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Profits are up 170% at Trans-Siberian Gold

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Trans-Siberian Gold (TSG:LN) said today that its revenue was up 8.7% to $30 million for its H1.

The profit was up 169.7% to $8.5 million.

The company said it completed a 20.8% share buyback and increased its free float to 24.3%.

Trans-Siberian Gold produced more gold. Gold dore production increased to 21,889 oz, up 26.1% YoY.

Alexander Dorogov, CEO of TSG, touted his company's accomplishments:

"We have seen some exciting accomplishments over the period, including the addition of two highly experienced individuals to our Senior Management team, the acquisition of the licence for the high-calibre Rodnikova deposit, one of the largest gold fields in South Kamchatka, and the completion of a $7.6 million share buyback.

"I would also like to highlight that we are now mining at consistently higher grades (averaging 8.6g/t) and look to drive further the initiatives for improvements in our operational efficiency."

The company said it is devising an exploration field work program for Rodnikova with an eye to "initiate early stage production."

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