08/02/2000 - 21:00

Troy on balance

08/02/2000 - 21:00

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PERTH-based Troy Resources NL has entered the new year with a strong balance sheet and plenty of prospective exploration ground.

Troy on balance

PERTH-based Troy Resources NL has entered the new year with a strong balance sheet and plenty of prospective exploration ground.

Production from two mines has put Troy ahead of its peers as one of the country’s lowest cost gold producers.

For the December quarter, the company reported production of 28,591 ounces at a cash cost of $172 per ounce.

Its 100 per cent owned Bulchina mine, near Sandstone, produced 14,578oz of gold at a cash cost of $163/oz. Troy’s 49 per cent share of the production at the Cornishman mine near South-ern Cross was 14,013oz at a cash cost of $182/oz.

Troy executive chairman John Jones said the results had put the company in a good position as it faced the new year with a debt-free cash position of $4.6 million and equity investments worth $1.5 million.

He was confident of boosting reserves in the Bulchina project, which he described as “the most robust gold operation in Australia”.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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