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Havilah Resources Ltd delivers $2M golden pay day from Portia

The gold bars are estimated to be worth $2 million at current gold prices representing the highest single gold pour to date.

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Havilah Resources Ltd (ASX:HAV) continues to ramp up gold production from its Portia Gold Mine northwest of Broken Hill with the pouring of 40 kilograms of gold.

The gold bars are estimated to be worth $2 million at current gold prices representing the highest single gold pour to date.

Open pit mining has progressed to the high grade portion of the deposit.

Steady progress has been made on increasing the ore throughput rates with 24 hour operation and improved availability of the processing plant.

Dr Chris Giles, managing director, commented: “A few weeks ago we reported our first million dollars of gold income, now we have achieved double that in just one day.

“Portia is living up to our expectations both in terms of gold grade reconciliation and grade distribution.”


Portia gold project

Portia is Havilah's first producing project and contains a 67,000 ounce Inferred Resource of gold in a 1-4 metre thick layer of silty material lying immediately on the bedrock.

Mining commenced in March, 2015 with experienced Broken Hill contractor, Consolidated Mining and Civil under an innovative revenue sharing funding agreement.

Portia's first ore was accessed 3.5 months ahead of schedule, which has led to the stockpile of high grade gold ore ready for processing.

Over the last week alone Over the last week Havilah’s mining partner delivered more than 14,000 tonnes of high grade ore and 20,000 tonnes of medium grade ore to the processing plant stockpile.

Portia gold mineralisation continues to the south beyond the current open pit design.


Analysis

Pouring $2 million of gold in a single day highlights the cash generating opportunity Portia is for Havilah.

As a producer, Havilah is directly leveraged to a rising AUD gold price, currently trading strongly at A$1,760 per ounce.

Havilah will be able to potentially fund exploration, development and expansion through revenue received from gold sales.

Shares in Havilah are up 70% year to date, trading at $0.40 as the company continues to deliver results on and ahead of schedule.

Outside of Portia, Havilah is in the process of generating a Probable Ore Reserve for the Kalkaroo Copper-Gold Project in South Australia.

 

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Quick facts: Havilah Resources Ltd

Price: 0.1 AUD

ASX:HAV
Market: ASX
Market Cap: $21.83 m
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Watch

A New Mining Force in South Australia

Shareholder Presentation, Perth; Dr Chris Giles, MD; 20 November 2015

on 4/3/16

3 min read