Empire Resources Limited (ASX: ERL)

 
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Empire Resources (ASX: ERL) has begun mining at its flagship Penny’s Find gold project in WA and is set to process its first gold ore in the coming days.

This emerging Kalgoorlie junior is now looking to transition from explorer to gold producer and to date has already mined 16% more material than expected.

Working in ERL’s favour at this stage is that very little drill and blast has been required, which has been a big positive for the company in terms of cost management. 

In fact, the project’s Bankable Feasibility Study (BFS) highlighted its lucrative potential as a low cost starter mine and the total cost of production is projected at AU$1,086/oz. with the mine estimated to generate revenues in the vicinity of AU$30 million.

That’s just in the first year.

At end of June, ERL had 4,493 tonnes of ore mined and stockpiled at Penny’s Find. Haulage has already begun and processing of the ore is set to commence this month.

Suffice to say, ERL is making great strides towards gold production.

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With full scale open pit mining now underway, there’s no stopping the progression of ERL’s flagship project as it powers towards processing its ore.

And with a market cap of just $10.1 million there are several catalysts in the works that could turn the tide for this transitioning explorer.

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