17th Oct 2013 10:40
LONDON (Alliance News) - Trans-Siberian Gold PLC Thursday said refined gold production was up but refined silver production down at its Asacha Mine in the third quarter compared to the previous three months.
The Russia-focused gold mining company said its refined gold production increased 2.6% to 7,306 ounces for the three months ended September 30 compared to 7,117 ounces the previous quarter and that it was extracted at an average gold grade of 6.6 grams per tonne.
The company also said its refined silver production fell 3.8% to 8,491 ounces from 8,826 ounces at an average grade of 10.8 grams per tonne.
Trans-Siberian said it processed an overall 41,941 tonnes of ore during the period and continued to implement previously announced measures to reduce dilution and improve the grade of ore delivered to the plant.
The company also said that results achieved in a test of new mining methods in July were encouraging. It said July saw an average gold grade of 7.4 grams per tonne, including ore extracted from the test area at more than 16 grams per tonne.
However, Trans-Siberian made it clear that improvements in grade may not be achievable in some areas of the project.
Trans-Siberian shares were down 2.7% to 18.00 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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