logo-loader
MiningGold & silver
Ariana Resources PLC

Ariana continues to build its production profile at Kiziltepe

Production is ahead of schedule at Ariana's new start-up mine in Turkey

1508746257_Gold-plus-dollars.jpg
The mine grossed over US$5mln during the quarter

Ariana Resources PLC (LON:AAU) produced and sold 3,762 ounces of gold and 15,985 ounces of silver from its Kiziltepe mine in Turkey during the quarter ended 30 September 2017, exceeding forecasts by around 6%.

Operating cash cost for the quarter was US$570 per ounce.

WATCH: Ariana Resources enjoys excellent first quarter of commercial production

READ: Ariana Resources pleased with Kiziltepe ramp-up

The quarterly figures take total production to date up to 5,691 ounces of gold and 30,504 ounces of silver, the company said in a statement.

Gross income for the quarter came in at US$5.05mln on an average realised gold equivalent price of US$1,342 per ounce. 

The weighted average grade of ore mined in the period was 3.12 grams per tonne gold and 43.7 grams silver, matching overall reserve expectations. Higher grade ore is expected during the fourth quarter as mining progresses deeper into the Arzu South orebody.

WATCH: Ariana Resources batting away interest in Salinbas while exploration work continues

"This is an excellent result from our first quarter of commercial production,” said managing director Kerim Sener.

“We have successfully increased our peak production rate from the open pit at Arzu South to over 22,000 tonnes of ore per month during the quarter.

"The process plant, in particular the mill, has also been tested successfully at its highest rates and work is progressing on achieving higher sustainable rates. To date this work has demonstrated that the operation has the capacity to achieve throughput rates substantially higher than feasibility parameters.”

 

 

Quick facts: Ariana Resources PLC

Price: £0.02

Market: AIM
Market Cap: £23.74 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Ariana Resources PLC named herein, including the promotion by the Company of Ariana Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Mining Capital turnout 'a good cross-section of industry sentiment'

Alastair Ford looks back on this week's Proactive Investors Mining Capital conference in London. ''The room was full throughout the morning, standing room only at some points throughout the day and a huge amount of interest in the networking room during the breaks''. ''It was...

on 05/04/2018

2 min read