Auric Mining Expects Substantial Cash Boost from Jeffreys Find Project

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Western Australia-based gold explorer Auric Mining is anticipating a significant cash injection in September/October 2023 as it nears completion of the first stage of its Jeffreys Find gold project.

The company’s managing director, Mark English, expressed confidence in the project’s progress and stated that the first stage was on track for completion soon. He further highlighted the project’s favourable position due to a robust gold price in the market. 

“We now have a well-established open pit at the mine site, and mining is proceeding according to plan. Over the past fortnight, widespread rain in the district has hampered haulage to the mill, but mining continues,” Mr English said.

Mining partners involved in the project will deduct all costs, including cash retention, for the second stage before splitting the surplus cash proceeds on a 50:50 basis. The expected cash boost is deemed substantial and is a welcome development for Auric Mining, especially with the short total project life and final mining expected to conclude by the end of 2024.

Processing the initial 30,000 tonnes of ore offers significant insights into the project’s overall feasibility, with both parties expressing satisfaction with the effort put forth thus far.

Auric Mining plans to allocate surplus cash generated from the Jeffreys Find, a project to continue the development of the Munda Gold Deposit at Widgiemooltha and finance broader exploration endeavours.

The company’s latest quarterly report, published on 27th April 2023, indicated $1.318 million cash at hand as of 31st March 2023.

“With 12,500 tonnes of ore already transported to Coolgardie, we are just a short time away from our maiden gold pour,” Mr English said.In light of the company’s $1.318 million cash reserve as of 31st March 2023, Auric Mining is well-positioned to pursue growth opportunities and maintain its trajectory as a promising player in the gold mining industry.

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