-- Erdene Resource Development (ERD.TO) said Monday that the Bayan Khundii gold mine in Mongolia achieved 94% of the target production throughput during the first quarter.
The mine achieved commercial production in the first quarter, processing 151,000 tonnes of ore for an average of 1,675 tonnes per day.
Bayan Khundii also recorded an average throughput of nearly 90% of nameplate capacity while gold recovery averaged over 96%, exceeding projections in the most recent feasibility study.
To date, the mine has produced 15,961 ounces of gold, Erdene said.
Erdene Mongol, Erdene Resource's joint venture with Mongolian Mining, generated gross revenues of US$42 million during the quarter after it recorded sales of 8,527 ounces of gold and 3,135 ounces of silver. Average prices stood at $4,872/oz of gold and $80/oz of silver.