TIDMTSG
RNS Number : 4668H
Trans-Siberian Gold PLC
01 August 2019
01 August 2019
Trans-Siberian Gold plc
("TSG" or the "Company")
Q2 Production Update
Trans-Siberian Gold plc (TSG.LN), a low cost, high grade gold
producer in Russia, announces its production update at the Asacha
Gold Mine for the three months ended 30 June 2019 ("Q2" or the
"Period") and the first six months of 2019 ("H1").
Q2 Highlights
-- Gold production remains stable YoY at 9,544 oz (Q2 2018: 9,260oz)
-- Silver production remains largely unchanged YoY at 27,629 oz (Q2 2018: 26,456oz)
-- 33% increase in average quarterly gold grade YoY at 8.4 g/t (Q2 2018: 6.3g/t)
-- Gold revenue increased by 11.5% YoY to $13,276,000* (Q2 2018: $11,906,000)
-- 442.8% YoY increase in silver revenue to $484,000* (Q2 2018: $89,000)
-- Total Q2 revenues increased by 14.7% YoY to $13,761,000* (Q2 2018: $11,995,000)
-- Gold realised price remained flat at $1,313/oz (Q2 2018: $1,300/oz)
-- Four minor lost-time injuries during the period
H1 Highlights
-- Record H1 revenue of $29,998,000*, up 8.6% YoY (H1 2018: $27,605,000)
-- 26% growth in gold production YoY to 21,889 oz (H1 2018: 17,361oz)
-- Significant increase of 42% YoY in silver production to 59,787 oz (H1 2018: 42,118oz)
-- Average gold grades 39% higher YoY at 8.6g/t (H1 2018: 6.2g/t)
-- Estimated average selling price for gold remains flat at $1,312/oz (H1 2018: $1,324/oz)
-- On track to meet full year production guidance
Alexander Dorogov, Chief Executive Officer of TSG,
commented:
"We are very pleased to announce record interim revenues of
nearly $30 million for 2019, reflecting a very strong performance
for the first six months of the year.
We re-iterate that we are on track to meet our previously guided
full year production target of 40-44koz. During the quarter, we
were pleased to announce the appointments of a new highly
experienced Mine Manager at Asacha and a new Chief Financial
Officer to strengthen the team."
Production Summary
Mining and production data for Q2 2019 and H1 2019 at the Asacha
Gold Mine is shown in the following tables:
Q2 2019
Metric Q2 Q2 Y-on-Y Q1 Q-on-Q
------------------
2019 2018 % Change 2019 % Change
------------------ --------- ------- ------- --------- ------- ---------
Mine development (m) 1,864 1,253 48.7% 2,020 -7.7%
Ore extracted (tonnes) 39,017 48,437 -19.4% 34,839 12.0%
------------------ --------- ------- ------- --------- ------- ---------
Ore processed (tonnes) 37,058 47,822 -22.5% 44,746 -17.2%
Grade, gold (g/t) 8.4 6.3 33.2% 8.8 -4.3%
Grade, silver (g/t) 26.4 22.4 17.7% 27.7 -4.7%
Recovery, gold (%) 95.2 94.5 0.8% 95.4 -0.1%
Recovery, silver (%) 84.0 76.6 9.5% 81.0 3.6%
Gold in dore (oz) 9,544 9,260 3.1% 12,345 -22.7%
Silver in dore (oz) 27,629 26,456 4.4% 32,158 -14.1%
Gold refined (oz) 11,298 9,355 20.8% 11,857 -4.7%
Silver refined (oz) 32,683 25,025 30.6% 30,874 5.9%
Gold sold (oz) 10,113 9,161 10.4% 11,949 -15.4%
Silver sold (oz) 32,937 5,444 505.0% 36,329 -9.3%
Gold price ($/oz) 1,313 1,300 1.0% 1,312 0.1%
Silver price ($/oz) 14.7 16.4 -10.3% 15.5 -5.2%
Gold Revenue ($,000) 13,276 11,906 11.5% 15,674 -15.3%
Silver Revenue ($,000) 484 89 442.8% 563 -14.0%
Total Revenue ($,000) 13,761 11,995 14.7% 16,238 -15.3%
------------------ --------- ------- ------- --------- ------- ---------
H1 2019
Metric H1 H1 Y-on-Y H2 H-on-H
------------------
2019 2018 % Change 2018 % Change
------------------ --------- ------- ------- --------- ------- ---------
Mine development (m) 3,884 2,802 38.6% 3,612 7.5%
Ore extracted (tonnes) 73,856 95,518 -22.7% 78,078 -5.4%
------------------ --------- ------- ------- --------- ------- ---------
Ore processed (tonnes) 81,804 92,217 -11.3% 97,478 -16.1%
Grade, gold (g/t) 8.6 6.2 39.0% 8.5 1.9%
Grade, silver (g/t) 27.1 19.0 42.4% 26.4 2.7%
Recovery, gold (%) 95.3 94.4 0.9% 95.1 0.2%
Recovery, silver (%) 82.3 76.3 7.9% 77.1 6.8%
Gold in dore (oz) 21,889 17,361 26.1% 24,767 -11.6%
Silver in dore (oz) 59,787 42,118 41.9% 62,950 -5.0%
Gold refined (oz) 23,155 20,698 11.9% 25,355 -8.7%
Silver refined (oz) 63,557 46,152 37.7% 62,039 2.4%
Gold sold (oz) 22,062 20,472 7.8% 25,484 -13.4%
Silver sold (oz) 69,266 30,790 125.0% 77,959 -11.2%
Gold price ($/oz) 1,312 1,324 -0.9% 1,218 7.7%
Silver price ($/oz) 15.1 16.9 -10.5% 14.5 4.5%
Gold Revenue ($,000) 28,951 27,096 6.8% 31,046 -6.7%
Silver Revenue ($,000) 1,048 521 101.3% 1,129 -7.2%
Total Revenue ($,000) 29,998 27,617 8.6% 32,175 -6.8%
------------------ --------- ------- ------- --------- ------- ---------
*Note: Unaudited figure
Totals may not add up due to rounding
Commentary
Gold production for the first half of 2019 at 21,889 oz remains
firmly in line with guidance estimates to reach 40-44,000 oz for
the full year. Trans-Siberian Gold is now mining at consistently
higher grades, at an average of 8.4 g/t for Q2 and 8.6 g/t for H1
and we continue to target higher grades.
During H1 2019, a total of 22,062 oz of gold was sold at an
average price of $1,312/oz. Gold recoveries during the quarter
remained flat at 95.3%.
During the period we experienced some anticipated downtime at
the mill to allow for some planned refurbishment, which has now
been completed, and we are pleased to note that the downtime was
absorbed with very little impact.
Unaudited interim financial results for H1 2019 will be
published in September 2019.
ENDS
Contacts:
TSG
Stewart Dickson +44 (0) 7799 69419
Arden Partners plc
Paul Shackleton (Corporate Finance)
Tim Dainton / Fraser Marshall (Equity Sales) +44 (0) 207 894 7000
Hudson Sandler (Financial PR)
Charlie Jack / Katerina Parker / Elfreda
Kent +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
DRLLFFFIDAILVIA
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