Ariana Resources plc, the exploration and development company with gold mining operations in Turkey, is pleased to announce its preliminary production results for the quarter ended 30 September 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”).
Third Quarter Preliminary Production Results include:
- Gold production for the quarter was 6,933 ounces (Q2 2019: 6,438 ounces), exceeding average annualised quarterly guidance by 11%.
- Total ore processed for the quarter was 55,174 tonnes (Q2 2019: 48,132 tonnes) at an average head grade to the plant of 4.47 g/t gold.
- Quarterly open pit ore mined was 47,933 tonnes, at an average mined grade of 4.95 g/t gold, and total material movement for the quarter was 1,068,404 tonnes.
- Average metallurgical plant recovery of gold for the quarter remains high at 93.7%.
Dr. Kerim Sener, Managing Director, commented:
“This third quarter continued to demonstrate the positive performance of the Kiziltepe mine and plant, including record mill throughput at over 55,000 tonnes. With gold production for the period just shy of 7,000 ounces, taking our total production for the year to 20,667 ounces, and a favourable gold price environment during the period, this quarter has resulted in one of the best revenues in the history of the operation.
“We remain fully on track to deliver against our guidance of 25,000 ounces of gold for the year, derived from the remaining production expected at the Arzu South pit. Meanwhile, mining activity has commenced at the Derya pit and we look forward to seeing the development of this part of our operation.”