The Board of Blackham Resources Limited (ASX:BLK) ('Blackham' or 'the Company') is pleased to announce that it has realised $6.3 million in cash following the purchase of physical gold ounces at the current reduced spot price to close out a total of 41,250 ounces of forward gold sales contracts at an average price of $1,762/oz. The bulk of these forwards were originally entered into in September 2016 at a gold price of $1,774/oz (refer ASX announcement 21st September 2016). Given the recent volatility in the gold price, the Board saw an opportunity to crystallise a significant profit generated in a short period of time which will further strengthen working capital.
The remaining gold forwards under this facility stand at 12,795 ounces at a price of $1701/oz.
Bryan Dixon Managing Director Blackham Resources T: +61-8-9322-6418 F: +61-8-9322-6398 E: info@blackhamresources.com.au www.blackhamresources.com.au David Tasker / Tony Dawe Professional Public Relations T: +61-8-9388-0944
