Auriant Mining AB (publ.) resumed mining at Tardan in July as planned. In Q3 2018, the Company mined 65,000 tonnes of ore with an average grade 2.79 g/t and this ore was stacked on the heap leach. Total gold production from the heap leach for 9months of 2018 was 208.3 kg (6,632 oz), compared to 538.9 kg (17,326 oz) in the same period in the previous year (-61%). The main reason for this decline in production was that no mining or crushing operations were carried out in the first 6 months of 2018, in order to save the ore for the more efficient CIL plant, for when it starts to operate in 2019. The Company expects that Tardan production for the whole of 2018 will be 380 kg, (12,217 oz) which is slightly above the previously announced forecast of 350 kg (11,252 oz)
The Tardan CIL project is proceeding according to plan. As recently announced, the CIL project complies with Russian Federation environmental protection standards and has been passed by the State Ecological Expertise. The Company aims to start production from the CIL plant in Q3 2019 and produce 1 tonne (32,150 oz) of gold in the year.
In May 2018, alluvial production was resumed at Solcocon. This production is 100% outsourced and generates a net margin of 29% of sales for the Company. In the current period, the Company engaged 2 contractors working on 2 placers, while 1 contractor was involved in 2017. During the reporting period, the Company produced 62.7 kg (2,015 oz) of alluvial gold compared to 41.2 kg (1,324 oz) produced in the previous period. Production at Solcocon in July was interrupted by heavy rainfall, which has led to widespread flooding in the Zabaikalsky region. Despite growth in production in Q3 2018 as compared to Q2 2018 (46.6 kg vs 16.1 kg) and continued mining in October as the weather was favourable, the alluvial production forecast of 150 kg (4,822 oz) will not be met. 2018 production is expected to reach 75 kg (2,411 oz).
For more information, please contact:
Sergey Ustimenko, CEO
tel: +7 495 109 02 82
e-mail: sergey.ustimenko@auriant.com
Company name: Auriant Mining AB
Short name: AUR
ISIN-code: SE0001337213
Website: www.auriant.com
Twitter: @auriantmining
Auriant Mining AB (AUR) is a Swedish junior mining company focused on gold exploration and production in Russia, primarily in Zabaikalye and the Republics of Khakassia and Tyva. The company has currently four assets, including one operating mine (Tardan), one early stage exploration asset and two development assets.
Since July 19, 2010, Auriant Mining´s shares are traded on First North Premier at the NASDAQ OMX Nordic Exchange under the short name AUR. For more information please visit www.auriant.com. Mangold Fondkommission is Certified Adviser to Auriant, for more information please call +46 8 503 015 50 or visit www.mangold.se.
This information is information that Auriant Mining AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 10:00 CET on October 29th , 2018.
Cautionary Statement: Statements and assumptions made in this report with respect to Auriant Mining AB’s (“AUR”) current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of AUR. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where AUR operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) AUR’s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) exchange rates, particularly between the Russian rouble and the U.S. dollar. In the light of the many risks and uncertainties surrounding any gold production and exploration company at an early stage of its development, the actual results could differ materially from those presented and forecast in this report. AUR assumes no unconditional obligation to immediately update any such statements and/or forecasts
This press release shall not, directly or indirectly, be released, published or distributed in or to the United States, Australia Japan, Canada, New Zealand, Hong Kong, South Africa or other country where such action as a whole or in part is subject to legal restrictions. Nothing in this press release should be considered as an offer to invest or otherwise trade in shares of Auriant Mining AB (publ). The proposed issue will not be directed at residents or those living in the United States, Australia, Japan, Canada, New Zealand, Hong Kong, South Africa or other country where such action would require further prospectus, other offering documentation, registration or other measures beyond those required by Swedish law. No securities will be registered under the United States Securities Act of 1933, a similar law in any state in the United States, or under any provincial law in Canada, nor under the applicable law of another country.
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