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Doray Minerals Ltd. - High-Grade, Low-Cost Gold Production for Debut Quarter

January 23, 2014

ENP Newswire - 23 January 2014 Release date- 21012014 - Doray Minerals Ltd (ASX: DRM) today announced the Company's Quarterly Activities Report for the period ended 31 December 2013 , representing the first full quarter of production at the Andy Well Gold Project . Doray's Managing Director, Mr Allan Kelly , said the financial results proved that Andy Well is the highest-grade and lowest-cost gold operation in Western Australia and highlighted its significant upside. 'Doray is unmistakeably one of the highest-grade and lowest-cost gold producers on the ASX today,' said Mr Kelly . 'Our strong performance and quarterly production figures, cash costs of A$448 /oz, and all-in costs of A$949 /oz, confirm this status.' During the December Quarter , Doray produced 24,162 ounces at a head grade of 13.09g/t and sold 25,719 ounces at an average price received of A$1,472 /oz, compared with an average spot price of around A$1360 /oz for the Quarter. Average cash costs for the Quarter were A$448 /oz and all-in sustaining costs (AISC) averaged A$949 /oz. Revenue from gold sales during the period was $37.9 million (YTD $53.9M ) and cash reserves subsequently increased to $23.7 million , compared to $17.7 million for the previous quarter. Doray repaid $6 million in debt during the period and reserved an additional $4 million . Since the commencement of production at Andy Well in August 2013 , Doray has already reduced its net debt balance by $13 million to $42 million - a 23.6% reduction from the original $55 million balance in five months. Mr Kelly added that the Quarter was also one of further exploration success with a third high-grade mineralized zone discovered at Andy Well within the Suzie Zone and underground drilling successfully intersecting additional mineralized structures providing added confidence that we will be able to extend mine life of Andy Well in the near-term. Contact: Allan Kelly Managing Director Doray Minerals Limited Tel: +61 (08) 9226 0600 Email: info@dorayminerals.com.au Margie Livingston AMN Corporate Tel: +61 (0)438 661 131 Email: margie@amncorporate.com


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Source: ENP Newswire


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