Reed Resources (ASX:RDR) and Joint Venture partner Kingsrose Mining (ASX:KRM) announces the sale of the highest grade gold ore produced from its Sand Queen gold mine, 100km North of Kalgoorlie.
Approximately 4,055 tonnes of ore grading 14.7 g/t Au have been sold to a third party. The grade of this ore parcel is 50 % higher than the previous highest reconciled grade of ore treated or sold (9.74 g/t Au). The final financial results from the sale are dependent on the average gold price for the month of December; however the Company expects a cash margin of about A$650/oz for its share of production.
Earlier this month the Company announced a revised resource estimate which increased the global resources to 661,000 tonnes at an average grade 8.6 g/t Au; for 182,600 ounces of gold.
