29th Apr 2019 11:43
LONDON (Alliance News) - Trans-Siberian Gold PLC on Monday reported strong increases in quarterly production, with 2019 guidance reaffirmed.
For the three months to March, Trans-Siberian produced 12,345 ounces of gold, 52% up year-on-year due to better grades and recoveries. The figure was 5.5% lower quarter-on-quarter after a record end to 2018.
The average gold grade was 8.8 grammes per tonne of ore, 45% higher year-on-year.
Gold revenue rose 3.2% year-on-year to USD15.7 million, though it did decline 22% on the prior quarter.
Silver production doubled to 32,748 ounces from a year before, with silver revenue rising 31% on year to USD563,000.
The gold and silver prices both rose 7% quarter-on-quarter, the firm said, reaching USD1,312 per ounce and USD15.5 per ounce respectively.
Chief Executive Alexander Dorogov commented: "Following record-breaking production in fourth quarter 2018, I am pleased to report Trans-Siberian Gold has enjoyed a solid start to 2019.
"We continue to focus on optimising our processing efficiency, and reaffirm our 2019 production target of 40,000 ounces to 44,000 ounces of gold."
Shares were 5.5% higher on Monday morning at 58.56 pence each.
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