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The Whisky Company has been considering the distillery, intended possibly in Oamaru or Dunedin, for some time.
If that were to go ahead, it could look at raising capital either privately, or in a public listing on the stock exchange.
Chief executive Troy Trewin said the board would discuss production expansion plans in May, then make a decision.
``The board hasn't made any decisions yet on how much capital is needed, how we will raise that capital, if we will build a distillery or continue to contract [a third party distiller],'' he said in a statement.
Mr Trewin said a ``final piece of information'' was being sought.
He said Tasmanian-based company founder Greg Ramsay was in New Zealand and would meet a potential contractor distiller next week.
``We're still researching some costs and options before any final decisions,'' Mr Trewin said.
The Whisky Company initially bought 450 barrels of whisky in October 2010, which originated from the former Wilsons distillery in Willowbank, Dunedin.
It has about 180 of the 200-litre barrels left.