(Kitco News) – Karora Resources (TSX: KRR) today announced record quarterly consolidated gold production since the Higginsville acquisition of 30,365 ounces for the third quarter of 2021 from its Beta Hunt and Higginsville mines in Western Australia.
According to the company’s statement, production for the first three quarters of 2021 is a total of 84,889 ounces, in line with consolidated 2021 production guidance of 105,000 – 115,000 ounces.
Importantly, Karora said that its consolidated cash balance as at September 30, 2021 was $86.7 million, an increase of $4.5 million compared to June 30, 2021, after deployment of capital this past quarter into new mining operations at Higginsville and Spargos and into its aggressive drilling program.
Chairman and CEO Paul Andre Huet commented, “Record third quarter gold production of over 30,000 ounces continues to track well with our increasing gold production profile as we move through 2021 and places us on solid footing to achieve our full year 2021 guidance range. As we work through the final quarter of 2021 and look forward to 2022, we remain on track to deliver on our fully funded organic growth plan, which we believe to be one of the most robust growth plans in the junior gold mining sector.”
Karora noted it is focused on doubling gold production to 200,000 ounces by 2024 compared to 2020 and reducing costs at its integrated Beta Hunt gold mine and Higginsville gold operations in Western Australia. The company also owns the high grade Spargos Reward project which is anticipated to begin mining in 2021.