K92 Mining begins gold production from Irumafimpa Mr. Ian Stalker reports
K92 MINING COMMENCES GOLD PRODUCTION AT KAINANTU GOLD MINE
Gold production has commenced from K92 Mining Inc.'s Irumafimpa gold deposit.
Ian Stalker, K92's chief executive officer, stated: "This milestone is highly significant for our company, and for this region of Papua New Guinea. A great deal of thanks goes to the entire team on site in Papua New Guinea in achieving production ahead of schedule and on budget.
"The rehabilitation of the Irumafimpa gold mine, process plant and associated infrastructure commenced in late March this year and is now complete. As an enhancement of the processing facility, we are also pleased to note that the installation of a new drum scrubber is also nearing completion and commissioning of this will be completed by the end of the month.
"Over the past months, K92 has enhanced the existing underground mobile plant fleet, including receiving on-site delivery of trucks, landing helicopter docks (LHDs), [and] jumbo and stope drills.
"With mining at Irumafimpa and processing now commenced, we are now well positioned to evaluate and advance production expansion opportunities that exist within our mining lease ML150, including potential at the Kora gold deposit."
K92 purchased the Kainantu gold project from Barrick Gold Corp. in 2015. The initial resource estimate for the Kora and Irumafimpa deposits, situated within company's ML150, is 1.84 million inferred ounces at 11.6 grams per tonne gold equivalent and 240,000 indicated ounces at 13.3 grams per tonne gold equivalent (based on the independent technical report, "Resource Estimate and Summary of Mining Facilities, Kainantu Project, Papua New Guinea," prepared by Nolidan Mineral Consultants, with Anthony Woodward, BSc (honours), MSc, MAIG, as author, and dated April 15, 2016, a copy of which is available for review and has been filed on SEDAR under the company's profile and contains a full description of all underlying assumptions). This mineral resource estimate is based on 78,935 metres of drilling from 767 holes and 18,312 metres of assayed intervals across all lodes. Kora remains open in all directions and strongly mineralized at the extent of drilling.
Brian Lueck, BSc, Geo, a qualified person under the meaning of National Instrument 43-101, has reviewed and is responsible for the technical content of this news release.
We seek Safe Harbor.