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Pantoro Ltd

Pantoro Ltd in the process of upgrading to produce up to 100,000 gold ounces per year

Pantoro Ltd (ASX:PNR) managing director Paul Cmrlec speaks to Proactive Investors about the gold producer's operations at the multi-faceted Halls Creek Project, in the Kimberley Region of Western Australia.

At the original Nicolsons underground mine, new equipment is being deployed to take annual gold production from 55,000 ounces to 80,000-100,000 ounces. "It's been a really strong ore body. We've had in the order of 1,500 ounces per vertical meter the whole way down, and that's approximately double what we started with, so it's been a great performer," says Cmrlec.

Speaking about other key areas in Halls Creek Project, Cmrlec says, "we finished open pit mining at Wagtail in December last year. The start of this year has been all about getting all the approvals to start underground mining. We've continued drilling there through the entire period as well, so recently put a new mineral resource and ore reserve update out... within the next one to two weeks we'll be taking the first development rounds at Wagtail." 

In the wider area, Pantoro Ltd has picked up two historical projects, Grant's Creek and Mary River, as an exploration play.

The company aims to have its processing facility at Nicolsons, which is the only one of its type for 300 kilometers, being fed by multiple sources. "We've been amongst the lowest-cost producers in Australia for the last several quarters. We expect that to continue on, and we should see the cost decreasing further as our plant upgrade kicks in... we've got a lot of major projects wrapping up as we speak, and that's going to see us in a very good position in the second half of this year," says Cmrlec.

Quick facts: Pantoro Ltd

Price: $0.20

Market: ASX
Market Cap: $235.19 m
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