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Ariana sets 2019 production guidance at 25,000 ounces of gold

The Kiziltepe project is turning into a nice little runner for Ariana

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Kiziltepe is now generating good cash for Ariana

Ariana Resources PLC (LON:AAU) is guiding for gold production from the Kiziltepe mine in Turkey to come in at 25,000 ounces this year.

Kiziltepe is part of the Red Rabbit joint venture with Proccea Construction and is 50% owned by Ariana.

WATCH: Much lowing hanging fruit for cash flow positive Ariana Resources

The guidance represents a 21% boost on what was originally envisaged in the feasibility study for the third year of operations.

The average grade of gold is expected to be around five grams per tonne, and recovery is expected to exceed 90%. 

"Advancing on the Company's positive finish to 2018, the Kiziltepe mine continued to perform exceptionally well, despite a very wet winter period during Q4 2018 and into Q1 2019, and we look forward to building on this strong operational track-record,” said managing director Dr Kerim Sener.

“Although ore output from Arzu South will be variable through the year due to the pushbacks required to accommodate the final stage of mining, current stockpiles are expected to provide for any shortfalls in output such that mill throughput can be maintained at the highest levels through the year.”

 

 

Quick facts: Ariana Resources PLC

Price: 4.174 GBX

AIM:AAU
Market: AIM
Market Cap: £44.23 m
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