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Ariana Resources says second quarter production at Kiziltepe topped expectations

The second quarter, of course, was when the coronavirus pandemic began to take hold but even so, half-year output was still within the guidance range

Ariana Resources PLC -

Ariana Resources PLC said gold production at the Kiziltepe Mine in Turkey in the three months to the end of June was higher than anticipated.

Kiziltepe, which is part of the Red Rabbit 50/50 joint venture with Proccea Construction, produced 4,679 ounces, down from 5,129 ounces but in line with guidance issued for the half-year.

Total ore processed in the quarter was 54,862 tonnes at an average head grade of 3.02 grams per tonne (g/t). Quarterly open-pit ore mined was 77,179 tonnes, at an average mined grade of 2.79 g/t gold, and total material movement for the quarter was 973,603 tonnes.

"The second quarter of 2020 again witnessed better than planned rates of production, despite corresponding with the global onset of COVID-19. Material movements from the pits were maintained at very high rates, while ore production also continued at near-record levels,” Kerim Sener, the managing director of Ariana said in a statement.

“The mill also performed at some of the highest monthly rates ever recorded, reaching an annualised rate of almost 220,000 tonnes per annum which represents an increase of over 45% above the feasibility designed rate.

"Production from our highest-grade pit, Arzu South, is as planned now drawing to a close with production shortly to be focused entirely on the Arzu North and Derya pits. In addition, the mine has continued to maintain a stockpile of well over 130,000 tonnes of ore at a grade of approximately 2.5 g/t gold, sufficient to cover at least eight months of mill feed,” he added.

Quick facts: Ariana Resources PLC

Price: 5.235 GBX

Market: AIM
Market Cap: £55.47 m

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