- Laneway Resources (LNY) begins refurbishment of Georgetown gold processing plant in North Queensland
- The $2.5 million program essentially allows the company to start processing ore at the plant in the coming months.
- The program includes site works and the restoration of associated infrastructure and is expected to last approximately three months
- The company’s shares are trading at 0.5 cents
Laneway Resources (LNY) has launched the refurbishment of the Georgetown gold processing plant in North Queensland.
Specifically, site work and process plant electrical and mechanical refurbishment programs have commenced as part of Laneway’s refurbishment and restart work program.
The estimated A $2.5 million program will allow the company to begin processing ore at the plant in the coming months.
Ultimately, the restart would allow the company to maximize gold production, generate free cash flow, and begin building the platform for a regional gold processing center.
In addition, Laneway is restoring infrastructure associated with the site such as water, tailings, offices, maintenance stores, workshops and communications and stated that these are progressing well.
“We are delighted to have begun the refurbishment and restart of the Georgetown plant which, when completed, will allow us to take control of our processing and development future and provide a clear path for Laneway to execute its significant growth pipeline,” said Chief Executive Officer Brad Gordon.
The company expects the work to take approximately 12 weeks, by which time the high-grade Agate Creek ore will be mined and ready for processing.
The next phase of drilling and blasting at Agate Creek is expected to begin in mid-May with earthmoving rigs mobilizing shortly thereafter.
Shares of the company were trading at 0.5 cents at market close.