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.”
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