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Sumatra Copper & Gold plc

Sumatra Copper & Gold pours first gold at Indonesia project

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Sumatra Copper & Gold (ASX:SUM) has poured first gold at its wholly-owned Tembang Gold Project located in southern Sumatra, Indonesia, just nine months after construction started.

The company has achieved a steady state processing rate at 90% of nameplate capacity of 45 tonnes per hour.

The gold was sourced predominantly from low grade ore feed as part of the commissioning process to test the crushing and CIL circuit.

Plant commissioning, including the gravity circuit, will continue into October with higher grade run-of-mine ore starting to be fed to the plant as testing activities conclude.   

Cash flow from operations are proposed to be reinvested to define new resources that would allow for extensions of mine life and increased production.

The development strategy for Tembang is to focus on the underground mining of high-grade veins from Belinau as the core production source for the project.

The Belinau underground, narrow vein mine is anticipated to ramp-up to a maximum annual capacity of 200,000 tonnes per annum in year 3 of production.

During the 5- year production period, open pit ore is scheduled to supplement ore supplied by the Belinau underground mine in order to maintain the mill at its capacity.

The company plans to use cash flow from operations to drill additional targets to extend the life-of-mine and increase production levels to a target of 50,000 gold-equivalent ounces per annum.

As at 30th June 2015, SUM had US$11.2 million in cash.

 

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Quick facts: Sumatra Copper & Gold plc

Price: $0.01

Market: ASX
Market Cap: $93.18 m
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