K92 Mining Inc. [KNT-TSXV; KNTNF-OTCQX] reported record production in the fourth quarter at its Kainantu gold mine in Papua New Guinea of 29,820 ounces gold equivalent (AuEq), or 28,809 ounces of gold, 493,584 pounds of copper and 10,395 ounces of silver.
Annual production also achieved a record of 98,872 oz AuEq or 95,109 oz gold, 1,853,078 pounds copper and 36,067 oz silver, representing year-over-year AuEq production growth of 20%.
John Lewins, CEO, K92 Mining, stated: “We are especially pleased with the performance of the Kainantu gold mine during the fourth quarter, achieving record production. Importantly, the quarter was underpinned by record mill throughput, mine material movements and mine development.
“The fourth quarter represented the first full quarter of the stage 2 expansion, after completing the commissioning of the plant expansion in late Q3. The mill has continued to ramp up well, with both throughput and recoveries improving through the quarter, and particularly strong performance in December. Both throughput and recoveries are expected to continue to improve as we optimize the circuit and recommission the drum scrubber and gravity circuit.
“Two thousand twenty represents our third consecutive year of production growth and 2021 promises to continue that record with our first full year of the stage 2 expansion. Exploration activities have ramped up considerably, ending 2020 with 10 drill rigs on site and an 11th rig expected to arrive shortly. The drill rigs are targeting the Judd, Karempe, Kora and Kora South vein systems, and the Blue Lake porphyry.”
In January 13 trading, K92 shares gained $0.07 on a volume of 757,500 shares traded. Year high-low is $8.50 – $1.55.