- Havilah's 10,000 ounce gold hedging facility closed out.
- Full exposure to future gold price movements from ongoing production.
Havilah Managing Director, Dr Chris Giles, commented:
"We have sold our first 10,000 ounces of gold from Portia and have successfully fulfilled our contractual hedging obligations.
"It is another significant milestone in the history of Havilah and the Portia Gold Mine, as it represents the first $16 million in revenue for the Company.
"This means that ongoing future gold production from Portia is unhedged and provides us with full exposure to movements in the gold price."
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About Havilah Resources Ltd
Havilah Resources Ltd (ASX:HAV) has successfully financed and developed its first gold mine at Portia in north-eastern South Australia, which is a high margin operation producing a steady cash flow. It plans to follow on with two copper-gold developments that can potentially support an initial production of at least 34,000 tonnes of copper and 105,000 ounces of gold annually. This is underpinned by a JORC minerals resource inventory of over 900,000 tonnes of copper and 2.4 million ounces of gold.
Havilah Resources Ltd