LONDON (Alliance News) - Avesoro Resources Inc on Thursday said its total gold production for its fourth quarter was up 34% on the prior period and was in line with its guidance.
The West African gold producer said in the three months ended December 31, its total gold production came in at 18,872 ounces, in line with its guidance for the period of 17,000 to 20,000 ounces and ahead of the 14,392 ounces of gold produced for the prior quarter.
Avesoro said its full year production came in at 63,556 ounces.
Throughout the second half of the year, Avesoro said its processing operation at the New Liberty gold mine in Liberia stabilised and plant utilisation increased to 91%.
This was achieved through the recruitment of additional experienced process plant operations staff, a proactive maintenance schedule as well as incremental improvement to the detoxification circuit and process plant pipes, pumps and valves.
Ore processed during the period totalled 269,081 tonnes at an average feed grade of 2.09 grammes per tonne, with gold recovery levels increasing to 87% for the period, up 13% on a quarter-on-quarter basis.
Avesoro said optimisation activities continue at New Liberty, with upgrade works underway at the tailings storage facility and two additional oxygen plants being expedited to site and expected to be installed and operational by the middle of the first quarter.
"The period has seen further improvements across the entire operation and we are pleased with the continued progress being made," said CEO Serhan Umurhan.
"The performance in the fourth quarter was an improvement on the previous quarter with record tonnage of material moved and the plant operating in line with expectations resulting in our quarterly guidance being met and providing the company with a solid platform for a material improvement in financial performance commencing in the first quarter of 2017," Umurhan added.
Shares in Avesoro were up 6.8% at 1.65 pence on Thursday morning.
By Hannah Boland; firstname.lastname@example.org; @Hannaheboland
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