Exploration and development firm Ariana Resources reported its preliminary production results for the quarter ending 31 March 2019 for the Kiziltepe mine.

Kiziltepe is part of the Red Rabbit joint venture (JV) with Proccea Construction and is 50% owned by Ariana through its shareholding in Zenit Madencilik (Zenit).

HIGHLIGHTS:

- Gold production for the quarter was 7,296 ounces (Q4 2018: 7,517 ounces), exceeding average annualised quarterly guidance by 17%

- Total ore processed for the quarter was 46,824 tonnes (Q4 2018: 49,717 tonnes) at an average head grade to the plant of 4.83 g/t gold

- Quarterly open pit ore mined was c. 26,746 tonnes, at an average mined grade of 4.04 g/t gold, and total material movement for the quarter was 771,190 tonnes

- Average metallurgical plant recovery of gold for the quarter remains high at 93.7%

Managing director Dr Kerim Sener commented: "We would like to congratulate the mine management team on an excellent set of first quarter 2019 results, in addition to achieving the scheduled pushbacks which accommodate final-stage pit expansion at Arzu South.

"Production during the quarter has exceeded our average quarterly guidance by 17%.

"While movement of ore from the open pit was limited by the pushbacks, output of the process plant was maintained at high levels through the planned drawdown on stockpiles.

"Activities within the open pit were also impacted during the period due to unusually wet weather, but as we approach the summer period, we are expecting a return to higher ore movements from the pit, particularly towards the latter half of this year."


At 8:52am: (LON:AAU) Ariana Resources PLC share price was +0.03p at 1.9p