Blackham Resources Ltd.: Hedging Transaction
04.12.2016 | ABN Newswire
Perth - The Board of Blackham Resources Limited (ASX:BLK) ('Blackham' or 'the Company') is pleased to announce that it has realised $6.3 million in cash following the purchase of physical gold ounces at the current reduced spot price to close out a total of 41,250 ounces of forward gold sales contracts at an average price of $1,762/oz.The bulk of these forwards were originally entered into in September 2016 at a gold price of $1,774/oz (refer ASX announcement 21st September 2016). Given the recent volatility in the gold price, the Board saw an opportunity to crystallise a significant profit generated in a short period of time which will further strengthen working capital.
The remaining gold forwards under this facility stand at 12,795 ounces at a price of $1701/oz.
About Blackham Resources Ltd:
Blackham Resources Limited (ASX:BLK), is an emerging gold producer focused on its Matilda Gold Project in Western Australia where mining and production is imminent. Matilda €™s resources of 48Mt @ 3.3g/t for 5.1Moz, all within a 20km radius of its gold plant currently being re-commissioned. The Matilda Gold Project incorporates over 780 square kilometres of tenements and cover around 55 kilometres of strike along the Wiluna and Coles Find Mine Sequences. The Project has historically produced 4.3 million ounces of gold.
Contact:
Bryan Dixon Managing Director
Blackham Resources
T: +61-8-9322-6418
F: +61-8-9322-6398
E: info@blackhamresources.com.au
www.blackhamresources.com.au
David Tasker / Tony Dawe
Professional Public Relations
T: +61-8-9388-0944