TIDMALTN
RNS Number : 6574C
Altyn PLC
19 April 2017
Altyn Plc
("Altyn" or "Company")
Operational Update for Q1 2017
Altyn Plc, the gold mining and development Company, today
provides an operational update for the first quarter of 2017.
Highlights
-- Ore extracted from the underground mine increasing from
17,835mt in January 2017 to 28,458mt in March 2017, an increase of
60% (FY2016 100,763mt underground ore).
-- Production increasing towards the Company target of 40,000mt - 45,000mt a month.
-- Gold recoveries increasing at a higher rate than that
anticipated from 72.9% in January which included a large percentage
of open-pit, low grade ore, to a current rate of 87.3%, for the
processing of only underground ore.
-- The ore extraction was primarily from ore body 5, a mixture
of developmental ore and stoping ore, achieving an average grade of
approximately 2.55 grammes per tonne, in line with
expectations.
-- The company is continuing to develop the higher-grade ore
bodies, in order to supply the processing plant with good quality
stoping ore which is expected to have a consequent effect on grade
quality and recoveries.
-- 4,138oz of gold sold in Q1 2017, (2016 FY: 12,602oz)
-- The company has purchased the following equipment, that will
increase the productive capacity going forward:
o LHD (load-haul-dumper used to fill the underground trucks with
ore), in March 2017. This piece of equipment became operational in
April 2017, and will increase the productive capacity going
forward.
o A prospect drilling machine, CSK Sondaj - C400 was delivered
in April 2017, and will be operational in early May 2017. This will
give the Company the additional resource to more carefully define
and contour the ore bodies in order to extract and target the
higher grade ores.
Unaudited key operating statistics for Q1 2017
January February March Q1 Total
2017 2017 2017
2017 2016
------------------ --------- ---------- ------- ------- ---------
Ore extracted
(mt) 17,835 18,079 28,458 63,922 *208,349
------------------ --------- ---------- ------- ------- ---------
Ore milled(mt) **28,274 17,888 25,577 71,739 262,546
------------------ --------- ---------- ------- ------- ---------
Average gold
grade (g/t) 1.79 2.59 2.55 2.31 1.66
------------------ --------- ---------- ------- ------- ---------
Average silver
grade (g/t) 2.03 2.22 2.11 2.12 2.88
------------------ --------- ---------- ------- ------- ---------
Gold recovery
rate (%) 72.9 85.6 87.3 81.89 80.92
------------------ --------- ---------- ------- ------- ---------
Silver recovery
rate (%) 67.3 77.7 80.37 73.2 73.9
------------------ --------- ---------- ------- ------- ---------
Contained gold
(oz) 1,625 1,490 2,095 5,210 13,679
------------------ --------- ---------- ------- ------- ---------
Contained Silver
(oz) 1,849 1.274 1,738 4,862 22,491
------------------ --------- ---------- ------- ------- ---------
Gold dore (oz) 1,184 1,275 1,829 4,289 10,970
------------------ --------- ---------- ------- ------- ---------
Silver dore
(oz) 1,244 990 1,397 3,632 16,519
------------------ --------- ---------- ------- ------- ---------
*Comparative figures for 2016 includes 107,586mt of open pit ore
mined.
**January 2017 milling includes the use of 10,000 tons of low
grade stockpiled ore.
Neil Herbert, Executive Deputy Chairman of Altyn Plc,
commented:
"The mine development is now starting to move towards the
anticipated production profile. Grades and production will continue
to improve with increasing quantities of better quality stoping ore
of a higher grade being supplied to the plant, with the benefits of
the recent capex now coming on stream".
For further information, please contact:
Altyn Plc
Rajinder Basra, CFO +44 (0) 207 932 2456
VSA Capital (Corporate Broker)
Andrew Monk / Andrew Raca +44 (0) 203 005 5000
Blytheweigh (Financial PR)
Tim Blythe/Camilla Horsfall +44 (0) 207 138 3204
About Altyn plc
Altyn is a gold mining, exploration and development group based
in Kazakhstan. Whilst the Company was initially established to
exclusively develop and operate the Sekisovskoye gold and silver
mine in the East Kazakhstan Region, it is now actively targeting
additional gold mining opportunities in Kazakhstan. This includes
the adjacent prospective Karasuyskoye Ore Fields, on which Altyn
was recently awarded the tender to perform further confirmatory
testing in order to gain the sub-soil user licence.
The Company holds a 100 per cent shareholding in DTOO ME
Baurgold (Formerly DTOO Gornorudnoe Predpriatie Sekisovskoye )
which holds a subsoil use contract in relation to the Sekisovskoye
deposit, covering a total area of 0.855km(2). The subsoil use
contract for Sekisovskoye is valid until 2020 and the Company
currently intends to seek to extend the contract in accordance with
its terms. The Company also holds a 100 per cent shareholding in
TOO GMK Altyn MM (formerly TOO Altai Ken-Bayitu), which owns and
operates the processing plant at the Sekisovskoye deposit. The
Sekisovskoye deposit is located at the village of Sekisovskoye,
approximately 40km north of the town of Ust-Kamenogorsk, the
capital city of the East Kazakhstan Region. The current operation
is focused on mining the near-vertical deposits which extend to the
surface below the open pits which have been previously mined.
The Company intends that the Sekisovskoye deposit shall become a
selective-mining underground operation. As at 31 May 2014, the
Company's proven and probable reserves consisted of 2.3Moz of gold
and 3.0Moz of silver and the Company's measured, indicated,
inferred resources consisted of 5.1Moz of gold, and 3.5Moz of
silver, in each case as classified in accordance with JORC.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDEAFLPFFKXEAF
(END) Dow Jones Newswires
April 19, 2017 02:00 ET (06:00 GMT)
Altyngold (LSE:ALTN)
Historical Stock Chart
From May 2024 to Jun 2024
Altyngold (LSE:ALTN)
Historical Stock Chart
From Jun 2023 to Jun 2024
