TIDMTSG
RNS Number : 5846F
Trans-Siberian Gold PLC
30 October 2018
Trans-Siberian Gold plc
("TSG" or the "Company")
Q3 Production Update
Trans-Siberian Gold plc (TSG.LN) announces its production update
at the Asacha Gold Mine for the three months to 30 September 2018
("Q3" or the "Period").
Q3 Highlights
-- 26% increase in quarterly gold dore production of 11,698 oz (Q2 2018: 9,260 oz)
-- 24% increase in average quarterly gold grade of 7.8 g/t (Q2 2018: 6.3g/t)
-- September recorded highest monthly average gold grade YTD: 9.0 g/t
-- 48,626 oz of silver sold during the Period (Q2 2018: 5,444
oz) arising from a significant increase in production and partial
carry over of sales from Q2 2018
-- YTD 2018 total gold production of 29,059 oz in line with full
year total gold production guidance of 36,000 - 40,000 oz for
2018.
Alexander Dorogov, Chief Executive Officer of TSG,
commented:
"It is pleasing to report our third quarter results which
illustrate some significant operational improvements. The gold
grade is steadily increasing which in turn is reflected in the
increased production for the Period. It was a pity that this
coincided with a weaker gold price. However, we believe the outlook
is promising and we are well positioned to continue to produce
high-grade gold competitively".
Production Summary
Mining and production data for Q3 2018 at the Asacha Gold Mine
is shown in the following table:
Metric 3Q'18 2Q'18 Q-on-Q 3Q'17 Y-on-Y
% change % change
------------------- ------- ------- ---------- ------- ----------
Mine development,
m 1,844 1,253 47% 1,499 23%
Ore extracted,
tonnes 37,073 48,437 -23% 48,663 -24%
Ore processed,
tonnes 49,948 47,822 4% 47,504 5%
Grade, gold,
g/t 7.81 6.31 24% 7.40 6%
Grade, silver,
g/t 24.25 22.42 8% 13.30 82%
Recovery, gold,
% 95.06 94.47 1% 94.53 1%
Recovery, silver,
% 78.06 76.64 2% 78.62 -1%
Gold in dore
(oz) 11,698 9,260 26% 10,573 11%
Silver in dore
(oz) 30,203 26,456 14% 15,703 92%
Gold refined
(oz) 10,814 9,355 16% 9,006 20%
Silver refined
(oz) 26,853 25,025 7% 14,219 89%
Gold sold (oz) 9,085 9,161 -1% 8,987 1%
Silver sold (oz) 48,626 5,444 793% 14,097 245%
Gold price, $/oz 1,201 1,300 -8% 1,287 -7%
Silver price,
$/oz 14.5 16.4 -12% 16.4 -12%
Gold revenue,
$000* 10,911 11,906 -8% 11,566 -6%
Silver revenue,
$000* 703 89 688% 231 204%
Total revenue,
$000* 11,614 11,995 -3% 11,797 -2%
* Note: Unaudited figure
Commentary
Underground work in Q3 was focused on mine development at Level
100 and the advanced stages of construction of the main pumping
station at Level 150. Both are important to support sustainable
production in the future. Mine development increased 47% compared
to Q2 2018. Ore extracted reduced by 23% compared to Q2 2018 and
was compensated by supplementing with ore from stockpiles.
The plant feed grade has improved 24% to 7.8 g/t compared to 6.3
g/t in Q2. The plant demonstrated an excellent processing monthly
rate of 16,650 tonnes and exceeded 17,000 tonnes in September. The
Company remains on track to achieve its 2018 production plan.
TSG intends to provide a production update for Q4 2018 in
January 2019.
Contacts TSG
Stewart Dickson +44 (0) 7799 694195
+44 (0) 207 894
Cantor Fitzgerald Europe 7000
David Porter
About TSG
TSG is focused on low cost, high grade mining operations and
stable gold production from its 100% owned Asacha Gold Mine in Far
East Russia.
Additional information is available from the Company's
website:
www.trans-siberiangold.com
Market Abuse Regulations
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 ('MAR'). Upon the
publication of this announcement via Regulatory Information Service
('RIS'), this inside information is now considered to be in the
public domain.
Abbreviations
g/t grammes per tonne
oz ounce
m metre
Disclaimer
This announcement contains "forward-looking statements" - that
is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should" or "will." Forward-looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behaviour of financial and
metals markets, fluctuations in interest and/or exchange rates and
metal prices; and from numerous other matters of national, regional
and global scale, including those of a political, economic,
business, competitive or regulatory nature. These uncertainties may
cause our actual future results to be materially different that
those expressed in our forward-looking statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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