Kin Mining NL (ASX: KIN) remains on target for 2018 gold production at its flagship Leonora gold project in the North-Eastern goldfields of Western Australia with a significant pathway for growth across its exploration tenements.
Speaking today at the RIU Explorers Conference in Fremantle, Kin’s interim chairman Trevor Dixon said the company was aspiring to become a mid-tier, low-cost gold producer within five years.
Leonora is an absolutely fantastic place to be exploring for gold,” he said.
“We are looking to produce gold at $1000 per ounce. It’s a good price for our business.
“We have been able to do this by a step by step process to bring the business forward, delivering real growth for our investor group.”
Based on its Definitive Feasibility Study, Leonora is forecast to produce an average 55,000oz pa. Resources currently stand at 1.02Moz and Maiden Ore Reserve of 373,000oz.
Site clearing and de-grubbing is complete at Leonora with construction mobile fleet (forklifts, cranes, EWPs) currently mobilising to site and should be all onsite by end of the week.
Road works underway to ensure the access road is up to task for delivery of key equipment
Site establishment, including delivery of administration building and amenities completed by the end of February with start of concrete works this week.
The company also has an aggressive exploration program underway at its Cardinia mining centre where two emerging +3km long gold systems have been discovered, each with recent primary high-grade gold discoveries.
Last year, drilling was primarily focused on Resource extension and to establish a Maiden Ore Reserve with 2018 exploration to build on the current understanding of the structural controls of the gold mineralisation and to improve Resource grade and Reserve conversion.
Kin recently underwent a board restructure aimed at providing additional skills and experience given the recent transition into development and production.
Brian Dawes has been appointed as Non-Executive Director and is also seeking to appoint an independent Chairperson, and Managing Director as part of the restructure.
Kin is currently in discussions with suitably qualified applicants.
Trevor Dixon will continue as Chairman in the interim to oversee the operations and management of the Company until a suitable Chairperson and Managing Director can be appointed and then will remain on the Board as a Non-Executive Director.