Trans-Siberian Gold PLC Trading Update (8021M)
11 Gennaio 2019 - 8:00AM
UK Regulatory
TIDMTSG
RNS Number : 8021M
Trans-Siberian Gold PLC
11 January 2019
Trans-Siberian Gold plc
("TSG" or the "Company")
Trading Update
Trans-Siberian Gold plc (TSG.LN) provides the following trading
update.
Highlights:
-- Upper end of FY18 gold production expected to be exceeded
-- Improved gold grades in Q4 (Q3 2018: average gold grade of 7.8 g/t)
-- Electricity supply contract expected to substantially reduce power costs in 2019
-- Continuing construction of underground water pumping facilities
Operational performance at the Asacha Gold Mine has continued to
improve in H2 2018 and as a result of improving gold grades in Q4
2018, the Company expects to slightly exceed the upper end of the
full year total gold production guidance of 36,000 - 40,000 oz for
2018. As previously indicated, a production update for Q4 2018 will
be provided in January 2019.
The Company also reports that it has entered into a new
electricity supply agreement with Kamchatskenergo which will supply
power to the Asacha Gold Mine at a reduced price of RUR 4.69/kWh
(US$0.07/kWh) following the implementation of incentive measures to
support the development of the Far East of Russia introduced by the
government. The agreement is for an initial period of 12 months.
Kamchatskenergo is a subsidiary of RAO Energy Systems of the East
Group which is part of the RusHydro Group (MICEX:MOEX, LSE:
HYDR).
Construction of the underground de-watering pumping facilities
continues albeit slightly behind the original planning timetable.
Completion of the permanent facilities is expected to be achieved
by May 2019.
Alexander Dorogov, CEO of TSG, commented:
"We are pleased to announce these developments. We are making
continuous improvements at the Asacha Gold Mine which are
delivering real results. Power is a significant production cost and
we are pleased to have secured a substantial cost saving with the
support of the regional Government of Kamchatka. We are grateful
for this which affirms the Far East of Russia as an attractive
place for gold mining'.
Ends
Contacts: TSG
Stewart Dickson +44 (0) 7799 694195
+44 (0) 207 894
Cantor Fitzgerald Europe 7000
David Porter
About TSG
TSG is focused on low cost, high grade mining operations and
stable gold production from its 100% owned Asacha Gold Mine in Far
East Russia.
Additional information is available from the Company's website:
www.trans-siberiangold.com
Market Abuse Regulations
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via Regulatory Information Service
('RIS'), this inside information is now considered to be in the
public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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