Auriant Mining AB (publ.) publishes H1 2015 operational update


Highlights

  • Total H1 gold production was 235 kg (7,540 oz), 37 % less than the comparable period last year (372 kg (11,969 oz)).  This was mostly due to the absence of any alluvial production in the first 6 months of 2015 (H1 2014 – 115kg).
  • Tardan gold production slightly increased to  232 kg (7,431 oz), compared to 229 kg (7,362 oz) in H1 2014
  • The volume of ore mined at Tardan (208,000 tonnes) increased by 82% compared to H1 2014.
  • Gold grades at Tardan were 2.46 g/t which was a significant increase on that achieved in H1 2014 (1.55 g/t ).
  • The Company has submitted its Kara-Beldyr reserve report to GKZ for approval. The Company is expecting to announce the results of this report during Q3 2015.

«Our Tardan mine has performed well during H1 2015, with the volume of ore mined and gold grades increasing significantly. We have also finalised the Kara-Beldyr reserves report together with an economic assessment and submitted them to GKZ. We will announce the results upon receiving their approval, which is estimated to be in Q3 2015.

The key goal for Auriant this year is to become profitable, and thus we are concentrating only on projects that bring maximum contribution to the bottom line. We have thus, made a decision to temporarily terminate the hard rock production at Solcocon. The mine has been put on care and maintenance and we are renting out some equipment to cover the maintenance costs. We have also engaged contractors to perform limited exploration work, which should enable us to improve the quality of the reserves and allow us to consider restarting hard rock production.

We have put our Solcocon alluvial gold production on hold for 2015.   Due to the geological circumstances, the alluvial sands go deeper and the ore body becomes narrower. This requires more stripping to be done this year, in order to recommence production next year. This work continues to be outsourced to an external contractor and will not require any financing from us.

As we announced earlier this year, the management contract with the Chukotka assets has been signed and we have already received the revenue for the first half of 2015 (US$ 1 mln).

We estimate that we will mine less ounces in 2015, but higher grades will ensure that the operation is more profitable. Now that Tardan’s performance is on target and we have proved successful at managing the mining operation at Valunisty, we can concentrate our efforts on the future development of the company», Denis Alexandrov, CEO, said, commenting on the H1 2015 results.

Full report is available here

 

For more information, please contact:

Denis Alexandrov, CEO

tel: +7 495 660 22 20

e-mail: denis.alexandrov@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) one early stage exploration asset and one development asset. The group’s mineral licenses are estimated to contain official Russian State Reserves Committee (GKZ) reserves of 829 500, 000 troy ounces (1 oz = 31.1 g) in the C1 and C2 categories and 500,000 troy ounces in NI 43-101 standard. Since January 2015 the Company is also managing 5 gold assets at Chukotka, including working mine Valunisty.

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. 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.

 


Attachments

Q2 operational RELEASE_eng.pdf