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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Archipelago Res | LSE:AR. | London | Ordinary Share | GB0033551721 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAR.
RNS Number : 0821D
Archipelago Resources PLC
24 April 2013
24 April 2013
AIM: AR.
Archipelago Resources plc
("Archipelago" or "the Company")
Q1 2013 Production Result
Archipelago is pleased to announce its production results for the Toka Tindung Mine in North Sulawesi, Indonesia for the quarter ended 31 March 2013 ("Q1 2013").
HIGHLIGHTS
-- Achieved production of 31,575 Au Eq oz for Q1 2013.
-- Maintains FY 2013 production guidance of between 140,000 and 155,000 Au Eq oz at a cash cost of between $620 and $680 per Au oz (net of Ag credits and royalties).
-- Appoints Mr Charles Knight as General Manager - Operations.
COMMENT
Commenting on the result, Marcus Engelbrecht, Managing Director and CEO, said:
"Building on the achievements of 2012, I am pleased to report production of 31,575 Au Eq oz for the first 3 months of operations during 2013. This is in line with our yearly production profile, which is historically weighted to the latter quarters of the year. On behalf of the Board, I would also like to welcome Mr Charles Knight as General Manager - Operations."
DETAILS
Production Update
For Q1 2013, Archipelago recorded production of 31,575 Au Eq oz (compared to 32,189 Au Eq oz for Q1 2012). Provided below is a summary of production results for Q1 2013 against Q1 2012:
Category Q1 2013 Q1 2012 ------------------------- ---------- ---------- Ore Mined (T) 498,272 654,768 ------------------------- ---------- ---------- Waste Mined (T) 2,901,526 3,690,547 ------------------------- ---------- ---------- Total Mined (T) 3,399,798 4,345,315 ------------------------- ---------- ---------- Ore Processed 401,912 427,859 ------------------------- ---------- ---------- Strip Ratio 5.82 5.64 ------------------------- ---------- ---------- Head Grade for Au (g/t) 2.56 2.33 ------------------------- ---------- ---------- Head Grade for Ag (g/t) 6.05 4.97 ------------------------- ---------- ---------- Process Recovery Rate (%) 90.30% 91.20% ------------------------- ---------- ---------- Gold Ounces Produced (Eq oz) (1) 31,575 32,189 ------------------------- ---------- ----------
(1) For Q1 2013, the Company produced 30,618 Au oz and 53,477 Ag oz corresponding to 31,575 Au Eq oz (calculated by dividing (i) Ag oz production, by (ii) the Q1 realised Au:Ag price ratio of 56:1).
The average head grade for Au Eq oz was 2.71 g/t for Q1 2013 (compared to 2.44 g/t for Q1 2012).
Production at Archipelago's Toka Tindung Mine is subject to seasonal variation, with adverse weather patterns having most impact during the first three months of the calendar year. In this regard, significant rainfall was reported across the North Sulawesi region during Q1 2013, with a total of 1,324.5mm of rain being recorded at the site over the period (which was circa 20% higher than for Q1 2012).
Despite these challenging weather conditions, Archipelago maintained production levels substantially in line with output reported for Q1 2012. This was largely due to the Company continuing to source higher grade ore from the Kopra and Pajajaran deposits (in addition to the on-going blending of ore recovered from the main Toka pit).
For Q1 2013, the processing plant operated slightly below nameplate capacity on a quarter by quarter basis, primarily due to the metallurgical nature of ore from the southern deposits. The Company expects recovery rates to improve, with the recently installed oxygen plant expected to have a positive impact on recovery rates for the remainder of the year.
Overall, the Toka Tindung Mine operated broadly in line with mine planning for Q1 2013 and remains on track to achieve full year production targets. Archipelago expects production to continue to build during the course of the year, as drier weather conditions prevail; especially during the second half of 2013. In this regard, the Company is maintaining FY 2013 production guidance of 140,000 to 155,000 Au Eq oz. Full year cash cost guidance is also maintained at between $620 and $680 per Au oz (net of Ag credits and royalties).
Management Update
Archipelago has restructured the senior management roles at the Toka Tindung Mine in line with the anticipated production ramp up during 2013. The positions of Chief Operating Officer and Operations Manager have been combined into a new role of General Manager - Operations. Mr Les Kwasik, formerly Chief Operating Officer, has left the Company to pursue other ventures.
Archipelago is pleased to announce the appointment of Mr Charles Knight as General Manager - Operations. Mr Knight has over 35 years' experience in senior management roles across the resources and industrial sectors.
Prior to joining Archipelago, Mr Knight was an executive director with 333 Consulting, where he was responsible for overseeing a range of productivity improvement initiatives in the mining industry; working on projects for Newcrest Mining, Straits Resources, Resolute Mining, Iluka Resources and OceanaGold (amongst others). In addition to his resource industry credentials, Mr Knight also has extensive South East Asian managerial experience, having held senior roles in Indonesia, Singapore and Malaysia.
FURTHER INFORMATION
Archipelago Resources plc Vice President - Corporate Affairs +44 20 7523 Matthew Salthouse +65 6535 3419 8000 ------------------------------ ---------------- ---------------------- ------------ Canaccord Genuity Limited Joint Broker Andrew Chubb Christopher Fincken ------------------------------ ---------------- ---------------------- ------------ Grant Thornton Corporate Finance NOMAD Gerry Beaney Philip Secrett +44 20 7383 David Hignell 5100 ------------------------------ ---------------- ---------------------- ------------ Liberum Capital Buchanan Limited Corporate Communication Joint Broker Bobby Morse +44 20 7466 Michael Rawlinson +44 20 3100 Gordon Poole 5000 Christopher Kololian 2000 ------------------------------ ---------------- ---------------------- ------------
ABOUT ARCHIPELAGO
Archipelago is a producing mining company listed on the AIM market of the London Stock Exchange. Archipelago's vision is to grow into a respected and regionally dominant mid-cap gold producer, managing a portfolio of gold mines and delivering significant value and returns for our shareholders. Archipelago's principal activities are gold mining and exploration in Indonesia (as the 95% owner of the producing Toka Tindung Gold Mine in North Sulawesi, Indonesia).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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