Gold miner Regis Resources (ASX:RRL) has delivered record annual gold production with guidance tipping yet another year of strong production levels.
The gold miner produced 363,418 ounces of gold at the top end of annual guidance with all in sustaining cost (ASIC) of $1,029 per ounce at approximate mid-point of the guidance range.
Group Ore Reserves (as at 31 March 2019) came in at 4.03Moz, an increase of 8% after accounting for mining depletion during the year. This added an extra year of mine life at its Moolart Well mine at its Duketon gold project in Western Australia.
June quarterly production was 90,966 ounces and was in-line with the previous quarter with ASIC for the quarter of $1,189 per ounce.
Importantly, cash and bullion grew by $18.7 million over the June Quarter to $205.3 million as at June 30 2019. Cash flow from operations for the June Quarter came in at $85.2 million
Regis Resources Managing Director Jim Beyer said the Company made good progress on its key projects during the quarter.
“The Rosemont underground decline is tracking well and on its way to reach first ore this quarter,” he said.
“We added reserves to our portfolio which included adding another year of production to Moolart Well.
“Very strong exploration results continued to support the concept of underground potential at Baneygo and Garden Well and very encouraging results are being obtained from our broader exploration work across our Duketon tenements.”
Mr Beyer also noted guidance indicated another year of similarly strong production levels while the growth project work sets the scene for production to continue increasing over the coming years.
Regis has recently submitted the formal Development Application for its proposed McPhillamys gold project development in New South Wales to the NSW Department of Planning, Industry and Environment.
Shares in Regis were trading at $6.50 at 11am AEST.