Auric Mining (ASX:AWJ) in the black at Jefferys Find
October 25, 2023Auric Mining has boosted its coffers with the first surplus cash distribution of $2.2 million from Jeffreys Find Gold Mine.
Auric’s joint venture with BML Ventures has paid off as the Perth Mint sold 1,361 ounces of gold on Friday for a hefty $3,130 per ounce, realizing a gross revenue of $4.26 million.
This brings its Stage One sales revenue to over $20 million, just the beginning of the expected surplus cash flowing into the company through.
Ore transported to the Greenfields Mill at Coolgardie
Auric Managing Director Mark English targets over 180,000 tonnes of ore for toll processing at Greenfields Mill in Coolgardie, Western Australia.
“We’re at the business end of a great second campaign,” Mr English said.
“It will be a terrific result with all the numbers pointing towards more than 9,500 ounces of gold produced in this first stage of mining.
“The $2.2 million cash for Auric is right on cue. If the price of gold holds current, then Jeffreys Find will produce more than $8 million in surplus cash for the partners.”
On Tuesday, Gold reached $1,970 USD/t oz, hovering near its highest level in five months and is expected to break through $2000/t in the next three months, where it is expected to remain for at least the next 12 months.
“We still have a couple of weeks to go but are now assured of an excellent result,” Mr English added.
About Auric Mining
Auric Mining is a Western Australian gold exploration and development company focused on establishing a significant gold mining enterprise backed by an experienced management team. They have a strong asset base of over 220,000 ounces Au of JORC-compliant resources.
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