Quarterly Activities Report
Perth, July 30, 2015 AEST (ABN Newswire) - KBL Mining Ltd (
ASX:KBL) announce the Quarterly Activities Report with highlights including the Mineral Hill Mine and the Sorbys Hill project.
Mineral Hill Mine
- The opening of lead/zinc resources on 40 level and the 20 level copper/gold in the Southern Ore Zone has resulted in improved metal production this quarter
o Gold ounces up 51% from last quarter
o Lead tonnes up 78% from last quarter
o Zinc tonnes up 102% from last quarter
o Silver ounces up 70% from last quarter
- Pearse open pit is well advanced with over 150,000 BCM moved at the date of the release of this quarterly. Oxide ore is being stockpiled and first production on target for late August
- First gold concentrate will be shipped in September and first Dore produced in November
- Underground development was at a record for KBL achieving 566 metres for the quarter focused on opening up reserves
- CIL Gold plant construction advancing on schedule for commissioning in November
- Process plant expansion and upgrades nearing complete with the improved lead circuit operational and the zinc thickener and flotation cells to be installed in the next quarter. Recoveries of lead have increased markedly
- Following approval at the General Meeting of shareholders in May KBL raised $3 million in July for working capital and exploration. The Quintana funds raised in March are financing all major capital projects
- The judgement in relation to KBL/RIKID was handed down in the Supreme Court of NSW in favour of KBL. The $3 million deposited as security was returned with interest and costs were awarded to KBL. Costs of $275,000 were settled and paid by RIKID/Capri. This concludes all court actions regarding the Capri/RIKID matters other than the outstanding damages due by RIKID of $36,670.40 ordered by the court as part of the judgment on 7 May
- The increased underground development has opened a substantial proportion of the G lode reserves for mining in 12 months' time. Grades in the G lode development are consistent with the published drill hole and resource grades
Sorby Hills Project
KBL's immediate priority is to secure profitability from the Mineral Hill operation. As we approach completion of development projects at Mineral Hill, including processing of open cut gold-silver ore, we will look to rework the technical and financial options for Sorby Hills.
To view the full report, including tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-KBL-728096.pdf
About KBL Mining Ltd
KBL Mining Ltd (ASX:KBL) is an Australian resource Company listed on the ASX with a focus on producing precious and base metals. KBL's main assets include the Mineral Hill copper-gold-silver-lead-zinc mine near Condobolin in New South Wales and Sorby Hills lead-silver-zinc project in Western Australia. The Company has been operating the refurbished processing plant at Mineral Hill since October 2011 to produce copper-gold concentrates and in 2013 commenced producing a separate lead-silver concentrate. Sorby Hills (KBL holds 75% with Henan Yuguang Gold & Lead Co. Ltd (HYG&L) holding 25%) is a large near surface undeveloped silver-lead deposit close to port infrastructure and a short distance from Asian markets.
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