Auric Mining (ASX:AWJ) said it started site preparation for the mining of a starter pit at the Munda gold mine in Western Australia, according to a Monday Australian bourse filing.
The starter pit will take around six months to complete, and it has completed a grade control program for holes accessible from the surface.
It is estimated that 125,000 tonnes of ore will be extracted at an estimated grade of gold of 1.8 grams per tonne at an all-in-sustaining cost of AU$2,635 per ounce.
The Munda starter pit mining proposal and mine closure plan were approved by the Western Australia government's Department of Energy, Mines, Industry Regulation, and Safety.
The company has started to mobilize plant and equipment to the mine. It executed a contract to dry hire the mining fleet from MHM Contracting. The fleet will be operated by Auric employees.
Auric Mining's shares jumped over 8% in recent trading on Monday.
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