14th Jan 2019 08:52
LONDON (Alliance News) - Exploration company Ariana Resources PLC said Monday that annual gold production from the Kiziltepe Mine in Turkey was above guidance.
The Kiziltepe Mine is part of the Red Rabbit Joint Venture with Proccea Construction Co, and is 50% owned by Ariana.
For 2018, Ariana produced 27,110 ounces of gold, beating its full year production guidance of 20,000 ounces of gold.
During the fourth quarter of 2018, Ariana produced 7,517 troy ounces of gold, substantially higher from 4,473 ounces year-on-year and marginally lower from 7,556 ounces in the third quarter.
Ariana produced 90,981 troy ounces of silver in the quarter, up from 35,095 ounces the year before, and 70,363 ounces the previous quarter.
"The past year has seen the joint venture achieve several successes, quarter on quarter, including an annualised increase in mill throughput to 200,000 tonnes per annum. We look forward to the continuation of these very positive developments," said Managing Director Kerim Sener.
"We begin 2019 on firm-footing and we are very excited about the year ahead. We are expecting to publish 2019 production guidance in due course," Sener added.
Shares in Ariana Resources were up 6.7% at 1.68 pence on Monday.
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