1st Aug 2019 11:57
(Alliance News) - Trans-Siberian Gold PLC said Thursday production for the first half of 2019 increased year-on-year, leading to record revenue for the period.
For the three months to the end of June, Trans-Siberian's gold dore production was 9,544 ounces, up 3.1% from 9,260 ounces the same period the year before, but down 23% from 12,345 ounces the prior quarter.
The average gold grade was 8.4 grammes of gold per tonne of ore, compared to 6.3 g/t gold the prior year, and 8.8 g/t gold in quarter before.
Quarterly silver dore production was up 4.4% to 27,629 ounces from 26,456 ounces the year before, but declined 14% quarter-on-quarter from 32,158 ounces.
For the six months to the end of June, gold production was 21,889 ounces, up 26% from 17,361 ounces the year before, while silver production increased by 41% year-on-year to 59,787 ounces from 42,118 ounces.
Total revenue for the first half of 2019 is USD30.0 million, up 8.6% from USD27.6 million the prior year.
Looking ahead, Trans-Siberian's gold production remains in line with its 2019 production guidance range of 40,000 to 44,000 ounces.
"We are very pleased to announce record interim revenues of nearly USD30 million for 2019, reflecting a very strong performance for the first six months of the year. We re-iterate that we are on track to meet our previously guided full year production target of 40-44,000 ounces," said Chief Executive Officer Alexander Dorogov.
Shares in Trans-Siberian Gold were down 5.8% at 82.90 pence on Thursday.
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