Ariana Resources PLC Q2 2019 PRELIMINARY PRODUCTION RESULTS (7524F)
July 17 2019 - 1:00AM
UK Regulatory
TIDMAAU
RNS Number : 7524F
Ariana Resources PLC
17 July 2019
17 July 2019
AIM: AAU
Q2 2019 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 30 June 2019 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").
Second Quarter Preliminary Production Results*:
-- Gold production for the quarter was 6,438 ounces (Q1 2019:
7,296 ounces), exceeding average annualised quarterly guidance by
3%.
-- Total ore processed for the quarter was 48,132 tonnes (Q1
2019: 46,825 tonnes) at an average head grade to the plant of 4.16
g/t gold.
-- Quarterly open pit ore mined was c. 43,367 tonnes, at an
average mined grade of 4.59 g/t gold, and total material movement
for the quarter was 943,034 tonnes.
-- Average metallurgical plant recovery of gold for the quarter remains high at 95.2%.
* All figures are given gross with respect to the JV.
Dr. Kerim Sener, Managing Director, commented:
"We are very pleased to report strong second quarter 2019
operational performance at Kiziltepe, including one of the highest
material movement rates in the mine's history. Gold production
during the quarter was again above target, although operations
continued to be constrained by the pushback underway on the
southern wall of the pit. Careful stockpile management through the
period enabled mill throughput to be maintained according to
guidance. While a pattern of unusually wet weather has continued
even into July, progress on pit development has been continuing at
pace and material movements have increased further. These higher
mining rates are being accommodated by an increase in fleet
capacity by our mining contractor and this will be maintained as we
progress with pre-stripping of the Arzu North and Derya pits later
this summer."
Q2 2019 Preliminary Production Results
Unit Q2 2019 Q1 2019 Q2 2018(#)
Open Pit - material
moved (wet) Tonnes 943,034 771,190 758,310
--------- -------- -------- -----------
Open Pit - ore mined
(wet) Tonnes 43,367 26,746 70,426
--------- -------- -------- -----------
Open Pit - mined
grade g/t Au 4.59 4.04 4.18
--------- -------- -------- -----------
Process plant throughput Tonnes 48,132 46,825 49,325
--------- -------- -------- -----------
Plant feed grade g/t Au 4.16 4.83 4.69
--------- -------- -------- -----------
Metallurgical recovery
rate % 95.2 93.7 96.1
--------- -------- -------- -----------
Troy
Gold produced Ounces 6,438 7,296 7,171
--------- -------- -------- -----------
Troy
Silver produced Ounces 82,988 84,109 49,508
--------- -------- -------- -----------
(#) Re-stated following year-end mine and mill
reconciliation.
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
James Stearns / Atholl Tweedie
Yellow Jersey PR Limited Tel: +44 (0) 20 3004
9512
Tim Thompson / Felicity Winkles / Harriet arianaresources@yellowjerseypr.com
Jackson
/ 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.
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END
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