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Friday, 20th June 2008 (1395 views)

North Queensland Metals has announced inaugural net profit in the range of $0.5 million (£0.25 million) to $1 million for 2007 to 2008.

The company also revealed that it expects an annual production rate of 74,000 ounces of gold for the first half of 2008 to 2009 for its Pajingo gold mine.

Paijing formerly belonged to Newmong Mining.

In December 2007 North Queensland Metals acquired 60 per cent of Pajingo and forecast a gold production rate of 390,000 ounces over a six-year mine life.
Chief executive officer for the company, John McKinstry, said: "We now have all the key ingredients in place to ensure that production for the coming financial year meets the company's targets."

Joint venture partner of the Australian-based North Queensland Metals is Heemskirk Consolidated which owns 40 per cent of Pajingo.

Heemskirk has projects in Alberta, British Columbia and a tungsten project in Los Santos.

 

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