Ariana Resources on track to achieve annual production guidance of 25,000 ounces of gold

The Kiziltepe Mine. Photo: Ariana Resources

Ariana Resources plc, the exploration and development company operating in Turkey, is pleased to announce its operating results for the quarter ended 30 June 2019 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”).

Operational Highlights include:

- Gross income for the quarter is US$9.69 million at the average realised gold price of US$1,307 per ounce, against an average revenue per gold ounce of US$1,496 (due to silver credit).

- Production of 6,438 ounces of gold during the quarter ending 30 June 2019.

- Gold production at H1 2019 totals 13,734 ounces of gold; on track to achieve annual production guidance of 25,000 ounces of gold.

- Operating cash costs for the quarter are estimated at US$589 per ounce#, inclusive of the annual State Right for 2018 paid during the quarter. 

- Operational mill availability running at 99.2% and utilisation at 95.8% for the period. 

- 48,132 tonnes ore milled during the period ending 30 June 2019 at an average head grade of 4.18 g/t Au. 

Process recoveries of gold remain high at 95.2% at the end of the quarter. 

69% of the US$33 million capital loan for Kiziltepe has been repaid as at quarter ending 30 June 2019; on track to fully repay loan by April 2020.