Business
Q2 2018 PRELIMINARY PRODUCTION RESULTS
Q2 2018 PRELIMINARY PRODUCTION RESULTS.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2307U Ariana Resources PLC 11 July 2018 \n\n \n \n \n \n \n \n11 July 2018\nAIM: AAU\n \nQ2 2018 PRELIMINARY PRODUCTION RESULTS\n \nAriana 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 2018 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\").\n \nSecond Quarter Preliminary Production Results*:\n \n· Gold production for the quarter was 7,171 ounces (Q1: 4,866 ounces), a 47% increase quarter on quarter (\"QoQ\"). \n \n· Total ore processed for the quarter was 49,325 tonnes (Q1: 44,897 tonnes) at an average head grade to the plant of 4.77 g/t gold.\n \n· Quarterly open pit ore mined was c. 70,400 tonnes, at an average mined grade of 4.18 g/t gold, and total material movement for the quarter was c. 758,000 tonnes.\n \n· Average metallurgical plant recovery of gold for the quarter remains consistently high at 94.3%.\n \n· The Company maintains its full year production guidance of at least 20,000 ounces of gold.\n \n* All figures are given gross with respect to the JV.\n \nDr. Kerim Sener, Managing Director, commented:\n \n\"The results of the past quarter are our best to date, outperforming overall quarterly feasibility-study expectations by 92%. The tonnage of ore mined has exceeded 70,000 tonnes during the period and grades remain substantially above 4 g/t gold. This production rate has ensured a very healthy stockpile position representing over four months of mill feed. Processing rates were also maintained at the highest rates through the period, which on an annualised basis suggests that the processing plant is already capable of achieving throughput of almost 200,000 tonnes per annum, or 33% above the designed rate. We remain confident in delivering positively against our production guidance of at least 20,000 ounc...