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Eastern Goldfields' record gold pour shows continued stability, chairman says

The continued ramp-up of Eastern Goldfields Ltd.'s Davyhurst project in Western Australia resulted in a record weekly gold pour of 850 fine ounces for the week of May 1, the company announced May 10.

The gold was sold at an average price of A$1,744.26/oz, realizing A$1.5 million in weekly revenue, and the company said the operation remained on schedule and continued to increase daily production as it steadily boosts throughput rates and capitalizes on the processing plant's improving availability.

The mill crushed 23,000 tonnes in the first nine days of May and milled 19,780 tonnes at a calculated grade of 1.89 g/t gold, with the commodity price currently sitting at about A$1,760/oz.

Executive Chairman Michael Fotios said the latest results demonstrated the operation's "continued progress, reliability and stability,"

The progress came just six months after mining private equity firm Hawke's Point Holdings agreed to make a cornerstone investment of A$17.5 million as part of the gold producer's efforts to raise A$30 million in November 2017.

That occurred three months after the Supreme Court of Western Australia set aside its previous order to wind down the company, after an application by contractor Genalysis Laboratory Services due to the nonpayment of about A$383,000 for services rendered.