- Avesoro Resources has reported a net loss after tax of US$113m for 2016.

It said this included a US$42m impairment charge on New Liberty due to the operational issues experienced throughout 2016.

Revenues totalled US$63.6m generated from gold sales of 50,264 ounces since the start of commercial production at an average realised sale price of US$1,266 per ounce.

It said gold production guidance for 2017 was 90,000 - 100,000 ounces at a cash cost of US$750 - US$800 per ounce and AISC of US$925 - US$975 per ounce of gold produced.

Chief executive Serhan Umurhan said: "As highlighted in our Q4 production and operations update, 2016 has been a year of transition for Avesoro Resources, with the arrival of the new management team in Q3 2016 marking the beginning of the turnaround process at New Liberty.

"Whilst the period was challenging for the Company, the new leadership team achieved significant progress during the latter stages of the financial year, with strong improvements in performance across the entire operation and further operational and financial improvements having taken place during Q1 2017.

"I am pleased that the implementation of these operational changes has translated into Avesoro publishing our maiden production and cost forecasts.

"The company now sits in a position of strength, having reduced and renegotiated its debt facilities.

"Whilst today's financial results in the main reflect the historical difficulties of 2016, the operational improvements achieved during Q4 2016 have provided Avesoro with a solid platform for further material improvements throughout 2017.

"We are now focused on continuing to sustainably increase our production profile, whilst reducing all-in-sustaining costs.

"Avesoro is now strongly positioned for further growth and we are confident that New Liberty will create real, sustained value for our shareholders in the coming years."

At 8:21am: [LON:ASO] Avesoro Resources Inc. Com Shs Npv Di share price was 0p at 2.73p

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