StockMarketWire.com - Avesoro Resources reiterated its annual production guidance even as gold output slipped in the second quarter of the year amid disruptions at its mining operations.

New Liberty gold production fell 27% to 18,822 ounces in the second quarter from the previous quarter, and Youga gold production slipped 19% to 15,516 ounces in the quarter.

At Youga, the temporary production stoppage caused by the transition to contractor mining in June, and the on-going lower-than-expected grade from the Gassore pit resulted in mill feed grade deteriorating 23% to 1.5 grams per tonne of gold in quarter from a year earlier, the company said.

At New Liberty, second-quarter gold production of 18.8koz was temporarily adversely impacted by the transition to contractor mining in April. I am pleased to report that production performance during May and June returned to our budgeted levels and we are now well prepared for the onset of the wet season during the third quarter of 2019."

Total material movement fell 7% to 12.3 million tonnes in the quarter from the previous quarter.

But the company maintained its 2019 production guidance of 180,000 to 200,000 ounces of gold, saying it was 'confident' that the challenges experienced during second-quarter had been overcome and that total material movement and gold production would increase in the second half of the year.




At 9:24am: [LON:ASO] Avesoro Resources Inc. share price was -0.5p at 81p



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