Russian miner Trans-Siberian Gold (TSG) achieved a 52% year-on-year increase in gold production to 12 345 oz at its Asacha gold mine for the three months ended March 31.
The increase was driven by higher grades and better recoveries, the company said, adding that it remains on track to meet its full-year production guidance.
TSG also reported a 105% year-on-year increase in silver production to 32 748 oz; a 45% year-on-year increase in the average quarterly gold grade to 8.8 g/t and a 31% year-on-year increase in silver revenue to $563 000.
Realised gold and silver prices, at $ 1 312/oz and $15.5/oz, respectively, both represented a 7% year-on-year increase.
During the quarter, 11 949 oz of gold was sold at an average price of $1 312/oz.
Gold recoveries during the quarter remained stable at 95.4%, while silver recoveries increased to 81%.
TSG CEO Alexander Dorogov says the company will continue to focus on optimising its processing efficiency as it continues to target production of between 40 000 oz and 44 000 oz of gold for the full-year.
The company has confirmed that construction of the underground dewatering pumping facilities is on track for completion in May, with additional rig and surface exploration drilling scheduled to start in June.
TSG has also started underground exploration drilling works.