Ariana Resources PLC Q1 2019 PRELIMINARY PRODUCTION RESULTS (2525W)
April 16 2019 - 2:00AM
UK Regulatory
TIDMAAU
RNS Number : 2525W
Ariana Resources PLC
16 April 2019
16 April 2019
AIM: AAU
Q1 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 31 March 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").
First Quarter Preliminary Production Results*:
-- Gold production for the quarter was 7,296 ounces (Q4 2018:
7,517 ounces), exceeding average annualised quarterly guidance by
17%.
-- Total ore processed for the quarter was 46,824 tonnes (Q4
2018: 49,717 tonnes) at an average head grade to the plant of 4.83
g/t gold.
-- Quarterly open pit ore mined was c. 26,746 tonnes, at an
average mined grade of 4.04 g/t gold, and total material movement
for the quarter was 771,190 tonnes.
-- Average metallurgical plant recovery of gold for the quarter remains high at 93.7%.
* All figures are given gross with respect to the JV.
Dr. Kerim Sener, Managing Director, commented:
"We would like to congratulate the mine management team on an
excellent set of first quarter 2019 results, in addition to
achieving the scheduled pushbacks which accommodate final-stage pit
expansion at Arzu South. Production during the quarter has exceeded
our average quarterly guidance by 17%. While movement of ore from
the open pit was limited by the pushbacks, output of the process
plant was maintained at high levels through the planned drawdown on
stockpiles. Activities within the open pit were also impacted
during the period due to unusually wet weather, but as we approach
the summer period, we are expecting a return to higher ore
movements from the pit, particularly towards the latter half of
this year."
Q1 2019 Preliminary Production Results
Unit Q1 2019 Q4 2018 Q1 2018(#)
Open Pit - material
moved (wet) Tonnes 771,190 719,369 913,666
--------- -------- -------- -----------
Open Pit - ore mined
(wet) Tonnes 26,746 63,759 68,591
--------- -------- -------- -----------
Open Pit - mined
grade g/t Au 4.04 4.54 4.50
--------- -------- -------- -----------
Process plant throughput Tonnes 46,824 49,717 44,897
--------- -------- -------- -----------
Plant feed grade g/t Au 4.83 5.23 3.85
--------- -------- -------- -----------
Metallurgical recovery
rate % 93.7 91.6 95.1
--------- -------- -------- -----------
Troy
Gold produced Ounces 7,296 7,517 4,866
--------- -------- -------- -----------
Troy
Silver produced Ounces 84,109 90,881 30,864
--------- -------- -------- -----------
(#) As originally stated prior to year-end mine and mill
reconciliation restatement as per announcement on 14 January
2019.
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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