Ariana Resources plc, the exploration and development company operating in Turkey, announces its...
Ariana Resources achieves record gold production in Q3 2018
Ariana Resources plc, the exploration and development company with gold mining operations in Turkey, announces its preliminary production results for the quarter ended 30 September 2018 for the Kiziltepe Mine. Kiziltepe is part of the Red Rabbit Joint Venture (“JV”) with Proccea Construction Co. and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. (“Zenit”).
Third Quarter Preliminary Production Results*:
- Gold production for the quarter was 7,588 ounces (Q2: 7,171 ounces), a 6% increase quarter on quarter ("QoQ") and another quarterly record for the JV.
- Total ore processed for the quarter was 46,214# tonnes (Q2: 49,325 tonnes) at an average head grade to the plant of 4.43 g/t gold.
- Quarterly open pit ore mined was c. 83,200 tonnes, at an average mined grade of 4.77 g/t gold, and total material movement for the quarter was 876,000 tonnes.
- Average metallurgical plant recovery of gold for the quarter remains high at 93.9%.
- The Company will exceed its full year production guidance of 20,000 ounces of gold, having achieved a total of 19,625 ounces by the end of Q3.
* All figures are given gross with respect to the JV.
Dr. Kerim Sener, Managing Director, commented:
“We are very pleased to announce that the results for the third quarter have beaten our previous production record, which had been achieved in Q2 2018. The tonnage of ore mined has exceeded 83,000 tonnes during the period and grades are approaching 5 g/t gold. This production rate has continued to build on a robust stockpile position representing up to six months of mill feed as we head in to the winter period. Processing rates continued to be maintained at the highest rates through the period. Moreover, operational costs, being incurred in local currency, remain favourable in the current environment and we look forward to providing Q3 financial detail in early November.
Our production guidance for the year is now likely to be exceeded by some margin and again we would like to congratulate our JV operational team on yet another significant achievement during this past quarter.”