Production down slightly at Highland Gold

23rd May 2016 15:32

(ShareCast News) - Highland Gold Mining issued its maiden quarterly operations report on Monday, with a slight decrease in total production.The AIM-traded firm said that in the three months to 31 March, total production at Mnogovershinnoye, Novoshirokinskoye and Belaya Gora reached 56,889 ounces of gold and gold equivalents, compared with 57,421 in the first quarter of last year.Its average realised gold price for the period was $1,174 per ounce.Highland's board did confirm that the company exceeded internal production targets for Mnogovershinnoye and Novoshirokinskoye over the three months.It also said processing optimisation at the Belaya Gora mill was ongoing, with volumes rising by 32% against the same period last year, but grades slightly below expectations.Work continued during the quarter on a draft Kekura pre-feasibility study and JORC resource audit, finalised in the second quarter, including updated and detailed mine design and mill parameters.The development of design documentation was continuing, the board explained.Scoping studies were also initiated for the Baley Cluster Projects at Taseevskoye, Sredny Golgotay and ZIF-1 tailings, and Unkurtash."The company affirms its forecast for total production of gold and gold equivalents of 255,000 to 265,000 ounces for the full year," the board said in a statement.At 1540 BST, shares in Highland Gold Mining were down 0.53% at 93.5p.