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Ariana Resources' production running above target at Kiziltepe mine

The miner also said it remained on track to deliver on its 2020 production target of 18,000 ounces of gold

Ariana Resources PLC - Ariana Resources' production running above target at Kiziltepe mine

Ariana Resources PLC (LON:AAU) managing director Kerim Sener has said the average monthly production at the firm's Kiziltepe gold mine in Turkey is “currently running above target”.

In a production update for the first quarter ended March 31, the AIM-listed firm said process gold recovery had remained high at 92.5% and added that Kiziltepe remained on track to deliver on its 2020 production target of 18,000 ounces of gold.

READ: Ariana Resources higher as it completes initial earn-in work for Venus Minerals

During the quarter the firm reported gross income of US$8.84mln compared to US$12.78mln in the fourth quarter, while the project produced 5,129 ounces of gold compared to 7,318 in the prior three month period.

Sener said that the “pleasing result” of the quarter had been achieved in part during the coronavirus pandemic, adding that the business was considered an essential industry had been allowed to continue during the outbreak with operations “largely unaffected despite the introduction of various risk mitigation procedures at the mine site and an overall reduction of active staff levels”.

He also said the above target monthly production was “in part due to higher material movements and the consequent accessibility of optimal grade ore feed throughout the period”.

“Assuming production is able to continue uninterrupted through the current quarter, we remain on track to deliver on our production target for the year", Sener concluded.

Quick facts: Ariana Resources PLC

Price: 3.875 GBX

AIM:AAU
Market: AIM
Market Cap: £41.06 m
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