K92 produces gold over 19K Oz in Q1
K92 Mining announces a record production of 19,778 oz AuEq for first quarter of 2019 (Q1) at its Kainantu Gold Mine in Papua New Guinea. Q1 production represents a new record for the Kainantu Gold Mine, being almost 20% higher than the previous record production of 16,451 AuEq oz achieved in Q4 2018. Recoveries for Q1 averaged 93.7% for gold.
John Lewins, K92 Chief Executive Officer and Director, stated, “The production results for the first quarter are significantly above budget with an almost 20% increase in gold production in comparison to the best previous quarter.
Importantly, tonnes processed during the quarter also increased by almost 10%, despite the process plant being shut down for over a week during March to allow for annual maintenance of all major components to be completed.
During the quarter, the Company commissioned the new underground dewatering system which is an extremely important part of our infrastructure. The installation of the pipe work for this system extending the entire length of the incline from Kora North to surface was a significant undertaking which resulted in some disruption to operations.
It was therefore pleasing that new production records could be achieved during this period. With a formal commitment to our expansion during the quarter, an additional mobile plant was ordered and some equipment already in transit we look forward to continuing to build our production capacity during the balance of 2019.”
During Q1 the Company announced that a commencement of the expansion of the Kainantu Gold Mine in Papua New Guinea, with a goal of doubling current capacity to increasing annual production to an average of 120K ounces of gold equivalent (oz AuEq).