Business
Q4 2019 PRELIMINARY PRODUCTION RESULTS
Q4 2019 PRELIMINARY PRODUCTION RESULTS.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9577Z Ariana Resources PLC 16 January 2020 \n\n \n \n \n \n \n \n16 January 2020\nAIM: AAU\n \nQ4 2019 PRELIMINARY PRODUCTION RESULTS\n \nAriana Resources plc (\"Ariana\" or \"the Company\"), the AIM-listed exploration and development company operating in Europe, is pleased to announce its preliminary production results for the quarter ended 31 December 2019 for the Kiziltepe Mine (\"Kiziltepe\" or \"the Project\") in Turkey. 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 \nFourth Quarter Preliminary Production Results*:\n \n· The Company produced a total of 27,985 ounces of gold during the year, exceeding its full year production guidance of 25,000 ounces of gold by 2,985 ounces; representing an increase of c. 12%. \n \n· Gold production for the quarter was 7,318 ounces (Q3: 6,933 ounces#). \n \n· Total ore processed for the quarter was 54,735 tonnes (Q3: 55,174 tonnes) at an average head grade to the plant of 4.42 g/t gold.\n \n· Quarterly open pit ore mined was 74,034 tonnes, at an average mined grade of 3.59 g/t gold, and total material movement for the quarter was 1,082,303 tonnes.\n \n· Average metallurgical plant recovery of gold for the quarter remains high at 92.2%.\n \n* All figures are given gross with respect to the JV.\n \nDr. Kerim Sener, Managing Director, commented:\n \n\"The last quarter of 2019 has again set another record for the Company, exceeding our forecast production for the year by a significant margin and beating last year's record.\n \n\"As at the end of the year, the JV development capital loan of US$33 million is 88% repaid, with the balance to be repaid by April 2020. Looking ahead to 2020, the JV remains in a strong position as we pursue our future project development plans at Kiziltepe and Tavsan. Once more, I would like to take this opportunity to thank both our dedicated JV team and our partners, Proccea Construction Co., for delivering another successful year of production and we look forward to working toget...