Laneway Resources (ASX:LNY) launches ore crushing process

• Laneway Resources (LNY) begins the crushing process of ore from the Agate Creek gold mine in North Queensland
• The crushing is taking place at the Georgetown gold processing plant, after being hauled from the company’s wholly-owned project
• Laneway says the first phase of the refurbishment processing is progressing well, with site works and electrical refurbishment programs due to start processing ore in August
• The first gold pour is then expected shortly thereafter
• Laneway Resources last traded at 0.5 cents at 1:10 pm AEST

Laneway Resources (LNY) has begun the crushing process of its high grade ore from the Agate Creek gold mine in North Queensland.

The crushing is taking place at the Georgetown gold processing plant, after being hauled from the company’s wholly-owned project.

This follows on from the recommencement of mining from Agate Creek in June, after receiving approval to allow Agate Creek ore to be treated through the Georgetown processing plant.

Mining operations are continuing to perform well, with daily mining rates at or above targeted levels.

The company said the first phase of the refurbishment processing on track, with site works and electrical refurbishment programs on schedule to enable the commencement of processing of ore in August.

“… Laneway is continuing its rapid progress towards commencement of gold production which will provide an ongoing revenue stream that will establish a base for unlocking the considerable value in our project portfolio,” Laneway Managing Director Brad Gordon said.

The first gold pour is expected shortly after processing in August.

Laneway reported the imminent restart of the plant will enable the company to take control over its gold production future, generate material free cashflow and begin building the platform for a regional gold processing centre.

The company’s forecast gold production for FY23 is 15,000 ounces, with production expected to increase to 40,000 ounces the following financial year.

Laneway Resources last traded at 0.5 cents at 1:10 pm AEST.