30th Oct 2018 12:19
LONDON (Alliance News) - Trans-Siberian Gold PLC said its gold production in the year to date is in line with its full-year guidance.
The miner, which produces gold from the Asacha gold mine in Russia, reported gold production to-date at 29,059 ounces, in line with its guidance of between 36,000 ounces and 40,000 ounces for the entire 2018.
For the three months ended September, Trans-Siberian Gold reported a 23% drop in ore extracted to 37,073 tonnes from 48,437 tonnes in the second quarter. Compared to the third quarter a year ago, ore extracted was up 24%.
In the third quarter, the firm processed 4% more tonnes of ore, up to 49,948 tonnes from 47,822 tonnes in the second quarter. Against the third quarter a year ago, ore processed were up 5%.
Gold sales dipped 1% to 9,085 ounces in the third quarter from 9,161 tonnes in the second quarter but increased 1% year-on-year from 8,987 ounces.
Meanwhile, silver sales multiplied to 48,626 ounces in the third quarter from 5,444 ounces in the second quarter. A year ago, silver sales were 14,097 ounces.
Chief Executive Officer Alexander Dorogov said he believes the outlook for Trans-Siberian Gold to be "promising" as the firm is "well positioned to continue to produce high-grade gold competitively".
Trans-Siberian shares were trading down 1.3% at 37.0 pence each.
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