The TSX and AIM-listed West African gold producer’s total gold production for the period was 34% higher than the previous quarter and in line with guidance of 17 000 to 20 000 oz for the period. This brings full year production for 2016 to 63 556 oz.
Avesoro Resources said that following the successful transition to in-house mining operations as announced on 6 September 2016, mining activities have continued to progress with material mined during the quarter totalling 3 342 469 t – a 76% increase on the previous quarter. This included 302 822 t of ore at an average grade of 2.61 g/t.
The increase in tonnes mined has been driven by operational improvements, including additional operator training and supervision, and increased equipment availability.
Avesoro Resources said that throughout the second half of 2016, processing operations at New Liberty stabilised and plant utilisation increased to 91%.
Ore processed during the period totalled 269 081 tonnes at an average feed grade of 2.09 g/t with gold recovery levels increasing to 87%, a 13% increase over the previous quarter, aided by the general plant optimisation.
Notwithstanding this improvement in performance, optimisation activities and infrastructure improvements continue at New Liberty, with upgrade works to the tailings storage facility to increase its capacity and surface water management improvements, and two additional PSA oxygen plants expected to be installed and operational by mid-Q1, 2017.
Following the successful transition to owner-operator mining, Avesoro Resources is now also focused on bringing a number of additional outsourced activities in-house and further optimising the operation.
Serhan Umurhan, CEO of Avesoro Resources, said: “The period has seen further improvements across the entire operation and we are pleased with the continued progress being made.”
“Whilst the forthcoming financial results will reflect the historic operational issues, we look forward to delivering further advances in operational and financial performance during 2017 and we intend to update our investors with production guidance for 2017 later this month.”