Ariana Resources PLC Q1 2018 PRELIMINARY PRODUCTION RESULTS (9545K)
16 April 2018 - 4:25PM
UK Regulatory
TIDMAAU
RNS Number : 9545K
Ariana Resources PLC
16 April 2018
16 April 2018
AIM: AAU
Q1 2018 PRELIMINARY PRODUCTION RESULTS
Ariana Resources plc ("Ariana" or "the Company"), the
exploration and development company with gold mining operations in
Turkey, is pleased to announce its preliminary production results
for the quarter ended 31 March 2018 for the Kiziltepe Mine
("Kiziltepe" or "the Project"). 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").
First Quarter Preliminary Production Results*:
-- Gold production for the quarter was 4,866 ounces, an 8%
increase quarter on quarter ("QoQ").
-- The Company maintains its full year production guidance of 20,000 ounces Au.
-- Total ore processed for the quarter was 44,897t, consistent with expected performance.
-- The average head grade to the plant was 3.85 g/t Au.
-- Quarterly open pit ore mined was c. 68,600t, at an average
mined grade of 4.5 g/t Au, a 37% increase in tonnes and a 32%
increase in grade QoQ.
-- Open pit total material movement for the quarter was c. 914,000t.
-- Average metallurgical plant recovery of gold for the quarter was 95.1%.
* All figures are given gross with respect to the JV.
Dr. Kerim Sener, Managing Director, commented:
"The performance of Kiziltepe continues to exceed feasibility
expectations and this quarter of production marks a solid start to
2018. First quarter gold production was 8% higher than the previous
quarter, augmented by a 4% increase in gold recovery from the
processing plant. During the current quarter, we are expecting
output to increase further based on our 2018 mining schedule and
particularly as we start to access higher grade areas of the Arzu
South vein. Consequently, we are confident in delivering positively
against our production guidance for 2018."
Q1 2018 Preliminary Production Results
Unit Q1 2018 Q4 2017 Q1 2017
(preliminary)
Open Pit - material moved
(wet) Tonnes 913,666 1,284,795 n/a
--------- --------------- ---------- --------
Open Pit - ore mined (wet) Tonnes 68,591 49,885 n/a
--------- --------------- ---------- --------
Open Pit - mined grade g/t Au 4.50 3.41 n/a
--------- --------------- ---------- --------
Process plant throughput Tonnes 44,897 45,381 n/a
--------- --------------- ---------- --------
Plant feed grade g/t Au 3.85 3.79 n/a
--------- --------------- ---------- --------
Metallurgical recovery
rate % 95.1 91.6 n/a
--------- --------------- ---------- --------
Troy
Gold produced Ounces 4,866 4,501 n/a
--------- --------------- ---------- --------
Troy
Silver produced Ounces 30,864 35,095 n/a
--------- --------------- ---------- --------
The Company will publish full results for the quarter ending 31
March 2018 by early May 2018.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407
3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628
3396
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886
2500
Adam James / Tom Salvesen
Yellow Jersey PR Limited Tel: +44 (0) 7544 275
882
Tim Thompson / Harriet Jackson arianaresources@yellowjerseypr.com
/ Henry Wilkinson
Editors' Note
About Ariana Resources:
Ariana is an exploration and development company with mining
operations focused on epithermal gold-silver and porphyry
copper-gold deposits in Turkey, the largest gold producing country
in Europe. The Company is developing a portfolio of prospective
licences originally selected on the basis of its in-house
geological and remote-sensing database, which now contain a total
of 1.6 million ounces of gold and other metals (as at end-2017).
Ariana's objective is to cost-effectively add value to its projects
through focused exploration and to develop its operations,
primarily through well-financed joint ventures.
The Company's flagship assets are its Kiziltepe and Tavsan gold
projects which form the Red Rabbit Gold Project. Both contain a
series of prospects, within two prolific mineralised districts in
the Western Anatolian Volcanic and Extensional (WAVE) Province in
western Turkey. This Province hosts the largest operating gold
mines in Turkey and remains highly prospective for new porphyry and
epithermal deposits. These core projects, which are separated by a
distance of 75km, form part of a 50:50 Joint Venture with Proccea
Construction Co. The Kiziltepe Sector of the Red Rabbit Project is
fully-permitted and is currently in production. The total resource
inventory at the Red Rabbit Project and wider project area stands
at c. 605,000 ounces of gold equivalent (as at end-2017). At
Kiziltepe a Net Smelter Return ("NSR") royalty of up to 2.5% on
production is payable to Franco-Nevada Corporation. At Tavsan an
NSR royalty of up to 2% on future production is payable to
Sandstorm Gold.
In north-eastern Turkey, Ariana owns 100% of the Salinbas Gold
Project, comprising the Salinbas gold-silver deposit and the Ardala
copper-gold-molybdenum porphyry among other prospects. The total
resource inventory of the Salinbas project area is c. 1 million
ounces of gold equivalent. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation.
Panmure Gordon (UK) Limited are broker to the Company and
Beaumont Cornish Limited is the Company's Nominated Adviser.
For further information on Ariana you are invited to visit the
Company's website at www.arianaresources.com.
Ends.
This information is provided by RNS
The company news service from the London Stock Exchange
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