21st Jan 2014 10:20
LONDON (Alliance News) - Trans-Siberian Gold PLC Tuesday said the amount of refined gold and silver it produced increased in 2013, but average grades fell due to ore dilution.
The Russia-focused gold mining investment company said its refined gold increased 6.9% to 29,620 ounces and its refined silver increased 10.0% to 39,026 ounces in the twelve months ended December 31 at its Asacha mine in Russia's Kamchatka region.
Trans-Siberian said its fourth quarter refined gold increased 13.2% to 8,414 ounces and refined silver increased 33.9% to 39,026 ounces compared to the previous quarter.
However, the company said its average gold grade for the full year fell to 6.29 grams per tonne from 6.54 grams a tonne the previous year, and its average silver grade fell to 10.45 grams per tonne from 11.79 grams per tonne in 2012.
The company said that dilution continued to affect the grade of ore delivered to the plant, although previously reported measures to reduce dilution, including changes to mine development and stoping methods, are expected to lead to significantly higher grades in 2014.
The company said it plans to report the Asacha mines first quarter production results in April.
Trans-Siberian shares were down 2.0% to 12.00 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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