Production at the Kiziltepe gold project in Turkey owned by Ariana Resources plc (LON:AAU) has come in at around 1,370 ounces of gold and 6,780 ounces of silver during July, exceeding expectations.
Total production since start-up now amounts to around 3,300 ounces of gold and 21,300 ounces of silver.
READ: Ariana Resources says Kiziltepe mine ramp-up exceeds expectations
Recoveries of gold and silver remain significantly higher than expected, running respectively at 94% and 79%, against feasibility study expectations of 86% and 64%.
The grade of ore mined in July has run at around 4 grammes per tonne gold and 40 grammes silver, which is higher than forecast. It’s now expected that grades will be maintained at this level over the next 6 months.
As a result of all this, loan repayments to Turkiye Katilim Finans Bankasi A.S. have been made on the scheduled basis and have amounted to over US$4.2mln as at the end of July 2017.
Calendar year 2017 production guidance lies within a range 10,100 to 11,900 ounces of gold and 103,500 to 106,500 ounces of silver.
“We remain very encouraged by the performance of all aspects of the operation, especially during July when doré output considerably exceeded forecast,” said managing director Dr Kerim Sener.
“Following sustained high-rate mill throughput, we have now achieved a production rate above our feasibility plan and the transition in to commercial production is complete.”