Heap Reprocessing Project To Deliver Production In Chile

AUSTRALIA - Established gold producer Austral Gold Limited announced that construction at the Heap Reprocessing Project at its Guanaco-Amancaya Mine Complex in Antofagasta, Chile was completed, and commissioning has started. The Company expects production from the Project to start during the last week of July 2023. During the balance of 2023, the Company expects the Project to contribute 7,000-9,000 gold equivalent ounces. The Project total's proven mineral reserves are estimated at 223,000 gold ounces and 1,043,000 silver ounces. The Company forecasts total annual production for fiscal year 2023 between 34,000-38,000 gold equivalent ounces.

Chief Executive Officer, Stabro Kasaneva, said, "We are very proud to have achieved this key milestone which we expect to add low-cost production to our operations. I would like to thank our employees, contractors, and suppliers for completing this project. I would also like to thank our bankers and supportive shareholders."