Brightstar Resources Says November Gold Processing Campaign Recovery Falls After Final Reconciliation; Shares Tumble 10%

MT Newswires Live12-24

Brightstar Resources (ASX:BTR) said the November gold processing campaign recovery through Genesis Minerals' (ASX:GMD) Laverton mill in Western Australia declined to 75% from 83% after the final gold-in-circuit reconciliation, according to a Wednesday Australian bourse filing.

Reconciled production and sales were 4,652 ounces of gold, compared with the unreconciled production, which initially indicated total recovered gold production of 6,300 ounces of gold.

The company said sub-optimal leaching conditions for the processing campaign adversely affected parcel four's recoveries. However, Alex Rovira, managing director, said that all stakeholders remain "confident" that optimal conditions in future processing will see a material lift in recoveries in line with historical processing data.

The processing recoveries were below expectations relative to the performance of previous campaigns and the depth of processing test work data, the company noted.

Brightstar Resources' shares fell 10% in recent trading on Wednesday. Genesis Minerals' shares added about 2% and earlier hit an all-time high.

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