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Pan African ups yearly production estimate on back of increased output and positive study results
StockMarketWire.com
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Gold producer Pan African has upped its estimate for yearly production, exceeding initial estimates.
The Group now expects to produce approximately 195,000oz for the 2021 financial year, representing an increase of 5,000oz relative to the previous production guidance of 190,000oz.
Based on current planning, the group expects to maintain similar production levels for the 2022 financial year.
Production from Evanders 8 Shaft pillar significantly improved in the second half of the 2021 financial year, with an average production of ca. 3,400oz per month, for the last three months, the group reported.
The 8 Shaft pillar has a remaining life in excess of 2 years and is expected to produce ca. 80,000oz of gold during its remaining life of mine.
Further, independent fatal flaw analysis and subsequent concept study completed on the Mintails SAs tailings resources has yielded positive results.
The initial phase of this project has the potential to produce some 533,000oz of gold over an estimated 12-year life of mine.
Pan African CEO Cobus Loots commented: We are pleased with the robust operational performance for the year to date, and that we again expect to exceed our original full-year production guidance.
We are encouraged by the outcome of the recently completed concept study for the Mintails Transaction, which confirms our initial assessment of the assets potential. Our team is now focused on completing the pre-feasibility study early in our next financial year.
The Evander 8 Shaft pillar project is now performing in line with our expectations and generating the anticipated returns on this capital investment. He added.
Story provided by StockMarketWire.com
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