Ariana Resources Quarterly Gold Production Beats Average Guidance

LONDON (Alliance News) - Ariana Resources PLC said on Tuesday it saw a significant rise in gold ...

Alliance News 16 April, 2019 | 11:26AM
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LONDON (Alliance News) - Ariana Resources PLC said on Tuesday it saw a significant rise in gold and silver production year-on-year in the first quarter of 2019 from the Kiziltepe mine in Turkey.

Gold production for the quarter to the end of March was 7,296 ounces, up from 4,866 ounces the year before, but down from 7,517 ounces the quarter before.

Despite the quarter-by-quarter dip, gold production in the period exceeded the gold developers average annualised quarterly guidance by 17%.

Silver production for the period was 84,109 ounces, up from 30,864 ounces the year before, but lower compared to 90,881 ounces in the fourth quarter.

Total ore processed from the Kiziltepe mine rose year-on-year to 46,824 tonnes from 44,897 tonnes, but lower than the 49,717 tonnes processed at the end of 2018.

"We would like to congratulate the mine management team on an excellent set of first quarter 2019 results, in addition to achieving the scheduled pushbacks which accommodate final-stage pit expansion at Arzu South. Production during the quarter has exceeded our average quarterly guidance by 17%. While movement of ore from the open pit was limited by the pushbacks, output of the process plant was maintained at high levels through the planned drawdown on stockpiles," said Managing Director Kerim Sener.

Shares in Ariana Resources were up 5.1% at 1.97 pence on Tuesday.

By Dayo Laniyan;

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
Ariana Resources PLC 2.10 GBX 0.00 -
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