Chatree Gold Mine Production and Debt Position Update
Kingsgate Consolidated (ASX:KCN) (“Kingsgate” or the “Company”) is pleased to provide an update on the Chatree Gold Mine’s (“Chatree”) November production, following another strong performance.
Chatree production for November 2016 is as follows:
- 18,697 ounces of gold produced;
- 18,399 ounces of gold poured; and
- 17,115 ounces of gold sold.
Another discretionary payment against the Chatree Loan Facility of US$5.2 million was made on 2 December 2016, and it is intended that a further discretionary payment of approximately US$5 million will be made on 9 December 2016.
Following these repayments Kingsgate’s Group total debt position will be A$13 million1, down from A$72 million at 30 September 2016.
As previously stated, Kingsgate reasonably expects that Chatree related debt will be fully repaid before 31 December 2016.
Chief Executive Officer
Kingsgate Consolidated Limited
1. KCN Group Debt includes the Chatree Loan Facility and a corporate facility totalling A$5 million that is due for repayment in January 2017.