Ariana Resources announces record gold production

Photo: Ariana Resources

Ariana Resources, the AIM-listed exploration and development company operating in Europe, is pleased to announce its preliminary production results for the quarter ended 31 December 2019 for the Kiziltepe Mine in Turkey. 

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”).

Fourth Quarter Preliminary Production Results:

- The Company produced a total of 27,985 ounces of gold during the year, exceeding its full year production guidance of 25,000 ounces of gold by 2,985 ounces; representing an increase of c. 12%.

- Gold production for the quarter was 7,318 ounces (Q3: 6,933 ounces#).

- Total ore processed for the quarter was 54,735 tonnes (Q3: 55,174 tonnes) at an average head grade to the plant of 4.42 g/t gold.

- Quarterly open pit ore mined was 74,034 tonnes, at an average mined grade of 3.59 g/t gold, and total material movement for the quarter was 1,082,303 tonnes.

Average metallurgical plant recovery of gold for the quarter remains high at 92.2%.

Dr. Kerim Sener, Managing Director, commented:

“The last quarter of 2019 has again set another record for the Company, exceeding our forecast production for the year by a significant margin and beating last year’s record.

“As at the end of the year, the JV development capital loan of US$33 million is 88% repaid, with the balance to be repaid by April 2020.  Looking ahead to 2020, the JV remains in a strong position as we pursue our future project development plans at Kiziltepe and Tavsan.  Once more, I would like to take this opportunity to thank both our dedicated JV team and our partners, Proccea Construction Co., for delivering another successful year of production and we look forward to working together in the years ahead. 

“We are pleased with the strong start to the year and expect to publish our 2020 production guidance during Q1 2020, once the latest resource estimation for Kiziltepe has been completed.”