15th Oct 2018 11:05
LONDON (Alliance News) - Ariana Resources PLC on Monday said it expects to beat its annual target after it recorded a rise in gold production in the third quarter of 2018 at Kiziltepe mine in Turkey.
Kiziltepe is part of the Red Rabbit joint venture with Proccea Construction Co. The mine is 50% owned by Ariana through its shareholding in Zenit Madencilik Sanayi ve Ticaret AS.
For the three months to the end of September, gold production at Kiziltepe mine totalled 7,588 ounces, up 5.8% compared to 7,171 ounces mined in the second quarter.
Total ore processed for the quarter was 46,214 tonnes versus 49,325 tonnes processed in the second quarter, with average metallurgical plant recovery of gold for the quarter remaining high at 93.9%.
As a result, the exploration & development company said it will exceed its full-year production guidance of 20,000 ounces of gold, having achieved a total of 19,625 ounces by the end of the third quarter.
"We are very pleased to announce that the results for the third quarter have beaten our previous production record, which had been achieved in the second quarter of 2018," said Managing Director Kerim Sener.
"This production rate has continued to build on a robust stockpile position representing up to six months of mill feed as we head in to the winter period," added Sener.
Ariana Resources shares were trading up 3.7% on Monday at 1.19 pence each.
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