Ariana Resources PLC – Q2 2019 PRELIMINARY PRODUCTION RESULTS

Ariana Resources PLC – Q2 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 30 June 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").

 

Second Quarter Preliminary Production Results*:

·      Gold production for the quarter was 6,438 ounces (Q1 2019: 7,296 ounces), exceeding average annualised quarterly guidance by 3%.

 

·    Total ore processed for the quarter was 48,132 tonnes (Q1 2019: 46,825 tonnes) at an average head grade to the plant of 4.16 g/t gold.

 

·    Quarterly open pit ore mined was c. 43,367 tonnes, at an average mined grade of 4.59 g/t goldand total material movement for the quarter was 943,034 tonnes.

 

·    Average metallurgical plant recovery of gold for the quarter remains high at 95.2%.

 

* All figures are given gross with respect to the JV.

 

Dr. Kerim Sener, Managing Director, commented:

 

"We are very pleased to report strong second quarter 2019 operational performance at Kiziltepe, including one of the highest material movement rates in the mine's history. Gold production during the quarter was again above target, although operations continued to be constrained by the pushback underway on the southern wall of the pit. Careful stockpile management through the period enabled mill throughput to be maintained according to guidance. While a pattern of unusually wet weather has continued even into July, progress on pit development has been continuing at pace and material movements have increased further. These higher mining rates are being accommodated by an increase in fleet capacity by our mining contractor and this will be maintained as we progress with pre-stripping of the Arzu North and Derya pits later this summer." 

 

 

 

Q2 2019 Preliminary Production Results

 

Unit

Q2 2019

Q1 2019

Q2 2018#

Open Pit - material moved (wet)

Tonnes

943,034

771,190

758,310

Open Pit - ore mined (wet)

Tonnes

43,367

26,746

70,426

Open Pit - mined grade

g/t Au

4.59

4.04

4.18

Process plant throughput

Tonnes

48,132

46,825

49,325

Plant feed grade

g/t Au

4.16

4.83

4.69

Metallurgical recovery rate

%

95.2

93.7

96.1

Gold produced

Troy Ounces

6,438

7,296

7,171

Silver produced

Troy Ounces

82,988

84,109

49,508

  

 

#Re-stated following year-end mine and mill reconciliation.

 

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