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He said money would be invested in projects at Dalny Mine, Venice and Golden Quarry Mine which are expected to drive the group’s production growth.
“It is anticipated that future production growth of the company will come from improved output and grades from the underground mine at Dalny, the restart of the Venice Mine and the additional capacity being installed at Golden Quarry. However, it should be noted that these projects require funding in an amount greater than is practical to provide from current operating cash flows. Accordingly, the company is currently exploring sources of new funding amounting to approximately $10 000 000,” he said in a statement.
Falcon posted a profit of $3,15 million as the company benefitted from increased production and firming prices on the international market.
High revenues were achieved due to increased production at its Dalny and Golden Quarry Mines.
A total of 9 819 ounces of gold were produced in the period under review, compared to 4 447 ounces produced in the six months to June 2011.
The company realised more than $16,36 million from the sale of gold, while mining and processing gobbled $12 million.
Mr Saunders said the company was in the last phase of its recovery programme after successful completing phase two.
Falcon is a subsidiary of New Dawn Mining Corporation.
Meanwhile, Mr Saunders said Falcon was working through New Dawn on its final proposed indigenisation plan. Under the country’s indigenisation programme, companies are required to set aside 51 percent of shareholding to indigenous entities. A number of foreign-owned mining companies have already submitted plans which have been approved by Government.
Online Reporter