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Trans-Siberian raises gold production guidance for 2020
15th Dec 2020 12:29
(Sharecast News) - Russia-focussed gold producer Trans-Siberian Gold updated the market on its production guidance for 2020 on Tuesday, raising it to between 44,000 and 45,000 ounces of gold doré for the year ending 31 December.
The AIM-traded firm said it had already produced around 40,297 ounces of gold doré in the 11 months ended 30 November.
It said it had made "significant progress" in the year, in particular with the transition towards the East Zone of the Asacha Gold Mine, with test ore from vein 25 contributing towards higher-than-expected average grades in the second and third quarters.
As a result, it said it was now on track to exceed the upper end of its previous 2020 full-year production guidance of between 38,000 and 42,000 ounces, with its new guidance set to make 2020 a year of record gold production.
"We are now on track to exceed the upper end of our annual production guidance and expect to produce approximately 44,500 ounces in 2020," said chief executive officer Alexander Dorogov.
"This is a strong achievement in a challenging year and a testament to the quality and grades of the orebody at vein 25, as well as to the endeavour and resilience of our team in Kamchatka. We look forward to a promising year ahead."
At 1222 GMT, shares in Trans-Siberian Gold were up 3.17% at 115.55p.
The AIM-traded firm said it had already produced around 40,297 ounces of gold doré in the 11 months ended 30 November.
It said it had made "significant progress" in the year, in particular with the transition towards the East Zone of the Asacha Gold Mine, with test ore from vein 25 contributing towards higher-than-expected average grades in the second and third quarters.
As a result, it said it was now on track to exceed the upper end of its previous 2020 full-year production guidance of between 38,000 and 42,000 ounces, with its new guidance set to make 2020 a year of record gold production.
"We are now on track to exceed the upper end of our annual production guidance and expect to produce approximately 44,500 ounces in 2020," said chief executive officer Alexander Dorogov.
"This is a strong achievement in a challenging year and a testament to the quality and grades of the orebody at vein 25, as well as to the endeavour and resilience of our team in Kamchatka. We look forward to a promising year ahead."
At 1222 GMT, shares in Trans-Siberian Gold were up 3.17% at 115.55p.