Ulysses ore payment a milestone for ·Genesis .
•Stuart McKinnon
GenesisMineralssays it is about to receive its first cash payment for ore from its Ulysses gold project near Leonora.
The company said open-pit mining at Ulysses West had progressed rapidly since the mining fleet was mobilised early last month, with alliance part ner SMS Innovative Mining making excellent progress.
The first parcel of ore, 8500 tonnes at 2.5 gams per tonne gold, is being transported by
road to the Paddington mill for processing under an ore toll . agreement with Paddington Gold, part of the now Chinese owned Norton Gold Fields. First
_payment is expected in ·21days.
Regular shipments of about 10,000tonneseach are scheduled to be made to Paddington this month and next.
The project is forecast to gen erate total estimated free cash flow of about $4-$6 million from the initial Ulysses West oper ation, depending on the gold price at the time of ore delivery.
Genesis shares closed unchanged at 3¢.
Genesis managing director Michael Fowler said the ore delivery was a milestone.
"First cash flow from Ulysses represents ari important achievement for Genesis, help ing to underpin our next phase of growth and development ini-· tiatives," he said. "Early results from our ongoing exploration programs both at Uly$ses and at the highly prospective Viking project near Norseman have been very encouraging."
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