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Doray Minerals: Gold guidance down, copper guidance up for FY'17

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Doray Minerals: Gold guidance down, copper guidance up for FY'17

Doray Minerals Ltd. on Jan. 27 said it anticipates production in the range of 100,000 ounces to 110,000 ounces of gold and 4,200 tonnes to 4,600 tonnes of copper from its Deflector gold-copper mine and its Andy Well gold mine in Western Australia for the fiscal year ending June 30.

The gold guidance decreased as compared to a range of 105,000 ounces to 120,000 ounces of gold forecast in September 2016, while the company's copper guidance increased from a range of 3,000 tonnes to 4,000 tonnes.

The Deflector and Andy Well operations are each expected to produce between 50,000 ounces and 55,000 ounces of gold, while copper output will come from Deflector.

Doray Minerals noted that open-pit mining at Deflector will be completed by the end of the month, with a transition to underground mining only starting early February. The company is undertaking studies on extending open-pit operations.

The company is also in negotiations with two parties for the sale of metal contained in the native copper-gold product being produced at Deflector, which is expected to yield approximately 10,000 ounces of gold. Most of the revenue associated with the sale is expected to fall in the current quarter.

Andy Well, which was previously expected to produce between 65,000 ounces and 70,000 ounces of gold, is subject to ongoing reviews and optimization that reduced production figures for the Wilbur and Judy deposits in the second half of the fiscal year.

Current stoping at Wilbur is on a lower-grade section with a reduced strike length as compared to that mined previously. The company said that although adjustments were required to the mine plan, the operation is now expected to produce more cash flow.

Doray Minerals is drilling at Wilbur Deeps on the Andy Well property to test mineralization at depth.

In addition, the company reported that an updated resource estimate for its Gnaweeda gold property is anticipated in February, ahead of the start of a feasibility study.