Australias second biggest gold miner Evolution Mining is mulling the underground potential of a second deposit at its Mungari operations near Kalgoorlie-Boulder as it aims to match its mine life with its portfolios star Eastern States assets. <\/p>\n
Evolution executive chairman Jake Klein used his presentation to trumpet the companys $14 million exploration commitment to Mungari this financial year, the most of any mine in its portfolio. <\/p>\n
It has six years to run, compared with an 8.3 year average life of mine across the groups seven-mine portfolio, while 27 miners were recently let go at its Frogs Leg underground mine, which has a life of 31\/2 years. <\/p>\n
Deeper drilling is understood to have revealed underground potential beneath the White Foil open pit, although Mr Klein said it was still early days. <\/p>\n
Thats an area of real interest at the moment. I think its early days, what we know is weve got a 31\/2 year mine life at Frogs Leg, were hoping to extend that, he said. <\/p>\n
Weve started drilling some really interesting results at White Foil but its still early days, theres still a lot of life left in the pit. <\/p>\n
But I think the message Id like to convey is weve owned Mungari for just over two years now, its a very important asset to Evolution and we believe strongly in the prospectivity of the region. <\/p>\n
Mr Klein said he hoped to push the life of mine at Mungari, secured of Naguib Sawiris LaMancha Resources in 2015, out past the group average. <\/p>\n
At Mungari we would love to get to an eight to 10 year mine life, he said. <\/p>\n
Industry speculation has linked the miners weakest performing asset, the Edna May Gold Mine near Westonia, with a sale. <\/p>\n
But Mr Klein said its poor performance in the March Quarter, when costs outstripped revenue, was an aberration. <\/p>\n
Evolution closed down 3, or 1.36 per cent, at $2.18 yesterday. <\/p>\n
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Diggers and Dealers: Evolution mulls Mungari potential for extra life - The West Australian<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Australias second biggest gold miner Evolution Mining is mulling the underground potential of a second deposit at its Mungari operations near Kalgoorlie-Boulder as it aims to match its mine life with its portfolios star Eastern States assets. Evolution executive chairman Jake Klein used his presentation to trumpet the companys $14 million exploration commitment to Mungari this financial year, the most of any mine in its portfolio. Continue reading