Medallion Metals Working to Bring Forward Gold Production at Western Australia Plant; Shares Rise 5%
Medallion Metals (ASX:MM8) is working to bring forward gold production at the Forrestania gold project in Western Australia through the refurbishment of its Cosmic Boy processing plant, according to a Friday filing with the Australian bourse.Establishing gold processing capability at the plant in the short term could allow for the commercialization of gold deposits within the Medallion tenure and create revenue streams from third-party ore sources, the company said.It added that the gold opportunity can run alongside the planned modification of the Cosmic Boy plant, with minimal impact, to produce Ravensthorpe ore."Importantly, successful implementation has the potential to bring forward revenues while de-risking the processing infrastructure ahead of Ravensthorpe ore deliveries," said Medallion Metals Managing Director Paul Bennett.The company's shares gained 5% in recent Friday trade.