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Ariana Resources pleased with Kiziltepe ramp-up

First gold-silver was poured in March, with commissioning and production ramp-up ongoing since then
gold bars
Gold production is ramping up at Kiziltepe

Gold miner Ariana Resources plc (LON:AAU) will recognise results from its new Kiziltepe mine in Turkey from this quarter, following the declaration of commercial production in July.

Ariana posted a loss of £663,000 in the half year to June, which included £153,000 for its 50% share of the costs incurred by the joint venture that built and will run Kiziltepe.

READ: Ariana Resources batting away interest in Salinbas while exploration work continues

First gold-silver was poured in March, with commissioning and production ramp-up ongoing since then.

Gold and silver production during this phase amounted to 1,929oz and 14,519oz respectively. 

READ: Ariana Resources has strength in Turkish gold portfolio

“The mine has been operational for over two full quarters and production remains in line with management forecasts; reporting of the Q3 2017 operational results will occur during October,” said Michael Villiers, the company’s chairman.

Cash at the period end was £565,000.

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