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Ariana Resources beats its 2020 production target

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(Kitco News) - Ariana Resources announced today that its 50% owned Kiziltepe mine in Turkey produced a total of 18,645 ounces of gold during the year, exceeding its full year production guidance by 3.5%.

According to the company’s statement, as at end 2020, the mine had produced a total of 84,200 ounces of gold and 915,233 ounces of silver, recording US$134 million in revenue since operations commenced in early 2017.

The company said that mining operations are continuing at Arzu North and Derya, with plans to expand these open-pit operations currently “under permitting review”.

Ariana Resources added that a processing plant expansion is “underway”, with construction due to be completed in H2 2021; the processing plant capacity will be increased by over 300% over the feasibility design and up to 500,000 tonnes of ore per annum.

Managing Director Dr. Kerim Sener commented, "The final quarter of 2020 rounded off another solid year of production for Kiziltepe, which once again exceeded joint venture guidance. We were further buoyed by gold and silver prices during the year, resulting in revenue exceeding US$37 million in 2020, and capping off an exceptional period of company development for which our staff and our joint venture team must be commended.”

Ariana is an AIM-listed mineral exploration and development company operating in Europe. It has interests in gold production in Turkey and copper-gold assets in Cyprus. The company is developing a portfolio of prospective licences in Turkey, which contain a depleted total of c. 2.1 million ounces of gold and other metals (as at July 2020).

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