StockMarketWire.com - Avesoro Resources' total gold production for the third quarter was 19,885 ounces - 26% up on the previous three months.

The group said this brought year to date production to 50,615 ounces of gold.

The company said it downgraded its annual production guidance to 70,000-80,000 ounces due to an unexpected lack of grade continuity in the Marvoe area of the pit.

It said gold production had increased quarter on quarter to an annualised production rate of approximately 80,000 ounces in Q3.

The company said it expected the annualised production rate to increase to approximately 100,000 ounces during Q4.

The group also issued an update mineral resource and reserve estimate.

Highlights: - Measured and Indicated Mineral Resource of 9.6Mt containing 985,000 ounces of gold grading 3.2g/t - Inferred Mineral Resource of 6.4Mt containing 620,000 ounces of gold grading 3.0g/t - Proven and Probable Mineral Reserve of 7.4Mt containing 717,000 ounces of gold grading 3.03g

- Additional heavy mining equipment ("HME") including four Komatsu PC1250 excavators and 12 Komatsu HD785 haul trucks to be procured to achieve a peak mining rate of 4 million tonnes of material per month; - An increase in process plant throughput from 140 to 200 tonnes per hour by the end of 2017 - Average forecast annual gold production of approximately 149,000 ounces over four years;









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