Regis Resources rakes in maiden profit

Regis Resources has announced a $36.3 million maiden profit for financial year 2011, after kicking off operations at its Moolart Well gold project.

Perth-based Regis brought in $107.9 million in gold sales revenue over the year to June 30, 2011, which drove a $55 million increase in net profit from its loss of $18 million the previous year.

The Moolart Well mine produced 80,918 ounces of gold over the period.

Regis said it was set to be elevated to the mid-tier of world gold producers with the commissioning of its second major gold project, Garden Well, due over fiscal 2012/13.

An operational Garden Well mine would take Regis’ production to around 350,000 ounces for FY2013.

Regis has forecast early September, 2012, for first gold production at Garden Well.

At 12:13PM (WST) Regis shares had slipped 1 per cent, to trade at $2.96.