adminprogramme following the restart of operations at the mine in 2009.
AIMlisted Mwana reported a JanuaryMarch gold production of 8 577 ounces at Freda Rebecca mine, exceeding by far the Phase 1 target of 2 500 ounces per month.
The results represent a 10,7 percent improvement from the previous quarter.
Mwana Africa chief executive officer Mr Kalaa Mpinga said the improved production levels had resulted from development work that had been undertaken at the mine.
“As a result of implementing the planned maintenance programme, involving significant upgrade work on the processing plant, plant availability has improved and has been sustained ahead of targets,” he said.
The company also said it was on track to achieve its Phase II target to expand production to 50 000 ounces a year by the end of the third quarter.
Operations at Freda Rebecca resumed in October 2009, after Zimbabwe’s central bank allowed firms for the first time to sell the metal and keep all the proceeds.
Mwana Africa shares, which have shed 30 percent in value since the company reported a wider firsthalf loss in December, were up 4.3 percent at 7.9 pence on Wednesday on the London Stock Exchange.
They touched a more than fiveweek high of 8.04 pence earlier in the day.
The Freda Rebecca mine recently updated its mineral resource estimate to 1.67 million ounces, up 61 percent.
Mwana has reported that Freda Rebecca’s average monthly production achieved for the three and sixmonth periods to March 31, 2011 are 2 858 oz and 2 720 oz respectively.
For the financial year to date, the Freda Rebecca mine produced 27 211 oz of gold, with 3 573 oz of gold produced in the month of March alone.
Online Reporter