Within just 12 months of acquiring the Endeavor Mine, Polymetals Resources Ltd has successfully redeveloped the operation and is now meeting operating costs.
Polymetals Executive Chairman Dave Sproule said after their first full month of production, the company was proud to report positive news on what has been “a huge and rewarding task”.
“With operations now self-sustaining, the focus shifts to optimising both mining and milling performance as we move to establishing a consistent long-term and profitable enterprise,” Mr Sproule told investors in a recent ASX release.
“The Board is very pleased that the operation is meeting its outgoings and looks forward to the imminent commencement of mining the high-grade silver ore from the Upper North Lode which will significantly boost cash flows.
“I continue to be excited with the potential long-term value to be unlocked from Endeavor.”
The company reports the mine has produced 5,398 dry metric tonnes of silver-lead and zinc concentrates during July and has agreed a second pre-payment with its offtake partner of A$11.60 million.
Zinc concentrate transport from site will commence later this month with the first ocean shipment scheduled for early next month.
Mr Sproule said the ramp up of production continues to plan with improvements being made week by week.
He reports access to the high-grade silver Upper North Lode has been established on the 2 Drill level following successful ventilation and rehabilitation.
Mining from this area will commence this month with two further headings above 2 Drill now significantly advanced from which more high-grade silver ore is to be mined.
