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Quarterly Report April – June 2012

Quarterly Report April – June 2012

Key Points

  • Quarterly production of 10,692 oz gold at $1148/oz
  • Full year production of 50,058 oz is up 40% on FY11 result and at top end of guidance range
  • Continued exploration success at Read Zone
  • $44.3M cash at bank


Andrew McIlwain, Managing Director & CEO comment “Gold production of 10,692 ounces this quarter contributed to a full year production result of 50,058  ounces, at the very top end of our previous guidance. The quarter also saw Henty achieve a record in mine development metres completed, as work accelerated at  Newton Zone. Stoping has now begun at Newton and will underpin our production objective of delivering 45-55,000 ounces in FY13.

Exploration at the Read Zone outlined further extensions to the high grade mineralisation, underlining the potential for Read to provide significant additions to our mining inventory. Importantly, the Read Zone remains open to continued testing both north and south of the currently interpreted boundary.

In West and Central Africa, results from GoldStone’s exploration programs continued to flow, with drilling at the Homase/Akrokerri project in Ghana extending both the strike length and depth of the known high grade shoot. Drilling is also underway at the Sangola project in Senegal and imminent at the Oyem project in Gabon. ”  said Mr McIlwain.


  • Henty Gold Mine produced 10,692 oz at a cash cost of $1148/oz which includes royalties of $113/oz, (11,357 oz gold at $1112/oz in March 2012 quarter).


  • Read Zone drilling results including 1.3 m at 40.7 g/t gold have extended the high grade mineralised zone to the north.
  • Exploration drilling at Newton also extended the mineralisation at depth and to the south. The zone remains open and will be tested further in the coming months
  • GoldStone Resources (34% owned by Unity Mining) announced further results from the drilling program Homase/Akrokerri, Ghana, confirming the extension of the high grade gold shoot under the Homase pit. Exploration has also advanced at projects in Senegal & Gabon.


  • Gold sales were $14.8 million during the quarter from the sale of 9263 oz gold at an average price of $1594/oz.
  • Cash in bank was $44.3 million at 30 June 2012 ($47.8 million at 31 March 2012). In addition, $8.0 million is held in bonds to meet rehabilitation liabilities.
  • Patersons Securities & Foster Stockbroking both issued research on the Company, in addition that that published by Baillieu late in the March quarter.
  • A total of 6.23 million shares were purchased and cancelled (at a total cost of $938,729) during the quarter under the share buy-back program.