The first payment has been received by Evolution Mining for the sale of silver concentrate from its Mt Carlton Gold-Silver-Copper Project in North Queensland.
The first shipment of 520wmt of silver concentrate from the A39 deposit left Townsville on May 15 bound for Qingdao Port, China. All shipping and export procedures ran smoothly and without any delays. A second shipment of 1530wmt of silver concentrate left Townsville on May 29.
Concentrate from the A39 deposit is sold under a life-of-mine offtake agreement with Shandong Humon Smelting Co and payment for each shipment is made in two tranches. The first payment of 90% of the shipment value is received 10 working days after presentation of shipping documents. The final payment is received after a quotational period which is the second month after the month of shipment.
Production is continuing from the silver-rich A39 deposit. Production will switch to the gold-rich V2 deposit during the September 2013 quarter.
The ramp-up of the Mt Carlton processing plant is progressing well and full plant capacity is expected to be achieved on a sustainable basis in the September 2013 quarter.
Evolution Mining is a leading, growth-focused Australian gold miner. The company operates four wholly-owned Australian mines – Cracow, Edna May, Mt Rawdon and Pajingo – and is in ramp-up at its fifth, Mt Carlton. Group production for the current financial year is forecast at between 370,000 and 410,000 ounces gold equivalent with cash operating costs expected to be in the range of Aus$730 per ounce to Aus$790 per ounce.