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Genesis Minerals kicks off open-pit gold mining at Ulysses West

Genesis Minerals Ltd. started mining at the Ulysses West open pit, part of the company's Ulysses gold property in Western Australia, it said Oct. 3.

Ore from the Ulysses West open pit will be processed under a toll milling agreement with Paddington Gold Pty. Ltd., with first ore expected to be dispatched by mid-October.

The project is expected to generate total estimated free cash flow of about A$6 million from the initial Ulysses West operation, based on a gold price of A$1,750 per ounce.

The company received shareholder approval in September for a A$2.5 million share placement to mining contractor SMS Innovative Mining Pty. Ltd. to settle invoices.