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Kingsrose Mining Limited KRM Trading on ASX

Projects

Way Linggo Mine

The Way Linggo underground mine was developed and subsequently brought into production by Kingsrose Mining and PT Natarang Mining with the first gold pour occurring in August 2010.

Production characterised by high grades and low costs from the Way Linggo Mine allowed the Company to enjoy some of the most robust operating margins in the industry in the 2011 and 2012 financial years. During the 2013 financial year however, the underground mine entered a more mature phase of operation and following a comprehensive review in June of that year, the decision was made to suspend all underground mining activities at the Way Linggo Mine.

A review of the existing remnant Resource was conducted in January 2017, and a plan was subsequently developed to recover part of this resource via an open cut mine. The Way Linggo open pit was designed to mine the remaining Measured Resource above the 1 Level of the Way Linggo underground mine. The open cut will recover the pillars and remnant ore that was unable to be mined with the mining methods previously used underground at the Way Linggo Mine.

The open pit was designed to mine the ore in a series of staged cutbacks beginning with an initial trench cut following approvals by the Indonesian Mines Department in February 2017.

Mining was undertaken using a fleet of small equipment owned by the Group, supplemented by some additional contract equipment which arrived on site in late May 2017. Mining is continuing according to plan with the open cut producing high-grade, low-cost gold and silver generating strong cash flow for the Company.

A study is underway to explore the possibility of expanding the current open pit to recover the ore body down to the 3 Level to recover as much of the remaining Resource as possible.