SaracenMineral Holdings Ltd.'s gold production in its fiscal 2016 reacheda record total of 188,656 ounces, near the upper end of its guidance for the year ended June30.

According to a July 7 news release, the project produced157,191 ounces, while the Thunderbox project — where commercial production startedApril 1 — produced 31,465 ounces.

Gold production in the June quarter was also at a recordlevel of 63,192 ounces, with 41,037 ounces produced at Carosue Dam and 22,155ounces at Thunderbox.

The ongoing ramp-up at Thunderbox is expected to doublegroup gold production to about 300,000 ounces per annum at a forecast all-insustaining cost of less than A$1,075 per ounce.

The debt-free company had cash and bullion worth A$40.3million as of June 30.