Gold sales at Mineral Hill reach a new high

Kingston Resources Limited reported today that gold sales from the Tailings Project at Mineral Hill reached a monthly record of 1,776oz. ASIC decreased a further 12% in March to A$1,432/oz, while the average gold price received increased 7% to A$2,865/oz. Recently, the Company has seen a reduction in the cost of some critical consumables at the operation. The operational and sales performance has directly contributed to an increase in cash on hand for the Company, rising from $6.8m at the end of December to $9.5m at the end of March.

Kingston Resources Managing Director Andrew Corbett said, “The significance of the Tailings Project in providing us operating cash flow and setting us up for long-term growth at Mineral Hill is obvious from this performance. Being a low-cost gold producer in the current climate is a huge advantage, allowing us to improve our cash position while also meeting site capital needs, covering all corporate costs and continuing to move Misima forward. This financial strength gives us an excellent platform for growth.”