- West African gold producer Avesoro Resources said profit rose sharply in the first quarter of 2018 as gold production and sales more than trebled, while costs plunged 40%.

Net profit (EBITDA) for the period - excluding finance costs, income tax expense and depreciation - rose to $40.2m for the quarter from $0.2m the same period a year ago. Revenues rose 364% to $91.4m.

Gold production rose 357% to 68,088 ounces, while gold sold rose 328% to 68,553 ounces.

The average realised price of gold rose 8% to $1,333 an ounce from $1,271 an ounce.

Operating cash costs fell 41% to US$624 per ounce sold in the first quarter from the same period a year ago, while all-in sustaining cash costs fell by 39% to $914 per ounce.

The firm said it remained on track to achieve its 2018 production and cost guidance of 220,000 to 240,000 ounces of gold at an operating cash cost of US$620 to US$660 per ounce and an AISC of US$960 to US$1,000 per ounce.

'I am delighted to report that following record quarterly gold production of 68,088 ounces, the company delivered record quarterly revenues of US$91.4 million,' said Serhan Umurhan, Chief Executive Officer of Avesoro Resources.

At 10:20am: [LON:ASO] Avesoro Resources Inc. share price was +17.5p at 290p

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