Golden year for Croesus

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.

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