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Gold Road Resources chair Tim Netscher shows faith in gold strategy with on-market purchase

The company ended the quarter in a strong liquidity position with cash and bullion on hand of $115 million.

Gold Road Resources Ltd - Gold Road Resources chairman Timonthy Netscher demonstrates faith in the company through share purchase
The increased 2020 exploration budget of $26 million is prioritised towards new discoveries on the Yamarna Belt

Gold Road Resources Ltd (ASX:GOR) chairman Tim Netscher has demonstrated his faith in the company’s gold production strategy with the purchase of 8,000 shares in an on-market transaction.

Netscher acquired shares for a value of $13,520 on April 24 at $1.69 per share, increasing the number of securities held to 783,000 shares.

The company is on track to meet its annual production guidance after producing 59,595 ounces of gold from the Gruyere Gold Mine joint venture during the March 2020 quarter.

Production guidance remains unchanged

Gruyere is a 50:50 JV with Gruyere Mining Company Pty Ltd, part of Gold Fields Limited (JSE:GFI).

Gold Road’s share of 59,595 ounces of gold was produced at an all-in-sustaining cost (AISC) of A$1,135 per ounce and remains in line with annual guidance.

Gruyere 2020 gold production for the calendar year is forecast between 250,000 and 285,000 ounces (125,000-142,500 ounces attributable to Gold Road).

The company’s AISC for Gruyere is guided between A$1,100 and A$1,200 per ounce.

Construction of tailings dam

Construction of the tailings dam lift commenced in the March 2020 quarter and will be concluded in late 2020.

The proportion of fresh ore mined is expected to steadily increase to predominately fresh rock ore late in the June 2020 quarter.

A second mining fleet is scheduled to commence in mid-2020 allowing for continued mining of ore from the stage I open pit while continuing to cut-back on the stage II open pit.

Quick facts: Gold Road Resources Ltd

Price: 1.385 AUD

ASX:GOR
Market: ASX
Market Cap: $1.22 billion
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