K92 Mining Inc. Announces Record Production From Kainantu Mine in Q4 - Annual Production Exceeded the Top End of Upgraded Guidance by 2,256 AuEq oz

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Overig advies 07/01/2020 14:04
Q4 production of 23,096 oz of gold, 216,656 lbs copper and 5,243 oz silver for a total of 23,646 gold equivalent (“AuEq”) oz.
Tonnage treated through the process plant was 30,336 tonnes, at an average grade of 25.22 g/t gold and 0.35% copper, achieving recoveries of 93.9% for gold and 92.5% for copper.

Production for 2019 is a record of 79,838 oz of gold, 951,792 lbs copper and 22,984 oz silver for a total of 82,256 AuEq oz, representing a year-over-year increase of 74%. This exceeds the top end of the upgraded production guidance range of 72,000 to 80,000 AuEq oz.

Q4 AuEq production exceeded budget by 30% despite numerous interruptions to underground operations and process plant resulting from infrastructure upgrades and equipment installation associated with the current expansion project.
VANCOUVER, British Columbia, Jan. 07, 2020 (GLOBE NEWSWIRE) -- K92 Mining Inc. (“K92” or the “Company”) (TSX-V: KNT; OTCQX: KNTNF) is pleased to announce production in the fourth quarter (“Q4”) exceeded budget by 30%, with 23,646 oz AuEq produced for the quarter at its Kainantu Gold Mine in Papua New Guinea.

During Q4, K92 produced 23,096 ounces of gold, 216,656 pounds of copper and 5,243 ounces of silver or 23,646 AuEq oz (based on a gold price of US$1,300/oz; silver price of US$16.50/oz; copper price of US$2.90/lb). Production for 2019 was a record of 79,838 oz of gold or 82,256 AuEq oz, compared to production of 47,237 oz AuEq for 2018. Production for 2019 exceeded the top end of upgraded production guidance of 72,000 to 80,000 AuEq oz, which was originally 68,000 to 75,000 AuEq oz (see August 15, 2019 press release – K92 Mining Inc. Releases 2019 Q2 Financial Results, Increases Production Guidance and Decreases 2019 Cost Guidance) by 2,256 AuEq oz.

Mining operations in Q4 continued to focus on Kora North and comprised cut and fill stope mining from the K1 vein at the 1170, 1205 and 1225 mRL level as well as development tonnes from the K2 vein on the 1225 mRL level.

The blend of primarily K1 material provided an average head grade to the process plant for Q4 of 25.22 g/t Au and 0.35% Cu. The gold head grade was above and the copper grade below the anticipated long-term average grades. The above average gold grades are the result of a combination of lower dilution being achieved in the stope and development mining combined with a higher proportion of K1 treated during the quarter, while the below budget copper grades are the result of treating a higher proportion of K1.

Importantly, the above budget production was achieved despite a number of interruptions to underground mine operations due to upgrading of underground infrastructure, including commissioning of the new underground power reticulation system and the new main ventilation fans. The plant was also impacted by stoppages to install the new larger secondary crusher as well as various other crusher upgrades.

Financial details will be available in the Company’s upcoming Annual Financial Statements. Annual production guidance for 2020 will be reported in the first half of Q1.

Table 1 – Q4 & 2019 and 2018 Annual Production Data.
by Mr. John Lewins
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