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Intermin Resources enters cash flow growth phase by producing gold from Teal

The Australian Dollar gold price continues to rise, boosting Teal's economics.
Intermin Resources enters cash flow growth phase by producing gold from Teal
Mining at Teal

Intermin Resources Ltd (ASX:IRC) is building up its cash balance from mining at the Teal Gold Mine, located 11 kilometres north-west of Kalgoorlie-Boulder in Western Australia.

Teal is on track to produce 15,000 to 16,000 ounces at all-in-cost in Australian Dollars of $1030 to $1090 per ounce, from third party mill processing.

This would generate net cash flow to Intermin of up to $8 million at $1600 an ounce gold price.

The metrics could be set to improve for Intermin, with Australian Dollar gold currently trading at $1650 an ounce.

Jon Price, managing director, commented:

"As Stage 1 at Teal continues to generate significant cash flow to the business, the company is in an exciting growth phase as we complete Feasibility Studies on the Goongarrie Lady gold project and further stages at Teal to expand the production pipeline.

"The company also expects ongoing drilling results from the self-funded 32,000 metre exploration program in coming months as we continue our resource expansion efforts and the search for the next WA Goldfields discovery."

Key financials

Intermin has completed the repayment of the $2.1 million capital investment.

Add to this the return of Intermin’s asset recovery charge of $2.15 million is expected during the September quarter 2017.

Cash and investments to date have risen to more than $6 million.

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