Company Briefs

LionGold's Ballarat mine ups gold output estimate

AN updated estimate for LionGold's Ballarat Gold Mine in Australia has placed the amount of inferred mineral resource there at 411,000 tonnes at a grade of 8.5 grammes per tonne of gold, up from 263,000 tonnes at the same grade that was last reported in July last year.

"We have been able to replace the ounces mined to date through our ongoing and successful exploration programme, and this new resource underpins ongoing confidence in gold production from Ballarat," said LionGold group chief operating officer Matthew Gill. The mine produced 13,845 ounces of gold in the last quarter at an all-in cash cost of A$1,055 (S$1,186) an ounce. It has an annual production target of 40,000-50,000 troy ounces each year.