The company is mining in earnest after "teething problems" with equipment, months of site preparation, and years of planning.
Mine manager Mark Coleman, of Cromwell, said the mine plant was fully operational for the first time this week, more than a decade after the company first looked into mining the Earnscleugh flats.
L and M was first granted consents in 2001 for its project.
The project was then put on hold, pending an Environment Court appeal and because of low gold prices.
This year the company announced its plan to start mining.
It initially hoped to get gold in late October after groundwork started in June.
"We've had a few teething problems just getting all the equipment working and running continually, but we're away now," Mr Coleman said.
He was not able to disclose how much gold had been extracted.
But he said it was a "nerve-racking" few hours before gold was struck on Thursday.
Staff are working 11 hours a day Monday to Friday and half of Saturdays.
The 70-tonne mine plant L and M is leasing had to be re-wired to comply with industry standards.
It floats on water at the bottom of the mine pit and is winched into position as mining progresses.
L and M may use a larger plant capable of processing 250cu m an hour as mining develops, and should get down to 22m, Mr Coleman said.
The mine pit will stay about the same size during L and M's seven-year project.
Old mine spots will be filled in as new areas are excavated along the projected mining course.
Since June about 40,000cu m of earth has been excavated and used to create bunds around the mine pit.
L and M plans to extract more than 110,000 ounces of gold from land it owns on the Earnscleugh flats, alongside the Fraser River.
