TIDMTSG
RNS Number : 3272C
Trans-Siberian Gold PLC
19 January 2018
Trans-Siberian Gold plc
("TSG" or the "Company")
Q4 & FY17 Production Update
Trans-Siberian Gold plc (TSG.LN) announces its production update
at the Asacha Gold Mine for the three months to 31 December 2017
("Q4") and for the 12 months ended 31 December 2017 ("FY17").
Q4 Highlights
-- Record quarterly gold production of 12,244oz
-- 33.3% increase in gold production (Q4 2016: 9,188oz)
-- 16.2% increase in grade: 8.6g/t (Q4 2016: 7.4g/t)
-- 15.1% increase in ore extracted: 55,992 tonnes (Q4 2016: 48,658 tonnes)
-- Two (minor) lost time injuries in Q4
FY17 Highlights
-- Total gold production slightly exceeded FY2017 production guidance: 36,714oz
-- Total gold produced stable Y-on-Y (FY16: 36,225oz)
-- Significant Y-on-Y increases in mine development and ore processed
-- Estimated gold sales amounted to $42.7million
-- Favourable estimated average selling price of $1,262/oz vs.
average gold price of $1,266/oz(1) for 2017
-- Three (minor) lost time injuries in FY17. Notwithstanding TSG
maintains its strong track record of operating one of the safest
gold mining operations among its peers.
____________
(1) Source: World Gold Council
Dmitry Khilov, Chief Executive Officer of TSG, commented:
"Having faced a few operational challenges during the year I am
pleased that we have slightly exceeded our production guidance. We
are continuing to work hard at the Asacha Gold Mine to efficiently
mine this high grade ore body. We look forward into 2018 with
confidence to continue to deliver stable gold production at low
cost levels".
Production Summary
Mining and production data for Q4 and FY17 at the Asacha Gold
Mine is shown in the following table:
Metric Q4 Q3 Q-on-Q Q4 Y-on-Y 2016 2017 Y-on-Y
----------------
2017 2017 % Change 2016 % Change Total Total % Change
---------------- ------- ------- --------- ------- --------- -------- ---------- ---------
Mine
development
(m) 1,656 1,499 10.4% 1,498 10.5% 4,926 5,780 17.3%
Ore extracted,
tonnes 55,992 48,663 15.1% 48,658 15.1% 179,258 198,349 10.6%
Ore processed,
tonnes 46,752 47,504 -1.6% 40,765 14.7% 162,892 184,433 13.2%
Grade,
gold,
g/t 8.6 7.4 16.5% 7.4 17.0% 7.2 6.6 -9.1%
Grade,
silver,
g/t 17.6 13.3 32.3% 15.2 15.6% 12.7 12.3 -3.5%
Recovery,
gold,
% 94.7 94.5 0.2% 95.2 -0.5% 95.2 94.4 -0.8%
Recovery,
silver,
% 81.2 78.6 3.3% 83.9 -3.2% 81.7 78.7 -3.7%
Gold
in dore
(oz) 12,244 10,573 15.8% 9,188 33.3% 36,225 36,714 1.3%
Silver
in dore
(oz) 21,291 15,703 35.6% 16,666 27.8% 54,595 57,072 4.5%
Gold
refined
(oz) 9,858 9,006 9.5% 8,356 18.0% 35,366 33,872 -4.2%
Silver
refined
(oz) 16,315 14,219 14.7% 14,262 14.4% 51,428 52,745.72 2.6%
----------------- ------- ------- --------- ------- --------- -------- ---------- ---------
Commentary
Refined gold production for the year was slightly down as
adverse weather conditions at the mine site prevented most of the
gold produced in December being sent to the refinery. It is
expected that the metal will be refined and sold in January as soon
as the weather conditions become more favourable.
TSG expects to report Asacha's first quarter 2018 gold
production in April 2018.
Potential Environmental Claim
The Company's wholly owned subsidiary, ZAO Trevozhnoye Zarevo
("TZ") has received a claim from the Federal Service for
Supervision of Use of Natural Resources, RosPrirodNadzor ("RPN")
over the payments for disposal of waste materials following a site
inspection in 2016. Having taken appropriate advice, the management
believe that they have a strong legal position and as such, dispute
the claim made by RPN. The claim could potentially amount to
approximately $2.5m. Further announcements will be made as
appropriate.
Contacts TSG
+44 (0) 7799
Stewart Dickson 694195
+44 (0) 207
Cantor Fitzgerald Europe 894 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.
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 company news service from the London Stock Exchange
END
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January 19, 2018 02:00 ET (07:00 GMT)
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