Silver Lake Resources shares gain 46.81% on gold price increase
Silver Lake Resources’ (ASX: SLR) shares have risen 46.81% over the past week as gold prices increased by about US$40 per ounce.
Investors have taken notice as on 19 November 2013 production hit the
500,000 ounce milestone from its operations since the maiden gold pour
in April 2008.
Shares in the company are currently trading at
$0.69, up from its close of $0.47 on 24 December 2013. Spot gold is
currently trading at US$1,238 per ounce.
This reflects its
sustained gold production profile with record production of 59,902
ounces produced and group sales totalling 60,910 ounces in the September
2013 quarter.
Silver Lake has processed 4.4 million ore tonnes
at a blended grade of 3.8g/t gold from multiple underground and open pit
feed sources at an average (blended) metallurgical recovery of 94%.
Production
was sourced from the company’s three processing facilities, being Mount
Monger/Lakewood (80%), Randalls (13%) and from the Murchison (7%).
Silver
Lake's portfolio is extensive in Western Australia, and covers 5000
square kilometres of highly prospective under explored tenements
containing gold, silver, copper and zinc.
The company's projects
currently host: 6.4 million ounces of gold inclusive of 1.7 million
ounces of reserve, 10.5 million ounces of silver and 134,000 tonnes of
copper.
