ALTYN PLC: Altyn's production update 2Q 2020
August 10 2020 - 6:35AM
UK Regulatory
TIDMALTN
Altyn Plc
("Altyn" or the "Company")
Altyn's production update 2Q 2020
Altyn is pleased to announce 2Q20 production update.
Highlights:
Ore mining output up a significant 55% quarter-over-quarter with
143,400 tons of ore mined in 2Q20 (92,324 tons in 1Q20). The
positive momentum in production growth is expected to be maintained
over the coming quarters.
Average grade came in line with our internal budgets at 1.5g/t.
Significant capital and horizontal development are being currently
undertaken at the mine. In addition, the new exploration drilling
equipment that only arrived at the end of the second quarter should
substantially reduce dilution and improve grades in 2H20 in line
with our annual budget.
Ore milled was impacted by scheduled maintenance work at the
processing plant required to service the mill, the screen and one
of the tanks.
Revenues were flat given timing differences of the sale of
production to the refinery. As such, revenues from the gold
produced of 718oz in 2Q20 will accrue in 3Q20.
As a further update in relation to the COVID 19 pandemic, the
Company has put appropriate measures in place to ensure the health
and safety of its personnel. There continues to be minimal impact
on the production operations of the Company, however management
will continue to closely monitor the situation while cooperating
with relevant authorities.
2Q20 1Q20
Ore mined tons 143,400 92,324
Contained gold ounces 6,930 4,376
Ore milled tons 94,057 92,909
Average gold grade gr/tone 1.50 1.49
Gold poured ounces 3,610 3,380
Revenue USD m 4.58 4.58
Further Information:
For further information please contact:
Altyn Plc
Rajinder Basra
+44 (0) 207 932 2456
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
Information on the Company
Altyn Plc (LSE:ALTN) is an exploration and development company,
which is listed on the main market segment of the London Stock
Exchange.
To read more about Altyn Plc please visit our website
www.altyn.uk
View source version on businesswire.com:
https://www.businesswire.com/news/home/20200810005301/en/
CONTACT:
Altyn Plc
SOURCE: Altyn Plc
Copyright Business Wire 2020
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