TORONTO, Oct. 13,
2022 /CNW/ - Karora Resources Inc. (TSX: KRR) (OTCQX:
KRRGF) ("Karora" or the "Corporation") is pleased to announce
record consolidated gold production of 38,437 ounces for the third
quarter of 2022 from its Beta Hunt and Higginsville mines in
Western Australia. Third quarter
production includes approximately 2,500 ounces of "coarse gold"
(see Karora news release dated August 18,
2022). As previously stated, coarse gold occurrences at Beta
Hunt are best described as periodic upside to mine production, as
demonstrated during this record quarter.
Gold sales for the quarter were 35,513 ounces. Karora's
consolidated unaudited cash balance was $56
million as of September 30,
2022.
Paul Andre Huet, Chairman &
CEO, commented: "The third quarter was very strong operationally
for Karora, particularly following the incorporation of the newly
acquired Lakewood Mill into our
operations, which began in August. In our first two months of
owning two producing mills, we were able to optimize our blend of
material from the Beta Hunt Mine, the Aquarius and Two Boys
underground mines at Higginsville, our Spargos open pit mine and
some of our lower-grade surface stockpiles to achieve a new
quarterly gold production record and beat our previous record set
in Q2 2022 by an impressive 25%. I would like to acknowledge the
efforts of our milling and processing teams in achieving this
impressive milestone right out of the gate.
We were also very pleased to announce an additional coarse gold
discovery in August, which contributed 2,436 ounces to our record
quarter. While we certainly enjoy these periodic coarse gold
injections as we encounter the sedimentary band typically hosting
coarse gold at Beta Hunt, it is important to note that we achieved
a record quarter even without the additional coarse gold ounces – a
testament to the track record of operational delivery we have
established across our operations at Karora.
Karora sits in an excellent position both operationally and
financially. We now control two top tier operating mills centrally
located in the prolific Kalgoorlie region and an unrivalled land
package totaling 1,900km2 paired with an aggressive
+A$20M annual exploration budget. All of this is supported by a
robust balance sheet and operational cash flow generation that
underpins our plan to grow production to 185,000 to 200,000 gold
ounces per annum within the next couple years."
About Karora Resources
Karora is focused on increasing gold production to a targeted
range of 185,000-205,000 ounces by 2024 at its integrated Beta Hunt
Gold Mine and Higginsville Gold Operations ("HGO") in Western Australia. The Higginsville treatment
facility is a low-cost 1.6 Mtpa processing plant, which is fed at
capacity from Karora's underground Beta Hunt mine and Higginsville
mines. Karora recently acquired the 1.0 Mtpa Lakewood Mill in
Western Australia. At Beta Hunt, a
robust gold Mineral Resource and Reserve are hosted in multiple
gold shears, with gold intersections along a 4 km strike length
remaining open in multiple directions. HGO has a substantial
Mineral gold Resource and Reserve and prospective land package
totaling approximately 1,900 square kilometers. The Corporation
also owns the high grade Spargos Reward project, which came into
production in 2021. Karora has a strong Board and management team
focused on delivering shareholder value and responsible mining, as
demonstrated by Karora's commitment to reducing emissions across
its operations. Karora's common shares trade on the TSX under the
symbol KRR and also trade on the OTCQX market under the symbol
KRRGF.
Cautionary Statement Concerning
Forward-Looking Statements
This news release contains "forward-looking information"
including without limitation statements relating to production
guidance, full year consolidated 2022 and longer-term production
guidance, and the potential of the Beta Hunt Mine, Higginsville
Gold Operation, the Aquarius Project and the Spargos Gold
Project.
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.
www.karoraresources.com
SOURCE Karora Resources Inc.