LONDON (Alliance News) - Metal Exploration PLC said Friday that the bacterial oxidation circuit at the Runruno gold-molybdenum project in the Philippines achieved 100% design throughput and will now "facilitate achieving higher gold recoveries".
In the quarter to March-end, the company sold 11,338 ounces of gold, down from 35,697 gold ounces sold in the quarter to December-end. Average realised price stood at USD1,328.14 per ounce.
The company poured 10,593 ounces of gold during the quarter, down from 36,006 in the previous quarter.
The company said productivity during the quarter was "impeded with mechanical breakdowns and further preparatory and safety works to the Tullingan waste dump".
The exploration company's cash at the end of the quarter rose USD1.2 million to USD1.7 million from USD502,000.
The company is in discussions with financial lenders to restructure its debt facilities.
Shares in Metal Exploration were down 1.3% at 3.82 pence each Friday.
Metals Exploration (MTL)