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Ariana Resources sees annual Kiziltepe gold output above above-feasiblity plan
StockMarketWire.com
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Exploration and development company Ariana Resources said it expected to produce 19,000 ounces of gold in 2021 from its Kiziltepe mine in Turkey following increased operational capacity.
The annual production target was around 90% higher than anticipated in the feasibility plan for this stage, the company said. Average monthly production from the mine was expected to be about 27,000 tonnes of ore, peaking during the second quarter, while a stockpile of over 240,000 tonnes.
During Q1 2021, mining had largely focused on the Arzu North open-pit, within which additional gold mineralisation had been encountered outside of the original mine reserve.
Plant expansion to an operating capacity of up to 500,000 tonnes of ore per annum was well underway and scheduled for completion in early Q3 2021.
Looking ahead, the company said it would advance in its interest in Turkey, and move ahead with development and exploration programmes in Cyprus as well as opportunities in Eastern Europe.
'With the wider JV now in place, we intend to advance our collective interests in Turkey, continue with exploration and development on behalf of the JV, progress with Ariana's earn-in and the exploration programmes planned in Cyprus, as well as pursuing separate opportunities elsewhere in Eastern Europe,' the company said.
At 8:52am: (LON:AAU) Ariana Resources PLC share price was 0p at 5.2p
Story provided by StockMarketWire.com
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