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Regis, Westgold bring light to beaten-down gold sector

Regis Resources and Westgold Resources have restored some investor faith in the beaten-down gold sector after reporting record production and only modest increases in operating costs.

Regis said it had produced a record 123,901 ounces of gold in the recent June quarter and a record 437,300oz over the full year.

The annual figure came in at the lower end of revised guidance issued in January of 420,000-475,000oz, but the miner also noted its cash and bullion reserves had increased by $60 million over the quarter to $227m.

Regis warned general industry inflationary pressures had continued across its operations and preliminary indications pointed to a full-year all-in sustaining cost slightly above the top end of its full-year guidance of $1425-$1500/oz.

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