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Saracen ups FY'16 gold production guidance

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Saracen ups FY'16 gold production guidance

SaracenMineral Holdings Ltd. said April 6 that it raised its goldproduction guidance for fiscal 2016 to 175,000 ounces to 195,000 ounces.

The higher number was due to an increase in the productionoutlook for the Thunderbox gold project in Western Australia to 25,000ounces to 35,000 ounces, from 20,000 ounces.

The company previously set an of 150,000 ounces to160,000 ounces of gold, which only covered production of the operation.

Saracen had a "successful" March quarter, withgold production reaching 43,059 ounces, placing it on track to achieve its goalof doubling production to around 300,000 ounces per annum while remaining debtfree.

Development of the Deep South underground mine at CarosueDam is well advanced, with commercial production expected in the June quarter.Commissioning at Thunderbox is also almost complete, with commercial productionalso anticipated in the June quarter.