viewAvesoro Resources

Avesoro Resources to increase gold production by more than 40%

Production from its New Liberty gold mine in Liberia to rise to between 90,000 to 100,000

Gold ounces
Production is climbing at New Liberty

Avesoro Resources Inc (LON:ASO) expects production from its New Liberty gold mine in Liberia to rise to between 90,000 to 100,000oz in 2017.

Cash costs will be around US$750 - US$800 per ounce and between US$925 - US$975 on all in sustaining basis.

Production in 2016 was 63,500 ounces as New Liberty moved through the gears following early teething problems shortly after the mine was commissioned.

Serhan Umurhan, chief executive, said the last quarter had seen much better material movement, improved plant utilisation, and gold recovery.

Capital expenditure in 2017 is forecast to be approximately US$24mln, while a further US$5mln will be used to explore satellite deposits around the mine.

Avesoro changed its name from Aureus Mining in December.

Shares rose a tad to 1.92p.


Quick facts: Avesoro Resources

Price: 99.5 GBX

Market: AIM
Market Cap: £81.17 m

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