Centamin Reports Preliminary Q1 Gold Output of 125,268 Ounces

Centamin plc (TSX:CEE,LSE:CEY) released preliminary Q1 2016 production results from its Egypt-based Sukari gold mine.
As quoted in the press release:

Preliminary total gold production for the quarter was 125,268 ounces, a 6.5% increase on the previous quarter and a 15.7% increase on Q1 2015. Full year production guidance of 470,000 ounces is maintained.
Quarterly throughput at the process plant was 2,876kt, a 4.3% increase on the previous quarter and above our base case target rate of 11 million tonnes per annum (Mtpa).
Open pit total material movement increased 10.2% on the previous quarter to 15,157kt, with open pit ore production increasing by 7.9% to 2,405kt. The run of mine ore stockpile balance decreased by 213kt to 491kt at the end of the period.
The underground operation delivered 281kt of ore, a 6.3% decrease on the previous quarter but remaining above our forecast production rate of 1 million tonnes per annum.

Andrew Pardey, CEO of Centamin, commented:

These production results reflect a solid start to the year for Sukari and support our forecast 2016 production of 470,000 ounces of gold. The processing operation was a highlight and the key driver of the quarterly increase in output, with throughput rising above our base case forecast rate of 11Mt per annum. The open pit delivered an increase in material movement over the previous quarter and the underground mine continues to deliver production rates in excess of our base case forecast. With quarterly production rates expected to remain within the 450,000 to 500,000 ounces per annum range, our full year guidance remains unchanged at 470,000 ounces. Continuing optimisation of the expanded Sukari processing and mining operations supports the potential for further productivity increases over the coming quarters.

Click here to read the full Centamin plc (TSX:CEE,LSE:CEY) press release.