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Silver Lake signals increased gold sales in FY'17

Silver LakeResources Ltd. is forecasting higher gold sales in the range of135,000 ounces to 145,000 ounces for the 2017 financial year, over the 132,400ounces sold in the prior financial year.

The company said July 8 that it achieved its gold salesguidance in fiscal 2016, which was an increase on the 121,999 ounces sold ayear earlier due to the introduction of a number of new ore sources at theMount Mongeroperation, including the Lucky Bay and Santa open pits.

In the 2017 financial year, gold will be produced from theImperial and Majestic open pits from the first quarter and therecently approvedhigh-grade Maxwells underground mine is forecast to contribute about 15,000ounces.

Silver Lake has hedged 76,300 ounces of fiscal 2017production at an average price of A$1,655 per ounce.

Meanwhile, the company invested about A$15 million in phasedexploration in fiscal 2016 and has approved a A$14 million exploration budgetfor the next financial year.

About 35% of exploration expenditure will be aimed atdefining additional resources at the Daisy complex, Cock-Eyed Bob and Maxwellsto sustain current operations.