- Avesoro Resources achieved positive EBITDA for the first time in the company's history in the three months to the end of March.

It said this was largely driven by improvements in mining and processing productivity, operational efficiency and cost savings through the insourcing of core activities.


- Revenues of US$19.7 million from gold sales of 16,008 ounces, with an average realised gold price of US$1,231 per ounce;

- US$17.0m improvement on the prior quarter adjusted EBITDA to US$0.5 million

- Mining cost reduced by 49% to US$2.19/t compared to US$4.30/t in Q4 2016;

- Processing costs reduced by 24% to US$26.77/t compared to US$35.12/t in Q4 2016;

- Operating cash costs of US$1,051 per ounce, a reduction of 46% on the previous quarter;

- All-in sustaining costs of US$1,488 per ounce sold, a reduction of 28% on the previous quarter

The company said total gold production for the quarter was 14,906 ounces at an operating cash cost of US$1,051 per ounce, which was in line with management's expectations and full year guidance of 90,000 - 100,000 ounces at a cash cost of US$750 - US$800 per ounce.

Chief executive Serhan Umurhan said: "A primary focus of the quarter was catching up on the waste stripping shortfall from H1 2016 as well as continuing to improve performance across the entire operation.

"It is pleasing to see that our optimisation work at New Liberty is beginning to translate into increased efficiencies and lower costs, and, despite the relatively low plant feed grade during the quarter we achieved a positive EBITDA for the first time in New Liberty's history."

At 9:33am: [LON:ASO] Avesoro Resources Inc. Com Shs Npv Di share price was -0.03p at 2.15p

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