TORONTO, March 3,
2023 /CNW/ - Karora Resources Inc. (TSX: KRR) (OTCQX:
KRRGF) ("Karora" or the "Corporation") is pleased to announce
that the second decline at its Beta Hunt Mine has been connected
with main development on the 500 level of the mine. This phase of
the Beta Hunt expansion was completed ahead of schedule and on
budget.
Additionally, Karora is pleased to announce that the first of
three new vent raise installations at Beta Hunt has been completed.
Completion of two additional vent raises over the balance of 2023
are the next two critical milestones in the Beta Hunt expansion
plan.
Paul Andre Huet, Chairman &
CEO, commented: "I am very pleased with progress our team has made
to remain on time and on budget with our expansion plans for our
flagship Beta Hunt Mine. The new second decline on the western side
of the mine is approximately 1 km in length and is now connected to
existing workings at depth, as shown in figure 1. We are already
benefiting from increased underground haulage efficiency with a
one-way trucking circuit now established in the upper levels of the
mine. Deeper development will also benefit from increased haulage
efficiency as more connections are made to the new second
decline.
Vent raise installations at Beta Hunt are critical tasks to
position us to achieve higher production rates underground and I am
very pleased with our progress in this area as well. The first of
three planned new vent raises has been installed, spanning
approximately 235 vertical metres from surface to the 800 level.
Next, two internal vent raises are planned to connect working
levels. The construction of the second of three planned vent raises
is already well under way, with completion expected during the
second quarter of 2023. The third planned vent raise is expected to
be completed in the second half of 2023. Initially, temporary fans
will be utilized until permanent units arrive on site, which is
expected in the fourth quarter of 2023.
Once the new vent raises are fully operational, our ability to
operate more equipment underground will be increased, allowing us
to begin the additional stope development work required to ramp
Beta Hunt up to our targeted 2Mtpa rate over the course of 2024.
This year we have added an additional haul truck, with four more
expected to be added over the course of the year. We also will be
adding two boggers to the Beta Hunt mining fleet in 2023.
Our team, along with our contractors, have been doing a great
job executing the plan. Overall, we continue to expect to meet our
target of completing the Beta Hunt expansion to an annualized
run-rate of 2Mtpa during 2024, on time and on budget.
Today, we also announce the retirement of Warwick Morley-Jepson
from the Karora Board of Directors. Warwick has served on the Karora Board since
November 2018 and has been Chair of
the Technical Committee since July
2019. Recently, Warwick was
appointed CEO of one Karora's peers in the gold space and, as a
result of his new duties, has retired from the Karora Board. On
behalf of the Karora Board of Directors and the entire Karora team,
I wish to thank Warwick for his
years of wise counsel and service to Karora. His direction and
experience played an important role in Karora's transition from a
single asset operation into a multi-mine and multi-mill growing
gold producer in Western
Australia. We wish him all the best going forward."
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 the liquidity and capital resources of
Karora, production guidance, growth plan strategy to deliver
increased gold production, the expected timing to complete the
construction and development activities at the Beta Hunt Mine, the
potential of the Beta Hunt Mine, Higginsville Gold Operation, the
Aquarius Project, the Spargos Gold Project, the commencement of
mining at the Spargos Gold Mine, the Lakewood Mill, and the
completion of the resource estimate.
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.