KIBUSH CAPITAL CORPO (OTCMKTS:DLCR) released a press note yesterday informing the shareholders about the mining progress made by the company. It said that the operations have begun on the Alluvial Mining Lease, which is carried out through Subsidiary Aqua Mining PNG ltd.
Commencement of operations
The company notified that Vincent Appo, a PNG Operations Manager, is given the responsibility to monitor the construction of the necessary infrastructure, which is expected to conclude by as early as April 30, 2015. Moreover, KIBUSH CAPITAL CORPO (OTCMKTS:DLCR) claimed that the processing from the mine will commence from May 1, 2015. The company further informed that initial testing indicated that the mine could produce 0.95 grams gold per cubic meter. Also, the company projects processing of 80 ounces of fine gold each month for the next three months.
Immense possibilities after three months
Meanwhile, KIBUSH CAPITAL CORPO (OTCMKTS:DLCR)’s CEO Warren Sheppard said that this is an excellent start to the project in Papua Guinea. He added that once the first three months are over then the company will be in a position to accelerate the processing of gold on an incremental basis through exploring high deposit areas. The company also plans to enhance its capacity by investing capital into the machinery and other sophisticated equipments. Further, KIBUSH CAPITAL CORPO (OTCMKTS:DLCR) estimated the cost of extraction of gold from the mine to be less than $400 USD Per ounce.
It was last month, when KIBUSH CAPITAL CORPO (OTCMKTS:DLCR) had informed about the signing of a Joint Venture agreement with mining leaseholders in Koranga, Wae, Papua Guinea. The said leases consists of 26 hectares of Alluvial Resource and represent a rich area, which holds a record of producing gold since 1920. Despite the press note, KIBUSH CAPITAL CORPO (OTCMKTS:DLCR) share price fell by 9.12% to $0.109. A total number of 39,345 shares traded on the day.