KNT // K92 Mining Inc. // KNTNF // US OTC, alsoTSX
As of July 20, 2018
212,446,037 Fully Diluted
180,276,694 Shares Issued
9,503,662 Common Shares Issuable Upon Conversion of Cartesian Preferred Shares
* Warrants include:
7,261,681 exercisable at $0.65 expiring September 6, 2019
K92 Chief Executive Officer, John Lewins, states, “During 2018, K92 established and declared commercial production, achieved cash flow positive operations, exceeded the top end of our annual production guidance. We have continued to develop Kora North from both a production perspective through continuing underground development to access greater strike length and in increasing the known resource through exploration and grade control drilling. The year ended strongly, with record setting production in Q4 2018 and the engagement of a second drilling contractor to bring in two addition larger underground diamond drill rigs which will enable the Company to significantly increase the metres drilled in 2019. K92, has also announced the positive results of an updated Preliminary Economic Assessment (“PEA”) for the project and will soon be publishing 2019 production guidance along with making a formal decision to expand mining and processing operations as described in the PEA.”
K92 Mining Inc. (“K92”) Releases Third Quarter Financial Results and Confirms 2018 Production Guidance
- Production of 9,549 gold ozs or 9,910 gold equivalent (AuEq) ozs for the Quarter at a cost of $742/gold oz or $742/ gold equivalent oz and an all-in sustaining cost of $899/gold oz or $894/gold equivalent oz1
Revenue less Cost of Sales for the three months ended September 30, 2018, was US$1,957,539
Reaffirms production guidance issuance for 2018 expected to be between 44,000 (previously 42,000) and 46,000 gold equivalent ozs
Cash cost guidance for 2018 expected to be US$530 to US$560 per gold equivalent oz, with all-in sustaining costs expected to be US$740 to US$800 per gold equivalent oz1
Note1 - a non-IFRS measure computed in the Company’s MD&A in the non-IFRS performance measures section.
VANCOUVER, British Columbia, Nov. 26, 2018 (GLOBE NEWSWIRE) -- K92 Mining Inc. (TSX-V: KNT; OTCQX: KNTNF) (“K92”) is pleased to provide third quarter financial results and confirm 2018 production guidance.
For complete details of the unaudited condensed consolidated interim financial statements and associated management's discussion and analysis, please refer to the Company's filings on SEDAR. All amounts are in U.S. dollars unless otherwise indicated.
Great interview on TFMetals. https://youtu.be/As-cM9nm8i8
- An updated resource estimate was completed for Kora North, resulting in an increase of over 25% in contained gold ozs in Measured and Indicated and Inferred Resources. The new resource comprises a Measured Resource of 154,000 tonnes @ 18.7 g/t Au, 8.9 g/t Ag and 0.5% Cu; an Indicated Resource of 690,000 tonnes @ 11.6 g/t Au, 14.1 g/t Ag and 0.8% Cu and an Inferred Resources of 1,920,000 tonnes @ 10.7 g/t Au, 13.3 g/t Ag and 0.7% Cu announced.
No lost time injuries recorded in the three months ended September 30, 2018.
K92 Mining Inc is focused on advancing the Kainantu Gold Mine, located in the Eastern Highlands province of Papua New Guinea, towards production. The Kainantu property covers a total area of approx. 410km2 and was previously mined by Highlands Pacific and Barrick Gold from 2006-2009.
After being commissioned in 2006, the processing facilities operated for a cumulative total of approximately 7000 hours (292 days) before being put on care and maintenance by Barrick Gold, who continued this care and maintenance of the mill until the sale of the project to K92.
About Papua New Guinea
- Land of large mines
Democratic government with the Prime Minister as Head of Government
Population of approximately 7 million people over a land area of 462,840 km2
Mining a major source of economic activity with multiple major mining companies operating large mines
Mining and petroleum industry contributes over one third of government tax revenue
Competitive tax and regulatory environment
Mining licenses issued under the terms of the Mining Act 1992
I think the Kainantu project is one of the most prospective in Papua New Guinea. The strength of the structures and veins are most impressive. And they contain significant high grade gold!
– ALEX DAVIDSON, K92 Mining Advisor & Former Executive Vice President Barrick Gold Corporation