Tuesday, 27th July 2004 (3257 views)

Troy Resources has reported an increase in production in its fiscal year results ending June 30.

The Australian-based gold miner produced 122,531 troy ounces during the period and broke its 100,000-ounce forecast as output increased by 53 per cent.

According to Dow Jones, the main reason behind the increased production was the firm's Sertao mine in Brazil, which produced 86,335 ounces of the precious metal at $64 an ounce.

Work is also planned at two other mines in Western Australia, with one plant said to have a gold resource of 319,000 ounces.

At present, exploration drilling is being carried out in the area and further studies are set for completion within the next quarter.

 

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