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Paynes Find Gold starts gold production in Western Australia

Paynes Find Gold starts gold production in Western Australia

Paynes Find Gold (ASX:PNE) has started producing alluvial gold from small scale open cast workings at its project in Western Australia.

Recently, it got approval from the WA Department of Mining and Petroleum to start mining and processing of alluvial gold utilising alluvial gravity circuit with mill and Knudsen concentrator.

The plant is capable of processing at a rate of 50 tonnes per hour.

Paynes Find also has entered into a toll processing agreement with a local contractor whereby all expenditure is borne by the contractor on a return to Paynes of a total 25% of off the top revenue.

Current expectations are targeting the processing of approximately 9,000 tonnes per month with an average head grade based on historical results of between 0.3 to 0.5 grams per tonne.

It had a cash balance of $1.16 million at the end of last quarter.

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