential early ore sou...
Corporate news of Avoca Resources Limited
2/20/2011Anatolia and Avoca Resources complete merger to become Alace...
12/29/2009Announces Unconditional Takeover Offer for Dioro Valued at $...
8/20/2009reaches 44.85% at close of Offer for Dioro
8/19/200935.29% with further Baker Steel acceptances to come
8/19/200936.46 % following Baker Steel acceptances
8/17/2009Response to Dioro's 8th Supplementary Target's Statement
8/11/2009extends for 1 week and declares Offer FINAL
7/27/2009 Extends Offer Period While it Awaits Full Disclosure From D...
7/22/2009Increases its Dioro Shareholding to 20.23%
7/21/2009Increases its Dioro Shareholding to 19.03%
7/20/2009Extends Offer Period Due to Questionable Dioro Tactics
7/3/2009Record 52,118 Ounce June Quarter at Trident
6/29/2009Trident's Continued Success Increases Avoca's Y2010 Producti...
6/10/2009Pala Converts A$14.8M of Convertible Bonds
5/29/2009Dioro Target's Statement
3/6/2007 MAJOR NEW ORE POSITION DISCOVERED AT TRIDENT
2/19/2007Trident Underground Development Commences
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