K92 Attending Precious Metals Summit in Zurich and London
K92 Chief Executive Officer, Ian Stalker, will be at the upcoming Precious Metals Summit being held November 2nd-4th in Zurich and London to discuss K92’s recent news regarding progress at the company’s Kainantu Gold Mine in Papua New Guinea.
October has been a very busy month at K92 and was marked by announcements concerning two key fundamental achievements.
on October 5, 2016, K92 announced the commencement of gold production at the Irumafimpa Gold Deposit on schedule and on budget (click here to read full news release).
On October 13, 2016, K92 announced the results of an analysis (Preliminary Economic Assessment) completed in relation to the second deposit the company plans to put into production. The results from this PEA at Kora (700m away from Irumafimpa) include estimates of USD $558 million cash flow over a 9 year period, annual production of approximately 108,000 ounces per annum (AuEq) at an All in Sustaining Cost of USD $619 / ounce (AuEq), an Internal Rate of Return of 113%, and a Net Present Value (5) of USD $415 million. First production is targeted for Q1 2018 and the initial capital cost is estimated at USD $13.84 million (click here to read full news release).
While the restart of production at Irumafimpa and the Kora PEA results represent key onsite milestones achieved, it is also important to note that the company further strengthened it’s balance sheet in October through the receipt of CAD $7.5 million after the forced acceleration and subsequent exercise of 10 million share purchase warrants.
There are two drills onsite. One of these drills is focused on grade control drilling at Irumafimpa while the other is dedicated to drill expansion targets. Between now and year’s end, company goals include the continuing ramp up of gold production at Irumafimpa, drilling to target resource expansion and in January 2017, commencing the completion of the underground incline from Irumafimpa to Kora. This incline drive will not only allow K92 access to the Kora deposit but also will facilitate drilling along the way from underground set-ups.
With much recently accomplished and with a lot of progress fundamentally, K92 management will seek to broaden the visibility of the company amongst institutional investors. To this end, the company will be attending the upcoming Precious Metals Summit (Zurich and London) and also will be hosting a November 10-12th analyst tour of the mine site (underground operations, processing facilities, exploration targets).
We look forward to keeping you posted and thank you for your interest in this project. If you have other contacts that are interested in receiving updates from K92, they can register to join this update list by emailing info@k92mining.com or by registering at www.k92mining.com
Regards,
The K92 Team
