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Karouni becoming Troy stronghold

Troy Resources’ improving Karouni gold mine in Guyana has beaten forecasts for the June quarter, leading to record production in the 2018 financial year.
Karouni becoming Troy stronghold Karouni becoming Troy stronghold Karouni becoming Troy stronghold Karouni becoming Troy stronghold Karouni becoming Troy stronghold

Troy's Karouni mine in Guyana

Staff reporter

Karouni produced 19,510 ounces of gold in the June quarter, only around 10% than the record of 21,703oz set in the March quarter.

This year's June result was far better than the 15,411oz produced in the same quarter of 2017.

Troy said the result was better-than-expected and particularly pleasing given it was achieved during the wettest period of the year.

Karouni produced 70,207oz of gold for the 2018 financial year, a new record and slightly above guidance of 65,000-70,000oz.

"Despite an early start to what is the wettest period of the year, the operational team has put together an excellent quarter which is again well in excess of budget," Troy managing director Ken Nilsson said.

Costs won't be reported until late July, but have steadily come down from US$1240 an ounce in the September 2017 quarter to $720/oz in the March 2018 quarter.

Troy had cash and inventory of A$9.6 million at the end of March, and bank debt of $21.1 million.

Shares in the company rose by half a cent to 15.5c. The stock started the year at just under 10c and hit an 18-month high of 17.5c in June.