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Additional Information
Market: ASX
Sector: General Mining - Gold
EPIC: SLR
Latest Price: A$2.55  (3.24% Ascending)
52-week High: A$3.87
52-week Low: A$1.61
Market Cap: A$561.67M
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Silver Lake Resources
www.silverlakeresources.com.au

Silver Lake Resources (ASX: SLR) is a gold producing and exploration company with a resource base of 3.3 million ounces in highly prospective regions including the Mount Monger goldfield and the Murchison (Tuckabianna, Comet and Moyagee).

 

Silver Lake Resources' strategy is to develop large production centres at Mount Monger and at the Murchison with multiple mines at each centre. Silver Lake's exploration program is targeting 5 million ounces of gold in resource.

Full Silver Lake Resources profile here
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Silver Lake Resources rings in the New Year with better than expected gold sales

3rd Jan 2012, 5:44 am

Silver Lake Resources’ (ASX: SLR) December 2011 quarter gold sales from its Mount Monger Operations totalled 21,839 ounces, which resulted in December 2011 half gold sales of 41,120 ounces exceeding the company’s guidance of 35,000 to 40,000 ounces.

The company is targeting an increase in production from the operations to 200,000 ounces per annum by 2014 via mining from multiple underground and open pit ore sources.

The Mount Monger Operations have a current JORC Resource of 5.1 million tonnes at 8.9 grams per tonne for 1.5 million ounces of gold.

Production is currently being sourced from four independent underground mines accessed from the same infrastructure: Daisy Milano, Daisy East, Rosemary and Haoma. Open pit production is also being sourced from Wombola Dam.

Hard rock mine production from the Mount Monger Operations currently totals 60,000 ore tonnes per month for an annualised mined rate of more than 700,000 tonnes per annum.

Mined production is targeted to be 1 million tonnes per annum in 2014 from multiple underground and open pit ore sources.


Lakewood Gold Processing Facility

A planned nine day shutdown at the Lakewood Gold Processing Facility to tie in stage 1 of the upgrade circuit is in progress and tracking to plan.

Post commissioning, the facility will be running at 700,000 tonnes per annum realising 75% more throughput than the current circuit.

Ore stocks have been built to 206,000 tonnes containing 21,700 ounces of gold in readiness for feeding the upgraded circuit.


Full Year 2012 Guidance

Mining from the Mount Monger Operations produced over 30,000 ounces of gold during the December 2011 quarter.

With continued strong mine performance, ore stocks on hand and 75% more mill throughput available in the June 2012 half, full year 2012 guidance of 100,000 to 110,000 ounces is on track.


Strong Performer

Proof of Silver Lake’s success is evidenced in its significant share price gain in 2011. The company certainly caught investors’ attention last year with a 38% gain, against an S&P/ASX 200 Index that fell 13%.

Silver Lake’s share price rose from $1.69 on June 21 to hit a 2011 high of $3.87.

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