TORONTO, Jan. 11,
2023 /CNW/ - Karora Resources Inc. (TSX: KRR)
("Karora" or the "Corporation") is pleased to announce record
annual consolidated 2022 gold production of 133,836 ounces from its
Beta Hunt and Higginsville mines in Western Australia. Gold sales were also a
record, totaling 132,047 ounces during 2022. For the fourth quarter
of 2022, gold production was very strong at 37,258 ounces and sales
were 39,849 ounces.
Karora's unaudited consolidated cash balance as at December 31, 2022 was $68.7 million, an increase of $12.6 million compared to September 30, 2022.
Paul Andre Huet, Chairman &
CEO, commented: "I am extremely pleased to announce another year of
production records at Karora. Record 2022 gold production of
133,836 ounces places us at the high end our full year 2022
guidance range of 120,000 – 135,000 ounces. We also increased our
cash position while at the same time investing in the business and
ended the year with a cash balance of $69
million.
I am proud of our team for once again delivering on our
operational plan and achieving our targeted production level for
2022 while facing numerous headwinds. Last year started with a
tremendous level of uncertainty as COVID-19 related issues caused
severe temporary limitations on labour availability which impacted
our first and second quarter numbers. Once again, as our operating
team has demonstrated many times over last few years, we rose to
the challenge and delivered as promised with a strong second half
of 2022, breaking our previous annual production record by almost
20%.
Overall, I am very pleased with our performance in 2022 and look
forward to continued delivery into our growth plan in 2023 and
beyond. Full year audited 2022 financial results are scheduled be
reported in mid-March 2023."
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. In July 2022, Karora 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 the timing for
the completion of technical studies, liquidity and capital
resources of Karora, production guidance, the completion of the HGO
mill expansion and the potential of the Beta Hunt Mine,
Higginsville Gold Operation and the Spargos Gold Mine.
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.
SOURCE Karora Resources Inc.