Doray Minerals has officially opened its Andy Well gold project in the northern Murchison region, at a ceremony hosted by mines and petroleum minister Bill Marmion.
The event marked the first new gold operation undertaken in the Murchison region in over 10 years.
The company remains confident of its growth, meeting key objectives on time and under budget, managing director Allan Kelly said.
Mr Kelly thanked the minister and acknowledged the various people involved in the company’s growth and transition to gold producer.
“We wouldn’t be celebrating this achievement today without the sustained efforts of our contractors, consultants and staff, and the support of shareholders over the last three and a half years,” Mr Kelly said.
The company’s first gold pour from the well occurred in August, achieving a grade average of 14 grams per tonne and producing 8,614 ounces of gold in the last quarter.
Mr Kelly believes the figures confirm the Andy Well gold project as one of Australia’s lowest cost gold mining operations.
“The quality and high-grade nature of the Wilber Lode proves there are quality deposits still to be discovered in our vast, resource-rich state of Western Australia and that good projects can come to fruition with determination, innovation, cooperation and expertise,” Mr Kelly said.
"This is the beginning of a new chapter in Doray's story with at least two additional high-grade lodes discovered parallel to the Wilber Lode indicating the potential to extend the mine life past the initial 3.7 years indicated in the BFS.
“We have literally just scratched the surface at the Andy Well and look forward to exploring and developing further resources in the near future," Mr Kelly concluded.
Shares in Doray remain unchanged, trading at 63 cents per share as of 2.15pm, WST.
