Business
Ariana Resources plc : Kiziltepe Quarterly Oper...
Ariana Resources plc : Kiziltepe Quarterly Oper....
About this update from Ariana Resources Plc
[{"type":"text","content":"\n Ariana Resources plc : Kiziltepe Quarterly Operational Update1 February 2018AIM: AAUKIZILTEPE QUARTERLY OPERATIONAL UPDATEAriana Resources plc (\"Ariana\" or \"the Company\"), the exploration and development company operating in Turkey, is pleased to announce its operating results for the quarter ended 31 December 2017 for the Kiziltepe Mine (\"Kiziltepe\" or \"the Project\"). Kiziltepe is part of the Red Rabbit Joint Venture with Proccea Construction Co. and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. (\"Zenit\").Operational Highlights*:Gross income for the quarter is US$6.31 million and average effective gold price (see Table 1, note 2) is US$1,402 per ounce. Production and sale of 4,501 oz gold and 35,095 oz silver during the quarter ending 31 December 2017 exceeded feasibility forecast by c.38% for recovered gold on an annualised basis. Operating cash costs for the quarter are estimated at US$ 585 per ounce#. Total gold and silver sales for 2017 are 10,191 oz and 65,600 oz respectively. Operational mill availability running at 98% and utilisation at 95% during December. Weighted average grade of ore mined in the period is 3.40 g/t Au and 33.5 g/t Ag, matching overall reserve expectations. 45,381 tonnes ore milled during the period ending 31 December 2017; 21% higher than the feasibility forecast, on an annualised basis and milled grades were 3.90 g/t Au and 40.7 g/t Ag. Approximately 46,600 tonnes of ore at a weighted average grade of 1.88 g/t Au stockpiled for future use. Process recoveries of gold and silver remain higher than expected at c.89% for gold and 67% for silver as at the end of the quarter. * All production figures are quoted gross with respect to the JV in this announcement.# Operating cash costs are inclusive of on-site costs and off-site charges and royalties specific to the project. It also includes adjustments for stockpile balances at the end of each quarter, in addition to an adjustment for by-product silver. They exclude finance costs, taxes and development capital. The definition used to derive the cash costs is essentially the same as that used within the feasibility study. This cash cost was calculated based on unaudited figures obtained from Zenit. Current De...