- Avesoro Resources's revenues rose to $25.5m in the third quarter to the end of September - a 32% increase on the previous three months - from gold sales of 19,797 ounces, with an average realised gold price of US$1,286 per ounce.

Adjusted EBITDA of US$5.5m represented a fivefold increase on Q2 and the company's third consecutive quarter of EBITDA growth.

Total gold production was 19,885 ounces - a 26% increase on the prior quarter and 38% up on a year ago.

Ore mined totalled 247,000 tonnes, an increase of 15% on the prior quarter at an average grade of 2.75g/t, an increase of 4% on the previous quarter.

Ore processed totalled 254,000 tonnes, a decrease of 14% on the previous quarter due to a lack of run of mine ore feed for a short period of time caused by pit flooding as a result of heavy rain which disrupted mining operations.

Gold recovery increased from 88% in the prior quarter to 91%, with recovery in excess of 92% achieved throughout September 2017.

Chief executive Serhan Umurhan said: 'I am pleased with the continued improvement in performance at New Liberty, including strengthening revenues and further improvement in EBITDA margin to give us our third consecutive quarter of positive EBITDA and quarter on quarter increase in production levels.

'The focus at New Liberty throughout this year has been on delivering improvements in operational performance and the results achieved this Quarter further reflect our success in this regard.

'We expect Q4 2017 to deliver further improvements across all these metrics, including a continued reduction in unit mining costs which were inflated this Quarter due to stoppages and inefficiencies arising from heavy rains during the tail end of the wet season.

'We expect to end the year with a strong final quarter and to deliver against our production guidance which is maintained at 70,000 - 80,000 ounces of gold.

'The acquisition of the Youga and Balogo Gold Mines in Burkina Faso that we announced on 31 October 2017 will bring geographic diversity to our asset portfolio and significantly increase the Company's gold production levels.

'The transaction will also strengthen the Company as a platform for further growth as we continue on our path towards becoming a premier mid-tier African gold producer.'

At 8:01am: [LON:ASO] Avesoro Resources Inc. Com Shs Npv Di share price was +0.03p at 1.95p

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