Wed Mar 13 2013
Paynes Find Gold has started
producing alluvial gold from small scale open cast workings at its project in
Western Australia. Recently, it got approval from the WA Department of Mining
and Petroleum to start mining and processing of alluvial gold utilising
alluvial gravity circuit with mill and Knudsen concentrator.
The plant is capable of
processing at a rate of 50 tons per hour. Paynes Find also has entered into a
toll processing agreement with a local contractor whereby all expenditure is
borne by the contractor on a return to Paynes of a total 25% of off the top
revenue.
Current expectations are
targeting the processing of approximately 9,000 tons per month with an average
head grade based on historical results of between 0.3 to 0.5 grams per ton.
It had a cash balance of $1.16 million at the end of last quarter.
Source: proactiveinvestors.com.au