A STRONG performance from its Binduli gold operations has underpinned an
unaudited profit of $1.3 million for the 1999/2000 fiscal year for Croesus Mining NL.
The Binduli mine produced 46,717 ounces of gold at a cash operating cost of $284 per ounce.
Exploration during the year remained aggressive, with the company spending $3 million on a number of advanced and grass roots properties.
The best results were reported from Binduli, Davyhurst – which had significant gold results from the Giles prospect – and the Wallbrook Hill projects.
The company, which has cash reserves of $20.1 million to hand, plans to spend a further $2 million at Davyhurst during the next 12-18 months.
Croesus managing director Michael Ivey said the profit was achieved in a “very difficult” operating environment for gold producers.
The company has agreed to purchase an option from Anketell Resources, a subsidiary of Metex Resources NL, which proposes to list Anketell Resources to raise $25 million for exploration.
