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Avesoro boosts output at the New Liberty gold mine in Liberia

Avesoro remains on track to produce between 90,000 and 100,000 ounces of gold this year

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Gold production costs are likely to run at around US$925 to US$975 per ounce

Avesoro Resources Inc (LON:ASO) produced 15,824 ounces of gold in the quarter to end June from its New Liberty mine in Liberia, a 6% increase on the previous quarter.

The company maintains its 2017 production guidance of between 90,000 and 100,000 ounces.

Total material moved (waste rock and ore) was around 3.8 mln tonnes, a 12% reduction on the previous quarter's performance.

The reduced mining rate was attributable to a transition from free-dig oxide material into fresh rock within the Kinjor pit, as drilling and blasting is now required.

Ore grades averaged 2.64 grams per tonne, an increase of 19% on the previous quarter.

Gold recovery for the quarter reduced to 88% due to as transitional ore from the Marvoe pit moved through the plant in May.

"I am pleased with the operational performance to date at New Liberty as evidenced by the increase in gold production during the Quarter,” said chief executive Serhan Umurhan.

“The process plant is now consistently operating above its designed throughput as a result of the modifications we have made since taking control of the company. We remain on course to meet our full year production guidance for 2017 of 90,000-100,000 ounces of gold at a cash cost of US$750 - US$800 per ounce and all-in sustaining cost of US$925 - US$975 per ounce of gold produced".

 

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Price: 99.5 GBX

AIM:ASO
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Market Cap: £81.17 m
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