Ariana resources announce production results for Kiziltepe mine

Production update:

• Kiziltepe produced a record total of 28 421 oz of gold during the year, exceeding its full-year production guidance by approximately 14%, following record mill throughput of well over 400 000 tpy.
• Mining operations are continuing at Arzu North and Derya, and have recommenced at the Arzu South pit as it is expanded to the final design limits.
• Record gross full-year revenue of US$58 million at an average realised gold price of US$1858/oz, against an average revenue per gold ounce of US$2041 (due to silver credit).
• As at end 2022, the mine had produced a total of 133 358 oz of gold and 1 481 011 oz of silver, recording US$235 million in revenue since operations commenced in early 2017.

Dr. Kerim Sener, Managing Director, commented:

“As expected, 2022 was an operationally very strong year for the company. Kiziltepe has now completed six highly productive years of operation, performing consistently above guidance and having now produced significantly more gold than modelled in our feasibility study. We look forward to seeing further expansion of the near-mine resources and reserves in due course, as we develop plans to keep the mine operational over the coming years.

“During 2022, Zenit has reinvested significantly into its operations, including funding the construction of the Tavsan mine and the exploration and development of demonstrably expanded resources both at Kiziltepe and at Tavsan. This has been possible due to the substantial revenue recorded by the business over recent years, particularly following the plant expansion completed during 2021, which has resulted in record throughput during 2022. In parallel, Zenit has focused on maintaining the lowest possible cash costs, with its long-term average running at approximately US$650/oz up to June 2022. The higher gold price environment of recent years, coupled with these operational efficiencies together continue to enable substantial operational margins.

In addition to the strong performance of the Kiziltepe mine we are also very encouraged by the work being undertaken by the team across our other project interests at Tavsan and Salinbas in particular. At Tavsan, this work led to a resource estimate containing over 307 000 oz of gold and also identified opportunities to further expand this resource through a further drilling programme which commenced in late 2022. At Salinbas, drilling is continuing and has now started at the Hizarliyayla Prospect, which is located in the vicinity of the >4 million oz Hot Maden deposit to the south and with which it shares several geological features.”

Read the article online at: https://www.globalminingreview.com/mining/20012023/ariana-resources-announce-production-results-for-kiziltepe-mine/