Gold miner Troy Resources has increased its production guidance for its Casposo mine in Argentina by 40 per cent after preparing a new mine plan to include a significant discovery made late last year.
Troy announced today that its new plan for Casposo forecast production of 115,000 ounces of gold equivalent in financial year 2013, ramping up to 130,000oz/year in FY2014 and FY2015.
The Perth-based miner said the new plan incorporated the high-grade Inca 2 discovery announced in October last year, while development of the underground mine has been brought forward from 2014, with works on the underground portal kicking off earlier this month.
Chief executive Paul Benson said Troy believed there was still very good potential to add to the mine's mineral reserves and the company had committed $25 million to continue exploration work.
“Our aim will be to maintain the production levels near 130,000ozpa and extend the mine life,” Mr Benson said in a statement.
The increase in production at Casposo will see Troy's total production reach 160,000 ounces in FY2013, Mr Benson said.
Troy Resources stocks finished today up 1 cent, trading at $3.95.
