In 2017 the Company opened a representative office in Australia to facilitate access to opportunities to acquire high quality gold areas in one of the most prominent gold producing countries in the world. Acquisition of gold assets in Australia is part of the Company’s strategy of balancing extraction and production cost with geographic diversification with the aim of building a high yielding and low risk operation to capitalize on sustained future increases in the gold price.
Immediate expansion plans include acquisition of additional high ore grade properties adjacent to our existing operations. Extensive geological research on the area reveals a high number of “hot spots” with discrete ore grades of up to 30g/tonne, compared with average for the area of 2.5-5 g/tonne.
Recent completion of the 25,000 tonne leachpad with our Taiwanese partner effectively doubles the Company’s capacity. Construction of a second pad of similar size has also now been completed. The Company will be able to operate the pads in a continuous cycle ensuring a production event and cash generation every 3-4 weeks. Our Taiwanese partner is highly experienced in the implementation of leaching technology for gold extraction both in Taiwan and other parts of Asia.