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LONDON (Alliance News) - Serabi Gold PLC on Monday said its gold production for 2016 exceeded guidance, rising 19% from 2015.
The Brazilian focused gold miner said its full-year production was 39,390 ounces of gold for 2016. This included 9,413 ounces in the fourth quarter, which was down from 10,233 ounces in the third quarter.
Serabi said that new exploration licences it acquired at Sao Chico to the east and west of its Palito deposit in the Tapajos region of Para State, northern Brazil, offer excellent opportunity for it to expand the deposit.
Gold production in the fourth quarter came from the processing of 40,485 tonnes of hard rock ore from the Palito and Sao Chico Mines, with an average grade of 7.60 grams per tonne of gold.
Looking to 2017, Serabi said that it feels confident it can forecast expected production of 40,000 ounces, at an all-in sustaining cost of between USD950 and USD975 per ounce, in line with its cost guidance for 2016.
Serabi said it hopes that, with production efficiencies and improvements in can implement in 2017, it will be able to again improve on its production guidance, as it did in 2016.
"We are delighted to have exceeded our production guidance with a total of 39,390 ounces of gold being produced for the year which also represents the highest annual gold production from Serabi's operations in the Tapajos region," said Chief Executive Officer Mike Hodgson in a statement.
"The final three months of the year saw another steady quarter of production of approximately 9,400 ounces of gold, to compliment the gold production of the previous three quarters and demonstrating the continued dependable performance of the business," Hodgson added.
Shares in Serabi were up 4.4% at 5.09 pence Monday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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