Xtract Resources (LON:XTR) says it is mining ore at record levels from its Chepica gold mine in Chile now that it has opened up three more levels.
”We have opened up reef development on 5, 6 and 7 level and stoping has commenced on 6 level,” said Jan Nelson, chief executive.
“We have resolved the issue with recovered grades and a total of 18,212t was mined from stoping operations in the three months to March,” he added.
That was 200% more than plan, he said, though the processing plant was down for almost two of the three months due to two fatalities before Christmas.
“A total of just over 11,000t was milled in March - almost equal to all the volume milled in Q4 of 2015 - and the Mine is therefore expected to mill c.30,000t in Q2," Nelson added.
Losses for the quarter were US$18,400 compared to a profit of US$208,000, while revenues dropped 38% to US$231,000.