First quarter gold production is in line with consolidated 2021 production guidance of 105,000 to 115,000 ounces. As previously reported (see Karora news release dated
Karora's consolidated cash balance as at
Planned capital investments in the first quarter included capital development related to preparing new mining areas at Higginsville Central as well as ongoing phased mining fleet replacements and additions which had a significant positive impact on productivity and mining rates during 2020. The Company also continued with its aggressive
During the first quarter we invested heavily in preparing new, higher grade mining areas at Higginsville Central and Spargos, along with increased resource definition, grade control and exploration drilling to set us up for a very successful year. We also made investments during the first quarter to improve productivity with substantial mining fleet replacements and additions at Beta Hunt and Higginsville.
We are also very pleased to have completed and closed the royalty transaction with Maverix Metals, having made our second and final cash payment of
I continue to believe we are only just scratching the surface of our growth potential and I am looking forward to strong results for the balance in 2021 as well as announcing Karora's multi-year growth plan later in the second quarter."
1. | Non-IFRS: the definition and reconciliation of these measures are included in the Non-IFRS Measures section of Karora's MD&A dated |
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Karora is focused on growing gold production and reducing costs at its integrated
Cautionary Statement Concerning Forward-Looking Statements
This news release contains "forward-looking information" including without limitation statements relating to the timing for the completion of technical studies, liquidity and capital resources of Karora, production and cost guidance and the potential of the
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Karora to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could affect the outcome include, among others: future prices and the supply of metals; the results of drilling; inability to raise the money necessary to incur the expenditures required to retain and advance the properties; environmental liabilities (known and unknown); general business, economic, competitive, political and social uncertainties; results of exploration programs; accidents, labour disputes and other risks of the mining industry; political instability, terrorism, insurrection or war; or delays in obtaining governmental approvals, projected cash operating costs, failure to obtain regulatory or shareholder approvals. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Karora 's filings with Canadian securities regulators, including the most recent Annual Information Form, available on SEDAR at www.sedar.com.
Although Karora has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and Karora disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.
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