25 May 2012

Production starts at Peninsular

18/02/2009 Robert Tyerman

Peninsular Gold has poured the first molten gold from its Raub project in Malaysia.

The Jersey-based and Malaysia-focused company says it expects to produce 25,000 oz a year from the tailings from previous extraction at Raub at an anticipated average cash cost (before capital expenses) of less than $300 an ounce, against a present gold price of  $969 an ounce. AIM-quoted Peninsular, steered by chairman and chief executive Dato’ Sri Andrew Kam, says Raub’s total gold ‘reserve and resource inventory’ now stands at 435,000 oz, including proven tailings reserves of 202,000 oz, and the company has other nearby gold projects at Tersang and elsewhere.

Seen by many as distinctly slow burning, Peninsular saw its shares drop from 62.5p in 2006 to 14p last month. More recently, they have rallied, while the company recently repurchased $20 million (£14.3 million) of 10.5 per cent convertible loan notes for $17 million cash plus ten million warrants.

Now 36.5p, up 6.5p this morning, they value the company at £20 million and could have further to go.

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Sector: Mining

Companies: Peninsular Gold

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