Highland Gold Mining Limited – Operating Results

Highland Gold Mining Limited – Operating Results

Highland Gold Mining Limited (“Highland Gold” or the “Company”, AIM: HGM) today reports its operating results for the three months ended 30 June 2019 (“Q2 2019”) and for the first half of 2019 (“H1 2019”).

OPERATING HIGHLIGHTS

  • Highland Gold produced a total of 70,293 oz of gold and gold equivalent in Q2 2019, a slight increase from 69,610 oz in Q2 2018.
  • Total production in H1 2019 was 142,254 oz of gold and gold equivalent, an increase of 10% from 128,921 in H1 2018.
  • Production at Mnogovershinnoye (MNV) in Q2 2019 was stable year-on-year, while H1 2019 output was up 23% over the previous year.
  • Belaya Gora and Novoshirokinskoye (Novo) saw year-on-year declines in output during both the second quarter and the first half of the year, although grades at Novo improved substantially in Q2 2019 compared to the previous quarter.
  • Construction work at Kekura and an exploration drilling programme at Klen continued during Q2 2019, as both projects were officially granted residency in the Chukotka special economic zone.
  • The average realised gold price was US$ 1,309 per ounce in the second quarter and US$ 1,308 in the first half of the year.
  • The Company affirms its forecast for total 2019 production of 290,000-300,000 oz of gold and gold equivalent.
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