AVO recently upgraded its Higginsville mining reserve to 803,000 ounces of gold. Including production of 254,000 ounces, the reserve has increased 38% from the previously published 763,000 ounces.
AVO is confident that it can maintain the mine’s production at 180,000 to 200,000 ounces per annum.
Additionally, AVO announced that its South Kalgoorlie operations produced a record 12,222 ounces of gold during May 2010.
AVO is targeting 90,000 ounces of production at South Kalgoorlie in FY11, with a view to increasing this to 200,000 ounces per annum from FY13.
In the Australian share market, AVO has been one of the top performing stocks recently. Its share price surged over 8% on June 9 following its gold reserve announcement.
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