TORONTO, April 17,
2023 /CNW/ - Karora Resources Inc. (TSX: KRR)
("Karora" or the "Corporation") is pleased to announce record
quarterly consolidated gold production of 39,810 ounces for the
first quarter of 2023 from its Beta Hunt and Higginsville mines in
Western Australia. Gold sales were
36,145 ounces for the first quarter due to timing of gold
shipments to the Perth mint.
Karora's unaudited consolidated cash balance as at March 31, 2023 was $65.8
million, in line with the budget for the quarter.
Paul Andre Huet, Chairman &
CEO, commented: "I am extremely pleased to announce yet another
quarterly production record for Karora.
Record first quarter gold production of 39,810 ounces puts us in
a very strong position right out of the gate to reach our full year
2023 guidance range of 145,000 – 160,000 ounces. Our robust cash
position is tracking in line with budget as planned while
completing the development work on the second decline during the
first quarter, continuing with the addition of three new vent
raises (the first being complete) as well as adding new equipment
to the fleet – all within our guided capital plan.
Overall, I am very pleased with our performance in the first
quarter as we continue to deliver on promises and maintain our
growth momentum - all while generating significant cash to fund our
growing business, aggressive exploration program and ensure the
safest and most productive work environment possible with increased
activity across our operations."
About Karora Resources
Karora is focused on increasing gold production to a targeted
range of 170,000-195,000 ounces by 2024 at its integrated Beta Hunt
Gold Mine and Higginsville Gold Operations ("HGO") in Western Australia. The Higginsville treatment
facility is a low-cost 1.6 Mtpa processing plant, which is fed at
capacity from Karora's underground Beta Hunt mine and Higginsville
mines. In July 2022, Karora acquired
the 1.0 Mtpa Lakewood Mill in Western
Australia. At Beta Hunt, a robust gold Mineral Resource and
Reserve are hosted in multiple gold shears, with gold intersections
along a 5 km strike length remaining open in multiple directions.
HGO has a substantial Mineral gold Resource and Reserve and
prospective land package totaling approximately 1,900 square
kilometers. Karora has a strong Board and management team focused
on delivering shareholder value and responsible mining, as
demonstrated by Karora's commitment to reducing emissions across
its operations. Karora's common shares trade on the TSX under the
symbol KRR and on the OTCQX market under the symbol KRRGF.
Cautionary Statement Concerning
Forward-Looking Statements
This news release contains "forward-looking information"
including without limitation statements relating to production
guidance, full year consolidated 2023 and longer-term production
guidance and the potential of the Beta Hunt Mine and Higginsville
Gold Operation.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Karora to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; results of exploration programs; accidents,
labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash operating costs, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to Karora 's filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although Karora has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date
of this news release and Karora disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
SOURCE Karora Resources Inc.