Business
Mine development and production update
Mine development and production update.
About this update from Altyngold Plc
[{"type":"text","content":"\n \nRNS Number : 9394B Altyn PLC 16 January 2018 \n\n16 January 2018\n \nALTYN PLC\nMine development and production update\n \nAltyn Plc (LSE: ALTN) is pleased to announce the production and development update for 2017 in relation to the Sekisovskoye mine, and at its prospective development at Karasuyskoye.\n \n· Underground ore mined increased to 287,389 tonnes (\"t\") (2016: 100,673t), a growth of 185 per cent. Ore milled amounted to 332,947t (2016: 262,546t) and included the processing of approximately forty five thousand tonnes of lower grade stockpiled ore used for operational reasons.\n \n· A recovery rate of 83.54 per cent was achieved for the year, (2016: 80.20 per cent), this is expected to increase again as the low-grade ore is phased out.\n \n· The underground ore grade was 2.08 grammes per tonne (\"g/t\") (2016:2.70g/t). This year the Company continued intensive construction of the underground mine, which led to an increase in the proportion of low grade development ore. The overall grade was further diluted down to 1.88g/t due to the processing of the stockpiled low-grade ore as noted above, which is being used for operational reasons to ensure efficient use of the processing plant.\n \n· Gold production was 16,717 ounces (\"oz\") (2016: 10,970oz), a 52.4 per cent increase from the prior year.\n \n· The Company is in the final stages of negotiations to obtain finance from a number of interested parties for the expansion and development of the mine. This will enable the Company to move production in the future to the planned output levels of 60,000t increasing to 80,000t per month. The Company will update shareholders in the near term. \n \n· Karasuyskoye drilling and exploration activity is continuing at the prospective site with encouraging results:\n• 1,200 metres (\"m\") of core holes have been drilled together with a 50m trench at the Tserkovskoye ore occurrence, to better define the two ore bodies at the site. In addition, 7000t of test ore has been prepared for extraction, with preliminary tests indicating a grade of 3.2g/t.\n \n• &...