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Ariana Resources to be self-financing this year

Production of ore from the open-pit achieved an average rate of 20,300 tonnes per month over the period, with a peak rate of over 28,800 tonnes achieved in February

Around four months of production has been stockpiled for future use

Ariana Resources plc (LON:AAU) said process recoveries of gold at the Kiziltepe Mine were higher than expected.

Ariana’s gross income for the quarter clocked in at US$6.98mln, with an average realised gold price of US$1,328.79 per ounce, compared to an operating cost of US$612 per ounce.

READ: Ariana boosts production to 4,866 ounces of gold during the first quarter of 2018

As previously announced, the mine produced 4,866 troy ounces in the quarter, all of which was sold, as were the 30,864 troy ounces of silver. Gold production was up 8% quarter-on-quarter.

Process recoveries of gold remain higher than expected at around 95% for gold at the end of the quarter.

44,897 tonnes of ore were milled during the period, which was 20% higher than the forecast in the pre-feasibility study on an annualised basis and milled grades were 3.85 grams per tonne (g/t) gold.

"This past quarter has been another successful period of operation for the Kiziltepe Mine,” said Dr Kerim Sener, the chief executive officer of Ariana.

“Due to the strong operational cash flow from Kiziltepe, we have been receiving inter-company loan repayments from the JV [joint venture] to our wholly owned subsidiary, Galata Madencilik San ve Tic Ltd during Q1 2018. These repayments are continuing and are expected to be made on a monthly basis, enabling the company to become self-financing during 2018," he added.


Quick facts: Ariana Resources PLC

Price: 5.5 GBX

Market: AIM
Market Cap: £58.45 m

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