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Ariana Resources forecasts gold production above guidance amid 6% jump in Q3,Turkey

10.Dec 2018.

Ariana Resources said Monday it would top full-year production guidance after gold output jumped in the third quarter.

After notching a total output of 19,625 ounces at the end of third quarter, the company said it would exceed its full year production guidance of 20,000 ounces of gold.

For the three months through September, Gold production increased 6% to 7,588 ounces, and ore processed fell to 46,214 from 49,325 tonnes reported in the second quarter.

Quarterly open pit ore mined was about 83,200 tonnes, at an average mined grade of 4.77 grams per tonne of gold, and total material movement for the quarter was 876,000 tonnes, the company said.

‘We are very pleased to announce that the results for the third quarter have beaten our previous production record, which had been achieved in Q2 2018. The tonnage of ore mined has exceeded 83,000 tonnes during the period and grades are approaching 5 g/t gold,’ said Dr. Kerim Sener, Managing Director.

‘This production rate has continued to build on a robust stockpile position representing up to six months of mill feed as we head in to the winter period. Processing rates continued to be maintained at the highest rates through the period. Moreover, operational costs, being incurred in local currency, remain favourable in the current environment and we look forward to providing Q3 financial detail in early November.’

Source: stockmarketwire