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Share Name Share Symbol Market Type Share ISIN Share Description
Trans-siberian Gold LSE:TSG London Ordinary Share GB0033756866 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 35.00p 34.00p 36.00p 35.00p 35.00p 35.00p 2,966 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 32.2 2.2 1.7 19.2 38.01

Trans-Siberian Gold PLC Q4 & FY17 Production Update

19/01/2018 7:00am

UK Regulatory (RNS & others)


Trans Siberian Gold (LSE:TSG)
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1 Year : From Dec 2017 to Dec 2018

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RNS Number : 3272C

Trans-Siberian Gold PLC

19 January 2018

Trans-Siberian Gold plc

("TSG" or the "Company")

Q4 & FY17 Production Update

Trans-Siberian Gold plc (TSG.LN) announces its production update at the Asacha Gold Mine for the three months to 31 December 2017 ("Q4") and for the 12 months ended 31 December 2017 ("FY17").

Q4 Highlights

   --      Record quarterly gold production of 12,244oz 
   --      33.3% increase in gold production (Q4 2016: 9,188oz) 
   --      16.2% increase in grade: 8.6g/t (Q4 2016: 7.4g/t) 
   --      15.1% increase in ore extracted: 55,992 tonnes (Q4 2016: 48,658 tonnes) 
   --      Two (minor) lost time injuries in Q4 

FY17 Highlights

   --      Total gold production slightly exceeded FY2017 production guidance: 36,714oz 
   --      Total gold produced stable Y-on-Y (FY16: 36,225oz) 
   --      Significant Y-on-Y increases in mine development and ore processed 
   --      Estimated gold sales amounted to $42.7million 

-- Favourable estimated average selling price of $1,262/oz vs. average gold price of $1,266/oz(1) for 2017

-- Three (minor) lost time injuries in FY17. Notwithstanding TSG maintains its strong track record of operating one of the safest gold mining operations among its peers.

____________

(1) Source: World Gold Council

Dmitry Khilov, Chief Executive Officer of TSG, commented:

"Having faced a few operational challenges during the year I am pleased that we have slightly exceeded our production guidance. We are continuing to work hard at the Asacha Gold Mine to efficiently mine this high grade ore body. We look forward into 2018 with confidence to continue to deliver stable gold production at low cost levels".

Production Summary

Mining and production data for Q4 and FY17 at the Asacha Gold Mine is shown in the following table:

 
     Metric           Q4       Q3      Q-on-Q      Q4      Y-on-Y     2016       2017       Y-on-Y 
---------------- 
                     2017     2017    % Change    2016    % Change    Total      Total     % Change 
----------------   -------  -------  ---------  -------  ---------  --------  ----------  --------- 
 Mine 
  development 
  (m)               1,656    1,499     10.4%     1,498     10.5%      4,926      5,780      17.3% 
 Ore extracted, 
  tonnes            55,992   48,663    15.1%     48,658    15.1%     179,258    198,349     10.6% 
 Ore processed, 
  tonnes            46,752   47,504    -1.6%     40,765    14.7%     162,892    184,433     13.2% 
 Grade, 
  gold, 
  g/t                8.6      7.4      16.5%      7.4      17.0%       7.2        6.6       -9.1% 
 Grade, 
  silver, 
  g/t                17.6     13.3     32.3%      15.2     15.6%      12.7       12.3       -3.5% 
 Recovery, 
  gold, 
  %                  94.7     94.5      0.2%      95.2     -0.5%      95.2       94.4       -0.8% 
 Recovery, 
  silver, 
  %                  81.2     78.6      3.3%      83.9     -3.2%      81.7       78.7       -3.7% 
 Gold 
  in dore 
  (oz)              12,244   10,573    15.8%     9,188     33.3%     36,225     36,714       1.3% 
 Silver 
  in dore 
  (oz)              21,291   15,703    35.6%     16,666    27.8%     54,595     57,072       4.5% 
 Gold 
  refined 
  (oz)              9,858    9,006      9.5%     8,356     18.0%     35,366     33,872      -4.2% 
 Silver 
  refined 
  (oz)              16,315   14,219    14.7%     14,262    14.4%     51,428    52,745.72     2.6% 
-----------------  -------  -------  ---------  -------  ---------  --------  ----------  --------- 
 

Commentary

Refined gold production for the year was slightly down as adverse weather conditions at the mine site prevented most of the gold produced in December being sent to the refinery. It is expected that the metal will be refined and sold in January as soon as the weather conditions become more favourable.

TSG expects to report Asacha's first quarter 2018 gold production in April 2018.

Potential Environmental Claim

The Company's wholly owned subsidiary, ZAO Trevozhnoye Zarevo ("TZ") has received a claim from the Federal Service for Supervision of Use of Natural Resources, RosPrirodNadzor ("RPN") over the payments for disposal of waste materials following a site inspection in 2016. Having taken appropriate advice, the management believe that they have a strong legal position and as such, dispute the claim made by RPN. The claim could potentially amount to approximately $2.5m. Further announcements will be made as appropriate.

 
  Contacts TSG 
                             +44 (0) 7799 
 Stewart Dickson                   694195 
 
                              +44 (0) 207 
 Cantor Fitzgerald Europe        894 7000 
 David Porter 
 

About TSG

TSG is focused on low cost, high grade mining operations and stable gold production from its 100% owned Asacha Gold Mine in Far East Russia.

Additional information is available from the Company's website: www.trans-siberiangold.com

Market Abuse Regulations

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

Abbreviations

   g/t        grammes per tonne 
   oz         ounce 
   m         metre 

Disclaimer

This announcement contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets, fluctuations in interest and/or exchange rates and metal prices; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 19, 2018 02:00 ET (07:00 GMT)

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