Avesoro Resources Announces 2018 Q1 Production Update

Avesoro Resources Inc. (TSX:ASO) announced its preliminary production results for the quarter ending March 31, 2018 from its New Liberty Gold Mine.

Highlights are as follows:

• All time high gold production levels from the Liberia and Burkina Faso operations in the Quarter;
• Total gold production in the Quarter of 68,088 ounces, in line with 2018 production guidance;
• Record quarterly gold production of 27,870 ounces from New Liberty, an increase of 9% on the previous quarter;
• Record quarterly gold production of 40,218 ounces from Youga and Balogo, an increase of 39% on the previous quarter, which also represented the highest quarterly production ever achieved by the Youga process plant since it was commissioned in February 2008; and
• Further New Liberty plant optimisations completed during the Quarter including the commissioning of a tertiary crusher increasing the crushing circuit throughput by 17% to 140kt per month and installation of a second gravity concentrator.

Serhan Umurhan, CEO, commented:

Following a strong end to 2017, the continued operational performance throughout the first Quarter of 2018 has resulted in gold production of 68,088 ounces and leaves the Company on track to meet 2018 production guidance of 220,000 to 240,000 ounces of gold at an operating cash cost of between US$620 and US$660 per ounce.

Each of our mines performed in line with our expectations. New Liberty plant optimisations are now complete and combined with the recent additions to the mining fleet the Quarter delivered record quarterly gold production levels.

The Company also benefited from a full quarter of contribution from the Youga and Balogo mines acquired inDecember 2017, with record quarterly gold production achieved at the Burkina Faso operations in the first full quarter under the Company’s ownership. The process plant at Youga also delivered its highest quarterly gold production ever seen during the ten years since it was commissioned in February 2008. Recoveries at Youga also improved compared with Q4 2017 and we expect this trend to continue with the addition of a new PSA Oxygen Plant in the coming weeks.

Together with our near mine exploration campaign, which is well underway across the three mines, and delivering encouraging results which suggest the potential to significantly increase mine lives, we continue to strive to increase shareholder returns and end Q1 in a position of strength.

Click here to read the full Avesoro Resources Inc. (TSX:ASO) press release.