Auriant Mining AB (publ.) publishes 9 months 2017 operational update
- In August 2017, the Company commenced the design of the CIL plant at Tardan. After commissioning of the plant, we expect recovery to reach 92%. The Company plans to commission the CIL plant in January 2019, with ore supplied by the Pravoberezhny deposit within greater Tardan.
- In Q3 2017, mining operations were interrupted and volumes were lower than envisaged. This was as a result of unseasonally high rainfall, lower grade ore and reduced throughput of the gravitational plant as well as problems with equipment. Total gold production for 9 months therefore decreased by 21% to 620.4 kg (19,948 oz), compared to 786.5 kg (25,285 oz) in 2016.
- The Company aims to try to compensate for the shortfall by intensifying mining works in Q4 and extending the crushing period into December; however, the current production target of 900 kg has been revised to 760 kg of gold.
- In Q3 2017, the exploration program at Solcocon recommenced. Exploration will cover 5,000 meters of core drilling and 64,000 cubic meters of trenches. So far we have drilled 1,508 meters, undertaken 26 thousand cubic meters of trenching and have taken 2.2 thousand samples; the result of this initial work is very encouraging as we already see ore intersections in drill holes and trenches with productive grades and lengths. We will announce preliminary results of the 2017 exploration campaign before the year end. The Company expects to add up to 2 tonnes of gold to the Solcocon reserves as a result of 2017 exploration efforts.
- Alluvial production at Solcocon recommenced in 2017. Production for the 9m has been 41 kg and the forecast for the year is 48 kg of gold.
- Gold grade at Tardan in the 9m 2017 was 2.61 g/t, which is in line with the previously forecasted gold grade in the 2017 mineplan (as compared to 4.17g/t in 2016).
- In line with reduced production expectations we decrease out 2017 EBITDA forecast down to 11.5 mln USD compared to previously reported target of 14.0 mln USD.
See the release here http://www.auriant.com/eng/reports-and-releases/2017
For more information, please contact:
Sergey Ustimenko, CEO
tel: +7 495 109 02 82
Company name: Auriant Mining AB
Short name: AUR
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 one operating mine (Tardan), one early stage exploration asset and two development assets.
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.
This information is information that Auriant Mining AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:50 CET on October 20th, 2017.
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
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