It has been a record-breaking month in January 2018 for Freehill Mining at its Yerbas Buenas trial mining operations with revenue gaining 8% on the entire December 2017 quarter.
January 2018 revenue was USD$275,000 compared to revenues for the December quarter 2017 of USD$254,000.
The recent institutional funding support received during December 2017, allowed FHS to make dramatic upgrades and improvements to the crushing circuit at the project.
This not only resulted in a substantial increase in volumes but also significantly improved the quality of product and operating cash margins.
The strategic review is still actively progressing, and we have validation that incremental capital improvements can generate immediate results,” Newly appointed Chairman Frank Terranova stated.
“Although trial mining operational results are inherently volatile by their very nature, we believe these types of results can be sustained and improved over the coming periods.”
Further operational improvements are expected in the near term as the company continues to optimize its funding platform via operational cash flow and accessing available capital through its funding partners.
The four pillars of this company revolve around:
- continuing to fine tune the trial mining program;
- accelerating the progression of a feasibility study for an expanded and optimised mining operation;
- advancing exploration activities across the magnetite deposit as well as testing some of the many other precious and base metal geological anomalies controlled by FHS; and
- enhancing its corporate functions and optimising the capital structure of the company.
The company will provide updates as the strategic review progresses.
Shares in Freehill Mining closed 12% higher today at 8.5c.
