Jan 27, 2016

Mt Carlton shines for Evolution Mining

Mt Carlton shines for Evolution Mining

A bumper quarter at Mt Carlton in North Queensland helped gold miner Evolution end 2015 on a high note, with a record 203,700 ounces produced across its operations in the three months to December 31.

The company’s new mines, Cowal in New South Wales and Mungari in Western Australia, also contributed greatly to the good results.

Chief operating officer Mark le Messurier said yesterday Mt Carlton, about 150km south of Townsville, had achieved outstanding  production and cash generation in the past quarter, with a higher than predicted head grade of ore mined.

It achieved a record quarterly production of 30,026oz of gold and a site monthly payable gold ounce record of 10,703oz in December.

The success of a drilling program targeting high-grade gold zones below and outside the current V2 pit at Mt Carlton also bodes well for the operation’s future.

While it was early days yet, executive chairman Jake Klein said the company would be looking at the potential to expand the pit or go underground.

He said recent exploration results meant the mine could be expected to operate beyond the current life-of-mine estimate of seven years.

Mr Klein said Evolution Mining was looking forward to 2016 as a positive time not only for the company but the Australian gold sector generally.

Evolution Mining’s Queensland gold operations include Pajingo, Cracow and Mt Rawdon as well as Mt Carlton. Their combined output was 89,950oz in the December quarter, about 45 per cent of the company’s overall production.

More at www.evolutionmining.com.au