Empire Resources Limited (ASX: ERL)
$10 million-capped Empire Resources (ASX: ERL) will commence mining for gold this month as it moves from developer to producer.
After building a crucial new public road around the mine, completing the dewatering dam and office infrastructure, and clearing waste top soil which will be used later to rehabilitate the mine waste dumps, ERL is now on track to deliver its first gold bars within the coming months.
The company looks well funded following a $2 million capital raise, and securing $7.5 million in mining funding to go towards Penny’s Find, which it expects to pay back in just five months.
With access to the overall circa 470,000 tonnes @ 4.42g/t gold Resource waiting to be mined in Penny’s Find, ERL has a lot to look forward as it prepares to become the next WA gold producer.
With possible processing to be done on site as ERL looks to purchase its infrastructure, rather than just rent, the company is looking to maintain a low cost operation in what is a stable gold environment.
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While ERL’s Penny’s Find mine is taking most of the attention, the company is also working hard to expand its WA metals territory, with drilling to begin at its Yuinmery Copper Gold Project, where it is looking to beef up its overall resource inventory.
ERL has also entered into a two-year Option agreement to acquire two nearby prospective copper-gold licenses also in WA, so with production imminent and expansion ongoing news flow should come thick and fast in the coming weeks and months.