Unhedged gold mining company West African Resources Limited today (April 5, 2023) provided an updated 10-year resource, reserve and production outlook for its Sanbrado gold operations and Kiaka project in Burkina Faso, with the following highlights:
- Successful exploration and targeted underground drilling in 2022 provides a solid 10-year production plan
- Mineral resources increased by 1.0 Moz to reach 12.6 Moz of gold, net of mining depletion.
- Ore reserves increased by 4.7 Moz to 6.4 Moz gold, net of depletion
- Initial mineral resource at MV3 prospect reaches 257,000 oz of gold
- Production from WAF is expected to average 208,000 oz of gold per year in 2023-24, and 400,000 oz of gold per year in 2025-32.
- Objective unhedged gold production for 2023: 210,000 – 230,000 oz at an AISC of <1,175 $US/oz
- 2023 Exploration targeting underground potential at M5, Sanbrado trucking distance zones
- First trimester 2023 gold production: 56,307 oz, unhedged gold sales: 48,208 oz at 1,878 USD/oz
173 million AU dollars of cash at the end of the fourth trimester 2022, no senior debt and 100% unhedged gold production. Richard Hyde, West African’s Executive Chairman and CEO, commented : “West African remains on track to achieve its goal of becoming a 400,000+ ounce per year gold producer with the development of our second gold mine at Kiaka. Our unhedged 10-year production outlook calls for production of over 200,000 ounces of gold per year in 2023 and 2024, and over 400,000 ounces of gold per year from 2025 to 2032. Our mine development team has completed successful drilling, increasing M1 South’s underground reserves by 398,000 oz, replacing all the underground ore mined since the project began in 2020. Our exploration team delivered an initial shallow open pit resource of 257,000 oz of gold at MV3, which remains open along strike and at depth, offering additional exploration potential, and is located just 6km from the Sanbrado mill. WAF will continue to create value through the drill bit in 2023, while investigating the potential to develop a second underground mine at Sanbrado below the M5 open pit. Our Mineral Resource and Ore Reserve statement as at 31 December 2022 and our 10-year production plan show that WAF has a long and sustainable future and will continue to make a positive difference to our stakeholders in Burkina Faso over the next decade.
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