Andy Well doing well in first quarter

After pouring first gold from its Andy Well project in August, Western Australian gold miner Doray Minerals has posted its first full quarter results.

Located outside of Meekatharra, Andy Well produced 24162 ounces at $949/ ounce all in sustaining cost in the December quarter.

Doray managing director Allan Kelly told Australian Mining earlier this year that with a resource base sitting around the 15 grams per tonne mark and total costs expected to be in the $900 per ounce range the operation is a relatively high grade and low cost one.

Doray locked in about half of its gold production or 45,000 ounces for the first 15 months at $1620 an ounce.

For the December quarter the miner sold its gold for an average of $1,472 per ounce, slightly higher than the average spot price of $1360/oz.

Since kicking off production Doray has already paid $13 million off its original $55 million debt pile.

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