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Millennium to produce up to 80,000 gold ounces in FY'18 from Nullagine mine

Millennium Minerals Ltd. expects to produce between 75,000 and 80,000 ounces of gold at all in sustaining costs of A$1,280/oz to A$1,350/oz in 2018.

The company produced 72,848 ounces of gold in 2017 at all-in sustaining costs of A$1,372 per ounce.

Millennium said March 19 that it intends to increase the annual production from its Nullagine mine in Western Australia to 100,000 ounces of gold by the fourth quarter.

The company expects to produce 16,000 to 18,000 ounces in the second quarter.

Gold production for the rest of the year will be sourced after resuming the project's flagship deposit, the Golden Eagle Mining Centre.

Once open pit mining at the Bartons deposit ends, expected March 26, the company plans to start underground development to access high-grade mineralization directly beneath the open pit.

Millennium's underground mining contractor, GBF Underground Mining Co., will start mobilizing to the site later during the week to start setting up the underground portal.

In late February, the company reported a 20% increase in reserves at Nullagine, net of mining depletion and in terms of contained gold. At the time, the company said Nullagine hosts 221,600 ounces of proven and probable gold reserves.