17th Jul 2014 11:51
LONDON (Alliance News) - Trans-Siberian Gold PLC Thursday said its refined gold and silver production increased in its second quarter on the previous three months but its mine development process slowed slightly and its average grades declined.
The resources company, with a focus on gold-mining assets in Russia, said its refined gold rates for the three months ended June 30 increased to 10,285 ounces from 6,057 ounces in the previous quarter while its refined silver production increased to 13,441 ounces from 8,785 ounces.
The company said its gold recovery rate increased to 95% from 94.25% in the previous quarter but its average grades fell to 6.72 grammes per tonne of gold from 7.05 grammes per tonne and 10.94 grammes per tonne of silver from 12.90 grammes per tonne previously.
Trans-Siberian said its mine development rates at its Asacha mine have fallen to 847 metres from 867 metres previously, with its year to date development at 1,714 metres rather than 1,191 metres in the previous year.
The company plans to report Asacha's third quarter gold production in October 2014.
Trans-Siberian shares were down 5.9% to 12.00 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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