Metals Exploration hampered by processing facilities
Source - SMW
Metals Exploration, a natural resources exploration and development company, said performance at its Runruno gold-molybdenum project in the Philippines has improved but gold production levels remain hampered by the ongoing suboptimal performance of the processing facilities.
Since the update provided to the market on 29 September 2017, the BIOX circuit has recovered and is being ramped up, having achieved 27.5% of design throughput.
The company has finalised a $21m mezzanine funding facility to be used for its immediate working capital requirements and to repay recent short term loans.
8,961 ounces of gold were sold during the third quarter, an improvement on 7,319 ounces recovered in Q2, at an average realised gold price of US $1,258.32 per ounce.
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