PERTH (miningweekly.com) – Junior gold miner Excelsior Gold has purchased the remaining 5% interest in the mining lease that hosts the Jackorite openpit operation, in Western Australia.
Excelsior paid the private owner A$120 000 for his 5% interest in the mining lease, with MD David Hamlyn saying on Friday that the purchase simplified the mining of the Jackorite pit, and the accounting of ore produced.
Hamlyn said that the price paid to the private owner was reasonable, and left Excelsior fully exposed to potential grade and gold price upside.
Mining at the Jackorite project started in late December, and the pit was scheduled to produce some 38 500 t of ore, grading 2.5 g/t gold by the end of February this year.
The ore would be hauled to the Paddington mill, which would treat the first batch of some 17 000 t of ore, grading 2.6 g/t gold within the next two weeks.
Edited by: Creamer Media Reporter
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