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Tuesday, 18th October 2005 (3406 views)

Dominion Mining has upgraded its forecast for its mining projects in South Australia.

The new predictions show that the firm expects 90,000 ounces of gold for the 2005/2006 financial year.

This came after it posted a 56 per cent increase in production from its Challenger Gold Mine in September, coupled with cheaper operating expenses.

In total, 9,065 ounces of gold were found at a cash operating cost of $247 per ounce. This was the best ever monthly performance for the mine.

In addition, for the quarter Dominion excavated 23,847 ounces of gold, another record for the firm.

Dominion attributed the results to a number of operating changes that had been made, particularly methods used for planning and working underground.

Peter Alexander, Dominion's managing director, said: "The company is in an excellent position with a strong production outlook and cash flow base at Challenger."

 

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