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(Alliance News) - Ariana Resources PLC on Monday said production at the Kiziltepe gold mine in Turkey rose in the third quarter of 2019 from the second, beating guidance.
Kiziltepe forms part of exploration and development firm Ariana's Red Rabbit 50-50 joint venture with Proccea Contrustion Co.
Gold production from the mine in the three months ended September 30 was 6,933 ounces, 7.7% ahead of the second-quarter figure of 6,438 ounces and 11% ahead of annualised quarterly guidance. This was, however, 8.2% below the 2018 third-quarter figure of 7,556 ounces.
Total ore production for the quarter came to 55,174 tonnes, 15% ahead of the 48,132 tonne second quarter figure, This ore was at 4.47 grammes of gold per tonne of ore average plant feed grade, up 7.5% versus 4.16 grammes in the second quarter, but down 6.3% from 4.77 grammes year-on-year.
Overall, quarterly open-pit ore mined came to 47,933 tonnes at an average mined grade of 4.95 grammes of gold per tonne of ore, with the total material movement for the quarter coming to 1.1 million tonnes.
This compares to 43,367 tonnes of ore mined at 4.59 grammes per tonne in the second quarter with total material movement coming to 943,034. The 2018 third quarter ore mined was 83,228 tonnes at 4.94 grammes per tonne and total material moved of 876,945 tonnes.
Average quarterly metallurgical plant recovery of gold for the three month period was 94%, down from 95% in the second quarter.
Managing Director Kerim Sener said: "With gold production for the period just shy of 7,000 ounces, taking our total production for the year to 20,667 ounces, and a favourable gold price environment during the period, this quarter has resulted in one of the best revenues in the history of the operation.
"We remain fully on track to deliver against our guidance of 25,000 ounces of gold for the year, derived from the remaining production expected at the Arzu South pit. Meanwhile, mining activity has commenced at the Derya pit and we look forward to seeing the development of this part of our operation."
Shares in Ariana were up 1.1% at 1.97 pence in London on Monday afternoon.
By Anna Farley; annafarley@alliancenews.com
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