Highlights
· Total 9 months gold production of 746 kg (23,984 oz), a decrease of 11.6% compared with 9 months 2013
· Tardan waste stripping up by 69% and ore mined by 22%
· Solcocon waste stripping up by 59% and ore stacked by 54%
· Borzya production of 254 kg ahead of targets for the year
· Revised production forecast for 2014 of 1,100 kg
Commenting on the results, Denis Alexandrov, CEO of Auriant Mining AB, said, “All key performance indicators at our flagship Tardan mine have improved as planned. Mining volumes for both waste and ore have reached the required target levels and we have now approached the deeper, higher-grade ore bodies. This has allowed us to re-start the gravitational plant in October where this higher grade ore is processed, allowing a recovery rate of up to 40% of the gold. The gravitational tailings will then further be used in the heap leach operation. Ore crushing and stacking volumes have increased as well and with the addition of a third crusher, we are now able to stack more, and smaller sized, material that should result in improved recoveries in the future. Overall Tardan remains on track and we are satisfied with its performance.”
“Although the grades at Solcocon are gradually improving, they continue to be lower than expected. To save costs during the winter months, we have initiated a temporary cessation of mining, crushing and stacking operations. The irrigation of the heaps will continue throughout the winter period. Going forward we will need to develop a better understanding of the complex ore bodies at Solcocon with a view to being able to better plan mining and processing operations.”
“The Borzya alluvial operation at Solcocon has performed as planned, and has already exceeded its target for the year. Mostly as a result of the Solcocon hard rock underperformance, we have lowered our production guidance for the group for the year by 200 kg.”
Full report is available here
For more information, please contact
Max Yacoub, CIO
тел: +7 495 660 22 20
e-mail: max.yacoub@auriant.com
Company name: Auriant Mining AB
Short name: AUR
ISIN-code: SE0001337213
Website: www.auriant.com
Twitter: @auriantmining
Auriant Mining AB (AUR) is a Swedish junior mining company focused on gold exploration and production in Russia, primarily in Zabaikalye and the Republics of Khakassia and Tyva. The company has currently four assets, including two operating mines (Tardan and Solcocon) and two early stage exploration assets, one of which, Kara-Beldyr, is a joint venture with the major Canadian gold producer Centerra Gold. The group’s mineral licenses are estimated to contain almost 1,000,000 troy ounces of gold reserves according to the Russian standards (GKZ).
Since July 19, 2010, Auriant Mining´s shares are traded on First North Premier at the NASDAQ OMX Nordic Exchange under the short name AUR (before June 25, 2012 - under the short name CAG). For more information please visit www.auriant.com. Mangold Fondkommission is Certified Adviser to Auriant, for more information please call +46 8 503 015 50 or visit www.mangold.se.
Cautionary Statement: Statements and assumptions made in this report with respect to Auriant Mining AB’s (“AUR”) current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of AUR. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where AUR operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) AUR’s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) exchange rates, particularly between the Russian rouble and the U.S. dollar. In the light of the many risks and uncertainties surrounding any gold production and exploration company at an early stage of its development, the actual results could differ materially from those presented and forecast in this report. AUR assumes no unconditional obligation to immediately update any such statements and/or forecasts
This press release shall not, directly or indirectly, be released, published or distributed in or to the United States, Australia Japan, Canada, New Zealand, Hong Kong, South Africa or other country where such action as a whole or in part is subject to legal restrictions. Nothing in this press release should be considered as an offer to invest or otherwise trade in shares of Auriant Mining AB (publ). The proposed issue will not be directed at residents or those living in the United States, Australia, Japan, Canada, New Zealand, Hong Kong, South Africa or other country where such action would require further prospectus, other offering documentation, registration or other measures beyond those required by Swedish law. No securities will be registered under the United States Securities Act of 1933, a similar law in any state in the United States, or under any provincial law in Canada, nor under the applicable law of another country.
