11th Sep 2014 09:41
LONDON (Alliance News) - Trans-Siberian Gold PLC Thursday said the average gold grade at its Asacha plant in far east Russia has improved, while confirming that the termination of the Rodnikova licence in eastern Russia will not impact its 2014 results.
The company said the average gold grade of ore processed by the Asacha plant in August was 10.69 grams per tonne, the second-highest monthly average achieved by the plant. The company attributed the grade improvement to changes in mining methods at the plant designed to reduce ore dilution and to mine ore from a richer block.
The average gold grade for July and August was 8.49g/t, the company said. It expects the grade to be lower in September against August, but said the average grade for the third quarter should beat the results seen in 2012, 2013 and in the first half of 2014.
In addition, the company said the termination of its Rodnikova licence will have no material impact on its 2014 results. The licence expired on September 1 this year, but the company's full impairment provision for the licence was included in its 2012 results.
Trans-Siberian shares were untraded on Thursday, quoted at 11.875 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
TSG.L