TORONTO, July 14,
2022 /CNW/ - Karora Resources Inc. (TSX: KRR) (OTCQX:
KRRGF) ("Karora" or the "Corporation") is pleased to announce
consolidated gold production of 30,652 ounces for the second
quarter of 2022 from its Beta Hunt and Higginsville mines in
Western Australia. Gold sales for
the quarter were 30,398 ounces. Karora's consolidated
unaudited cash balance was $114
million as of June 30,
2022.
Paul Andre Huet, Chairman &
CEO, commented: "I am very proud of our gold production of 58,141
ounces for the first half of 2022, including 30,652 ounces in the
second quarter, which remains in line with our full year 2022
guidance, despite very challenging conditions experienced during
the first quarter associated with COVID-19 related impacts. Full
year guidance is weighted to the second half of the year.
Our June 30, 2022, our unaudited
cash balance of $114 million was
approximately $36 million higher than
our March 31, 2022 cash balance. The
higher cash balance reflects proceeds received from the bought deal
financing that closed last month (see Karora news release dated
June 14, 2022), partially offset by
capital expenditures related to advancing work on the second
decline at Beta Hunt, which is continuing to track on budget and
ahead of schedule, with an estimated completion date of Q1 2023
(see Karora news release dated May 24,
2022), among other projects. The second decline at Beta Hunt
and the pending acquisition of the Lakewood Mill are the key
drivers of our growth plan to increase gold production to an
anticipated range of 185,000 to 205,000 ounces by 2024."
About Karora Resources
Karora is focused on increasing gold production to a targeted
range of 185,000-205,000 ounces by 2024 at its integrated Beta Hunt
Gold Mine and Higginsville Gold Operations ("HGO") in Western Australia. The Higginsville treatment
facility is a low-cost 1.6 Mtpa processing plant, which is fed at
capacity from Karora's underground Beta Hunt mine and Higginsville
mines. Karora recently announced the proposed acquisition of the
Lakewood Mill in Western Australia
which will initially add 1.0 Mtpa capacity. At Beta Hunt, a robust
gold Mineral Resource and Reserve are hosted in multiple gold
shears, with gold intersections along a 4 km strike length
remaining open in multiple directions. HGO has a substantial
Mineral gold Resource and Reserve and prospective land package
totaling approximately 1,900 square kilometers. The Company also
owns the high grade Spargos Reward project, which came into
production in 2021. Karora has a strong Board and management team
focused on delivering shareholder value and responsible mining, as
demonstrated by Karora's commitment to reducing emissions across
its operations. Karora's common shares trade on the TSX under the
symbol KRR and also trade on the OTCQX market under the symbol
KRRGF.
Cautionary Statement Concerning
Forward-Looking Statements
This news release contains "forward-looking information"
including without limitation statements relating to the timing for
the completion of technical studies, liquidity and capital
resources of Karora, production guidance, the completion of the HGO
mill expansion and the potential of the Beta Hunt Mine,
Higginsville Gold Operation and the Spargos Gold MIne and the
timing for production at the Spargos Gold Mine.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Karora to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Factors that could
affect the outcome include, among others: future prices and the
supply of metals; the results of drilling; inability to raise the
money necessary to incur the expenditures required to retain and
advance the properties; environmental liabilities (known and
unknown); general business, economic, competitive, political and
social uncertainties; results of exploration programs; accidents,
labour disputes and other risks of the mining industry; political
instability, terrorism, insurrection or war; or delays in obtaining
governmental approvals, projected cash operating costs, failure to
obtain regulatory or shareholder approvals. For a more detailed
discussion of such risks and other factors that could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements, refer to Karora 's filings with
Canadian securities regulators, including the most recent Annual
Information Form, available on SEDAR at www.sedar.com.
Although Karora has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results to
differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date
of this news release and Karora disclaims any obligation to update
any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as
required by applicable securities laws.
SOURCE Karora Resources Inc.