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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 

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