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Regis beats FY'16 gold production, cost forecasts

Australian producer Regis Resources Ltd. has surpassed its productionexpectations of 275,000 ounces to 305,000 ounces of gold for the 2016 financialyear.

According to the July 22 results, annual gold production reached305,084 ounces after output in the June quarter climbed 4% to 78,471 ouncescompared to the prior quarter, marking the highest quarterly production for thefinancial year.

Regis added that its all-in sustaining cost of A$927 perounce for fiscal 2016 was below the bottom end of its full-year guidance.

Meanwhile, the company's reserves have increased 6% to 2.1million ounces after accounting for mining depletion of 330,000 ounces.

Production for the 2017 financial year is expected to behigher at between 300,000 ounces to 330,000 ounces of gold at an all-insustaining cost of between A$980 per ounce and A$1,050 per ounce.

Total CapEx for the year is estimated to be around A$27million, largely due to the development of new operations in Western Australiaat Gloster, part of the Moolart Well project, and Erlistoun, part of theDuketonSatellite project.

Regis expects to begin mining at Gloster later in the Septemberquarter and the first gold pour to take place in the following quarter.