Wiluna Mining Corporation Ltd Stock Market Press Releases and Company Profile
Another Record Month of Gold Production for Blackham
Another Record Month of Gold Production for Blackham

Perth, Mar 8, 2018 AEST (ABN Newswire) - Blackham Resources Limited (googlechartASX:BLK) (googlechartBKHRF:OTCMKTS) ("Blackham" or "the Company") is pleased to present an operational update for the month of February 2018 at its Matilda-Wiluna Gold Operation ("the Operation"). Access to high grade zones in the M4 and Galaxy pits was achieved late in the Dec'17 quarter, enabling record monthly gold production in both Jan'18 and Feb'18 of 6,498oz and 6,713oz, respectively.

Highlights

- Operations continued to generate strong cash flows in February

- New record monthly gold production in Feb'18 of 6,713oz (Jan'18: 6,498oz)

- 150kt milled for the month at an average rate of 5,347tpd or 1.95Mtpa annualised (2% higher than Jan'18)

- Mill feed grade improved to 1.5g/t, a 13% improvement on prior month

- High grade stockpiles were 144kt @ 1.7g/t Au at 28 Feb 2018 and expected to grow during Mar'18

- All in sustaining costs reduced to A$912/oz in Feb'18, a 21% decrease on Jan'18 (A$1,158/oz)

- Average realised gold price during the month of A$1,670/oz

- Cash and bullion of $31.4 million and secured debt of $43.8 million at 28 Feb 2018

February's open pit mining stripping ratio was a low 1.5:1 (waste:ore) (Jan'18: 3.6:1). The low stripping ratio and increased gold production resulted in Blackham achieving a record low monthly AISC in Feb'18 of A$912/oz (A$1,158/oz - Jan'18), in comparison to an average realised gold price during the month of A$1,670/oz, continuing its high margin production for the quarter to date.

Despite significant rainfall and lightning events during the month, which restricted mining operations, the Operation has increased the high grade stockpiles, which currently total 144kt @ 1.7g/t Au. Milled grade and gold production are expected to continue to improve during Mar'18 with the increasing grade of the mill feed stockpiles.

Blackham's Executive Chairman, Mr Milan Jerkovic, said:

"February's operational results demonstrate a continued improvement of the turnaround that commenced in December 2017. Record production and further reduced costs from the Operation underpinned another month of strong cashflow, whilst maintaining stockpiles with increased grades. We remain confident that 2018 will be a transformational year that will generate significant cash flows and value for Blackham and its shareholders."

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About Wiluna Mining Corporation Ltd

Wiluna Mining Corporation LtdWiluna Mining Corporation (ASX:WMC) (OTCMKTS:WMXCF)  is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 8.04M oz at 1.67 g/t au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.

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Contact

Milan Jerkovic
Executive Chairman
T: +61-8-9322-6418

Bryan Dixon
Managing Director
T: +61-8-9322-6418

Jim Malone
Investor Relations
T: +61-419-537-714

John Gardner
Media Relations
Citadel Magnus
T: +61-8-6160-4900



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