24th Apr 2014 13:11
LONDON (Alliance News) - Trans-Siberian Gold PLC Thursday reported an increase in gold and silver production at its Asacha mine for the first quarter.
The resources company, with a focus on gold-mining assets in Russia, said that gold in dore, which is gold production, increased to 7,431 ounces in the period, up from 6,826 ounces a year earlier, while silver in dore increased to 11,033 ounces, compared with 8,791 ounces the prior year.
A dore bar is a semi-pure alloy of gold and silver, usually created at the site of a mine, which is then transported to a refinery for further purification.
The company said the average grade of gold in the quarter was 7.05 grams per metric tonne, compared with 6.36 grams per metric tonne the prior year, while the average silver grade was 12.90 grams per metric tonne, up from 9.80 grams per metric tonne a year earlier.
However, it said that the amount of gold and silver refined during the period fell to 6,507 ounces and 8,785 ounces respectively.
The company said ore processed in the quarter fell slightly to 35,365 metric tonnes, from 35,585 metric tonnes a year earlier.
Trans-Siberian Gold said there was a fatal accident at the Asacha plant during the period, in which a welder died due to the inhalation of excessive cyanide fumes.
The company said the case is now being investigated in detail by the authorities.
Shares in the company were up 9.6% at 12.32 pence per share before midday Thursday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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