Avesoro lifts FY18 output by 15% y/y, progresses New Liberty undergound PFS

17th January 2019 By: Marleny Arnoldi - Creamer Media Online Writer

TSX- and Aim-listed gold producer Avesoro Resources exceeded its 2018 full year guidance, with 220 458 oz of gold produced from its New Liberty mine, in Liberia, and the Youga mine, in Burkina Faso.

Avesoro’s yearly production increased by 15% compared with 2017, with a 44% year-on-year increase in production at New Liberty, to 109 707 oz, offset by a 4% year-on-year decrease in production at Youga, to 110 751 oz.

CEO Serhan Umurhan on Thursday said 2018 had been the year in which the company established itself as a multi-asset producer.

Meanwhile, the company is progressing a prefeasibility study (PFS) at the New Liberty underground project, which is expected to include the first openpit reserves from the Ndablama satellite deposit, towards the end of the first quarter.

Umurhan said the company would, this year, focus on the delivery of strong cash flow and further debt reduction.