Kingston Resources announces record gold sales

Kingston Resources Limited (ASX: KSN) has announced record gold sales during March, with the Mineral Hill Tailings Project selling 1,776 oz of gold, a monthly record, contributing to a total of 4,431 oz of gold sales for the quarter. The All-in-sustaining costs (AISC) fell by 12% to AU$1,432/oz for the month, while the average price of gold increased by 7% to AU$2,865/oz.

The company's cash balance rose 40% to AU$9.5 million at the end of the quarter, from AU$6.8 million at the end of December. Kingston's unhedged strong production, in a time of near-record Australian dollar gold prices, provides substantial leverage for shareholders, the company said. Managing Director Andrew Corbett said that "being a low-cost gold producer in the current climate is a huge advantage."

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