Loading ...Newmarket Gold News release : NMI.TO
I check news release now everyday and this appeared on the radar. GOOD NEWS.
Do not know what the mine life is.
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Newmarket Gold Flagship Fosterville Gold Mine Pours Its One Millionth Ounce
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Feb. 2, 2016) – Newmarket Gold (“Newmarket” or the “Company”)(TSX:NMI)(OTCQX:NMKTF) is pleased to announce that the Company’s flagship Fosterville Gold Mine, the largest producing gold mine in Victoria, Australia, poured its one millionth ounce of gold on January 7, 2016. This important milestone represents over 11 years of continuous operations since mining commenced in 2004 and gold first poured in April of 2005.
Mr. Douglas Forster, President and Chief Executive Officer, Newmarket Gold commented: “Fosterville’s one millionth ounce of safe and sustainable production represents an important milestone for the mine and its entire team of dedicated employees. In its first one million ounces of production, Fosterville has logged more than 8 million man hours, processed 8.4 million tonnes of ore and accomplished world class recovery using a BIOX treatment system, all while maintaining an excellent safety record. With the commitment from all its employees, Fosterville will continue to deliver remarkable performance as it works towards producing its next million ounces. ”
Newmarket is trading at half the price of what it should be, based on EV/EBITDA and EV/prod oz and EV/reserves…compared to its peer group. I expect once the bull market gets more traction, new market should get re-rated and potentially double in price over say 6 to 12 months. its a good buy and hold gold miner.
At current production rates, life of mine appears to fall into a 8-9 year mine life. No hard data I could find that specifically notes life of mine. They are, however, bringing three new mines online as their drilling program proceeds. They are also expanding their proven resources in the current mines. These guys were involved in creating FNV – figure they must be a sharp group. I now have a small position. Coffee can stuff.