Trans-Siberian Gold PLC Production Update & Rodnikova Licence Termination (3579R)

TIDMTSG

RNS Number : 3579R

Trans-Siberian Gold PLC

11 September 2014

Trans-Siberian Gold plc

Asacha production update

Termination of Rodnikova licence

LONDON: 11 September 2014 - Trans-Siberian Gold plc (the "Company" or "TSG") (TSG.L) is pleased to report that the average gold grade of ore processed by the Asacha plant in August 2014 was 10.69 g/t, the plant's second highest monthly average. The improved grade is attributed to the previously reported changes in mining methods intended to reduce ore dilution and to ore mined from a richer block. Although the plant underwent a two week maintenance period in August, it processed 10,150 mt (81% of the normal full month target) in the month, to produce 3,135 oz gold, the second highest monthly production in 2014.

The average gold grade in July and August 2014 was 8.49 g/t. Although it is likely that the gold grade in September will be below that achieved in August, the Company expects that the average gold grade in the third quarter will be higher than the average grades in 2012, 2013 and the first half of 2014. TSG remains cautiously optimistic that the previously reported changes in mining methods will result in a steady improvement in the mine's performance.

TSG will report Asacha's third quarter 2014 gold production in October 2014.

TSG reported in its 2013 financial statements that the Rodnikova licence was due to expire on 1 September 2014 and that it had maintained the full impairment provision recognised in 2012 in respect of the exploration and evaluation costs incurred at Rodnikova. The Company applied to the federal authorities for an extension of the licence term in order to evaluate the cost effectiveness of various technical solutions, however it has now received official notification of the cancellation of the Rodnikova licence.

The termination of the Rodnikova licence will have no material impact on TSG's 2014 financial statements.

Ends

 
  Contacts TSG 
 Simon Olsen                     + 44 (0) 7770 484965 
 
 Cantor Fitzgerald Europe        +44 (0) 207 894 7000 
 Stewart Dickson/Carrie Lun 
  (Corporate Finance) 
 Jeremy Stephenson (Corporate 
  Broking)

This information is provided by RNS

The company news service from the London Stock Exchange

END

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