LONDON (Alliance News) - Trans-Siberian Gold PLC Thursday said the majority of production since the start of the year has been at a slightly lower level compared to last year but mine development has progressed at a faster rate.
Production of gold dore was the only segment to come in higher than a year ago. The miner has produced 16,068 ounces of gold in dore since the start of the year compared to 15,809 ounces of gold in dore in the same period last year.
Production of silver in dore year-to-date has fallen to 20,098 ounces from 20,915 ounces a year ago.
Refined gold production since the start of 2016 has totalled 15,437 ounces whilst production of refined silver amounted to 18,445 ounces. Those figures are both below last year when 15,600 ounces of refined gold and 21,115 ounces of refined silver had been produced.
Mine development, however, has progressed at a quicker rate this year than last. Trans-Siberian has developed 1,856 metres since the start of the year and extracted 75.0 million tonnes of ore, compared to last year when it had developed slightly less, 1,777 metres, and extracted 73.5 million tonnes of ore.
The amount of ore processed since the start of 2016 is slightly higher than last year and gold grades and recoveries have remained broadly in the same region whilst silver grades and recovery rates have experienced a more noticeable change.
The average gold grade since the start of the year has been 7.84 grammes of gold per tonne of ore and the recovery rate has averaged 95.02%, compared to last year when the average grade and recovery rate was 7.76 grammes of gold per tonne and 95.49% respectively.
The average silver grade this year has so far been 11.68 grammes per tonne whilst the recovery rate has averaged 79.77%, compared to last year when they averaged 13.11 grammes per tonne and 74.72% respectively.
The stock saw its shares trading down 1.1% to 36.10 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
