TIDMTSG
RNS Number : 3233X
Trans-Siberian Gold PLC
29 April 2019
29 April 2019
Trans-Siberian Gold plc
("TSG" or the "Company")
Q1 Production Update
Trans-Siberian Gold plc (TSG.LN) announces its production update
at the Asacha Gold Mine for the three months ended 31 March 2019
("Q1" or the "Period").
Q1 Highlights
-- 52% increase YoY in gold production to 12,345 oz (Q1 2018:
8,100oz), driven by higher grades and better recoveries
-- On track to meet full year production guidance
-- 105% increase YoY in total silver production to 32,748 oz (Q1 2018: 15,662oz)
-- 45% increase YoY in average quarterly gold grade of 8.8 g/t (Q1 2018: 6.1g/t)
-- 31% increase YoY in silver revenue to $563,000 (Q1 2018: $431,000)
-- 7% increase QoQ in gold and silver realised prices at
$1,312/oz and $15.5/oz respectively (Q4 2018: $1,228 and $14.5)
-- Two lost-time injuries during the quarter
Alexander Dorogov, Chief Executive Officer of TSG,
commented:
"Following record-breaking production in Q4 2018, I am pleased
to report that TSG has enjoyed a solid start to 2019. We continue
to focus on optimising our processing efficiency, and reaffirm our
2019 production target of 40,000 - 44,000oz of gold."
Production Summary
Mining and production data for Q1 2019 at the Asacha Gold Mine
is shown in the following table:
Metric Q1 Q4 Q-on-Q Q1 Y-on-Y
-------------------------
2019 2018 % Change 2018 % Change
------------------------- ------- ------- --------- ------- ---------
Mine development 2,020 1,769 14.2% 1,549 30.4%
(m)
Ore extracted 34,839 41,006 -15.0% 47,081 -26.0%
(tonnes)
Ore processed 44,746 47,530 -5.9% 44,395 0.8%
(tonnes)
Grade, gold 8.8 9.1 -3.7% 6.1 44.6%
(g/t)
Grade, silver 27.7 28.6 -3.3% 15.4 80.0%
(g/t)
Recovery, gold 95.4 95.2 0.2% 94.4 1.0%
(%)
Recovery, silver 81.0 76.1 6.5% 75.9 6.7%
(%)
Gold in dore 12,345 13,069 -5.5% 8,100 52.4%
(oz)
Silver in dore 32,158 32,748 -1.8% 15,662 105.3%
(oz)
Gold refined 11,857 14,541 -18.5% 11,343 4.5%
(oz)
Silver refined 30,874 35,186 -12.3% 21,127 46.1%
(oz)
Gold sold 11,949 16,399 -27.1% 11,311 5.6%
(oz)
Silver sold 36,329 29,333 23.9% 25,345 43.3%
(oz)
Gold price 1,312 1,228 6.8% 1,343 -2.3%
($/oz)
Silver price 15.5 14.5 6.9% 17.0 -8.9%
($/oz)
Gold Revenue ($,000)* 15,674 20,135 -22.2% 15,191 3.2%
Silver Revenue ($,000)* 563 426 32.3% 431 30.6%
Total Revenue ($,000)* 16,238 20,560 -21.0% 15,622 3.9%
-------------------------- ------- ------- --------- ------- ---------
*Note: Unaudited figure
Totals may not add up due to rounding
Commentary
During Q1, a total of 11,949 oz of gold was sold at an average
price of $1,312/oz. Gold recoveries during the quarter remained
stable at 95.4%. Silver recoveries increased by 6.5% to 81%.
In line with our previous guidance, the construction of the
underground de-watering pumping facilities is on track for
completion for May 2019.
TSG has commenced underground exploration drilling works, and
additional rig and surface exploration drilling is due to start in
June 2019.
In February 2019 the Company changed refineries and now refines
its dore at the Novosibirsk refinery (instead of the Krasnoyarsk
refinery). This change has resulted in a substantial decrease in
lab variances as compared to under the previous refining
contract.
TSG expects to provide a production update for Q2 2019 in July
2019.
ENDS
Contacts:
TSG
Stewart Dickson +44 (0) 7799 69419
Arden Partners plc
Paul Shackleton / Alex Penney (Corporate
Finance)
Tim Dainton / Fraser Marshall (Equity Sales) +44 (0) 207 894 7000
Hudson Sandler (Financial PR)
Charlie Jack / Katerina Parker +44 (0) 207 796 4133
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. The Company also holds the licence for the development
and exploration of the Rodnikova deposit, one of the largest gold
fields in South Kamchatka.
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.
Abbreviations
g/t grammes per tonne
oz ounce
m metre
Disclaimer
This announcement contains "forward-looking statements" - that
is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should" or "will." Forward-looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behaviour of financial and
metals markets, fluctuations in interest and/or exchange rates and
metal prices; and from numerous other matters of national, regional
and global scale, including those of a political, economic,
business, competitive or regulatory nature. These uncertainties may
cause our actual future results to be materially different that
those expressed in our forward-looking statements.
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
UPDLFFFISLITFIA
(END) Dow Jones Newswires
April 29, 2019 02:01 ET (06:01 GMT)
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