Proactive Investors - Run By Investors For Investors

Ariana Resources says Kiziltepe mine ramp-up exceeds expectations

Approximately 1,930 ounces of gold and 14,520 ounces of silver have been sold by the refinery so far.
Ariana Resources says Kiziltepe mine ramp-up exceeds expectations
The ramp up of the Kiziltepe mine in Turkey has been going well

Ariana Resources plc (LON:AAU) updated on the ramp up of its Kiziltepe Mine in Turkey, where commercial production is expected shortly.

The grade of ore from the open pit is continuing to increase with target grades of more than 3 g/t gold and over 40 g/t silver expected to be met from July 2017 onwards.

The processing plant is now operating as specified, with mill availability having increased to over 97% during this month.

Approximately 1,930 ounces of  gold and 14,520 ounces of silver have been sold by the refinery so far, gold and silver sales during the period to end June 2017 realised prices ranging between US$1,295 and 1,225 per ounce and US$18.2 to 16.2 per ounce respectively.

Dr Kerim Sener, managing director, said: "The operation continues to deliver at or beyond our expectations and we are encouraged by the continuation of several positive factors which remain substantially above feasibility design parameters. 

"In particular, the higher than expected recoveries and lower leach times, will contribute towards enhanced operational efficiencies.  In time, this may enable other aspects of the operation, such as mill throughput, to be further improved."

Sener added: "The ramp-up period has proceeded smoothly and to a significant degree has met our internal production estimates. 

"We have encountered some issues with the clay content of the ore at times, particularly during periods of heavy rainfall, as such material has a tendency of decreasing the feed rate to the mill.  However, we are investigating ways to mitigate this and in any case we are not expecting this to remain a concern over the very dry summer months ahead of us."

Ariana shares were unchanged at 1.325p 

View full AAU profile View Profile

Ariana Resources plc Timeline

Related Articles

Gold Road Resources' Ian Murray with investors at Proactive's CEO Sessions
October 06 2017
Ian Murray discussed gold exploration plans with investors at Proactive's CEO Sessions.
December 22 2017
The plan in 2018 is to deliver not one doré bar, but a 130,000 ounces of the yellow metal
March 23 2017
There is no doubt we will have a resource upgrade, probably later in the year - chief executive Glen Parsons

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use