24th Jul 2020 12:54
(Alliance News) - Trans-Siberian Gold PLC on Friday announced "solid" operational progress in the first half of this year with the second quarter seeing a return to substantially higher average gold grades.
The gold producer in Russia said its total gold dore production in the second quarter ended June 30 from the Asacha mine rose by 67% quarter on quarter to 11,419 ounces from 6,859 oz.
The average gold grade for the second quarter was 47% higher than the previous quarter at 7.6 grams per tonne, compared to 5.2 grams in the first quarter ending March 31.
Chief Executive Alexander Dorogov said: "The second quarter of 2020 saw a return to substantially higher average gold grades as we began to process high-grade ore extracted from Vein 25 in the East Zone" of the Asacha gold mine.
"We have made considerable progress in our mine development works at vein 25 during the period, and these remain ahead of schedule. There is significant potential to explore additional areas around the East zone and within close proximity to the Asacha gold mine."
Gold dore production for the full half-year to June 30 was 18,278 tonnes, down from 21,899 tonnes a year before.
Average gold grades were down the half to 6.4 grams per tonne from 8.6 grams.
Revenue for the first half was flat year on year at USD29 million.
"We made solid operational progress in the first half of 2020. In spite of lockdown measures being implemented around the world due to the COVID-19 pandemic, we have managed to maintain our operations without interruption," Dorogov said.
Trans-Siberian Gold shares were up 4.2% at 95.90 pence each on Friday in London.
By Greg Roxburgh; [email protected]
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