Gold, News, Quarterly and half yearly results, Regis Resources

Regis plans golden future at McPhillamys

Regis Resources hopes to commence construction at the McPhillamys gold project in New South Wales during the second half of the year.

The McPhillamys project is one of the largest undeveloped open pit gold projects in Australia and is currently under assessment by the New South Wales Department of Planning, Industry and Environment (DPIE).

DPIE is expected to recommend the project to the Independent Planning Commission (IPC) this quarter.

The IPC will then hold a public hearing to be determined within a 12-week time frame.

Regis has described McPhillamys as “the highest priority growth project for the company” and has been developing a detailed understanding of local business capacity to hire as many local companies as possible for its construction, to ensure a favourable decision from the IPC as soon as possible.

While working to prioritise the company’s future 61-million-tonne McPhillamys asset, Regis also increased quarterly production during the December quarter to 91,411 ounces of gold.

This is up from 81,567 ounces in the prior quarter, as per the company’s value growth strategy gains momentum, with increased production at the Rosemont underground mine in Western Australia.

Regis has also been approved to mine at its next underground asset, the Garden Well South mine, just 10 kilometres away from Rosemont.

“The December quarter has seen a marked lift in performance across a number of key areas, which pleasingly resulted in improvements in safety, production and costs,” Regis managing director Jim Beyer said.

“Our value growth strategy continues to gather momentum with increasing gold production from Rosemont. We also approved the next underground mine at Garden Well South and work has already commenced on what will be an excellent addition to our production profile in the coming years.”

Regis has also continued drilling at the Ben Hur project, part of the Duketon operations in Western Australia, uncovering positive resource infill results to extend mineralisation.

With a mineral resource of 5.8 million tonnes at 1.6 grams per tonne of gold for 290,000 ounces, this will add further life to Duketon and progress the company’s key value growth projects.

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