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Adelaide, Feb 2, 2017 AEST (ABN Newswire) - Havilah Resources Limited (ASX:HAV) ("Havilah" or "Company") is pleased to report that the Portia Gold Mine has reached another key milestone with the production and sale of its first 20,000 ounces of gold (10,000 ounces attributable to Havilah). This means that Havilah has now delivered all ounces hedged through spot deferred gold sales under the Investec Risk Management Facility, which had an average gold price of A$1,618. Future gold sales from Havilah will now be exposed to gold price movements.


- 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 LtdHavilah 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.



Dr Chris Giles
Managing Director
Havilah Resources Ltd
T: +61-8-8338-9292
F: +61-8-8338-9293

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