John Dow of Troy Resources interviewed by Sydney Mining Club Julian Malnic for the Sydney Mining Club News Desk, plus links to John Dow’s presentation on 4th February 2010.
More details here -
http://www.sydneyminingclub.org/news-desk/default.htm
The names Troy Resources and John Jones have for a great many years been as joined in WA gold as skip and winder. Resourceful, lean and a loyal payer of dividends to the dynasty of founding shareholders, Troy now finds itself at fresh crossroads. With former large gold company executives Dow and Benson at its helm, it is looking to graduate to mid-tier gold producer – if it can work past current shareholder tensions and a public stoush at the end of last year.
Troy is set to become a mid-cost 100,000 ounce pa gold producer in two years with its two existing mines in WA (Sandstone) and Brazil (Andorinhas), and its new development project in Argentina (Casposo). Troy must merge its street smart skills with the greater horizons its leaders knew in former roles with Newmont and BHPB. Shareholders are apparently divided. Next Troy wants to lock in a one million ounce reserve through exploration and project acquisition, and sharpen its engineering and management skills.
Since buying the Casposo gold-silver project in NW Argentina last May, Troy has bumped up the resource by +30%. By shipping a near-new gold plant from Cobar to the site at Casposo, it has helped cut capex by 47% to US$45M. A $25M placement last year to fund this project topped up some $19M cash in hand. John Dow became Troy’s Chairman in October 2008. Paul Benson started as CEO at Troy Resources in late 2007 after crossing from ‘the other side of the tracks’: At BHPB he was Base Metals Chief Development Officer and a member of the Base Metals Executive Committee. Old-new, small-big… Troy’s future is in play and ready to unfold – not to be missed!
More information and bookings – http://www.sydneyminingclub.org
Kingsgate Consolidated (ASX: KCN) produced 40,224 ounces of gold in the December quarter from its Chatree mine in Central Thailand.
This figure was above market expectations and heralds forecast production of up to 140,000 ounces of gold for the year to June 2010. Nearly 70,000 ounces of gold was produced in the half year ending 31 December 2009. Managing Director, Gavin Thomas said Kingsgate was now in a position to deliver growth plans of the back off this excellent result which maintains Kingsgate as a “lowest quartile global gold cost producer”.
“This fact is supported by Blackrock – the world’s largest institutional fund manager – which during the quarter became a 9.8 percent shareholder in Kingsgate”, Mr Thomas said.
With the increase in the gold price the company has the potential to re-open old pits at Chatree.
“Our cash costs are very good – down to US$312/ounce and this includes a US$73/oz royalty to the Thai Government”, he said. “The grade increased to 2.0g/t gold for the quarter enabling gold production costs of US$239/oz on site”. In February after nearly eight years in production Kingsgate is expected to pour its first millionth ounce of gold and it still has proven 1.5 million ounces of gold ore reserves and this is expected to grow over the coming years.
Plans for an increase in reserves and resources is targeted together with a proposed plant expansion to double the processing capacity.
It was recently announced that within the mining leases new gold zones beneath the closed D pit at Chatree have been identified. Drill results include 14m @ 3.8 g/t gold, which shows the potential to re-open the D Pit.
Media Enquiries:
Suzanne Blake 0414 233 500
suzblake@optusnet.com.au
All information available at:
www.kingsgate.com.au/news‐desk