TORONTO, July 19,
2023 /CNW/ - Karora Resources Inc. (TSX: KRR)
("Karora" or the "Corporation") is pleased to announce record
quarterly consolidated gold production of 40,823 ounces for the
second quarter of 2023 from its Beta Hunt and Higginsville mines in
Western Australia. Gold sales were
also a record at 42,172 ounces for the second quarter.
Karora's unaudited consolidated cash balance as at June 30, 2023 was $70.8
million, an increase of $5
million compared to March 31,
2023, net of a mandatory one-time A$4.5 million Stamp Duty associated with the
acquisition of the Lakewood Mill in 2022 and continued deployment
into Karora's growth plan in line with budget.
Paul Andre Huet, Chairman &
CEO, commented: "I am extremely pleased with our very strong first
half of 2023 with gold production of 80,650 ounces, driven by
back-to-back quarterly production records to start the year.
The strong first half of 2023 puts us in excellent position to
meet our full year 2023 gold production guidance range of 145,000 –
160,000 ounces. We also added to our cash position in line with our
budget as we continue the work at Beta Hunt on ventilation upgrades
and capital items – all within our guided capital plan.
Overall, our operational performance in the first half of 2023
puts us in a very favourable position with respect to achieving our
goals for 2023 as we continue to deliver on promises and maintain
our growth momentum. We look forward to providing further updates
as we continue our 2023 drill program and reach our development
milestones."
About Karora Resources
Karora is focused on increasing gold production to a targeted
range of 170,000-195,000 ounces by 2024 at its integrated Beta Hunt
Gold Mine and Higginsville Gold Operations ("HGO") in Western Australia. The Higginsville treatment
facility is a low-cost 1.6 Mtpa processing plant, which is fed at
capacity from Karora's underground Beta Hunt mine and Higginsville
mines. In July 2022, Karora acquired
the 1.0 Mtpa Lakewood Mill in Western
Australia. At Beta Hunt, a robust gold Mineral Resource and
Reserve are hosted in multiple gold shears, with gold intersections
along a 5 km strike length remaining open in multiple directions.
HGO has a substantial Mineral gold Resource and Reserve and
prospective land package totaling approximately 1,900 square
kilometers. Karora has a strong Board and management team focused
on delivering shareholder value and responsible mining, as
demonstrated by Karora's commitment to reducing emissions across
its operations. Karora's common shares trade on the TSX under the
symbol KRR and on the OTCQX market under the symbol KRRGF.
Cautionary Statement Concerning
Forward-Looking Statements
This news release contains "forward-looking information"
including without limitation statements relating to production
guidance, full year consolidated 2023 and longer-term production
guidance and the potential of the Beta Hunt Mine and Higginsville
Gold Operation.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Karora to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; results of exploration programs; accidents,
labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash operating costs, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to Karora 's filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although Karora has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date
of this news release and Karora disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
SOURCE Karora Resources Inc.