StockMarketWire.com - Avesoro Resources reduced its production annual production guidance as the transition to contractor mining at New Liberty and Youga resulted in disruption to mining activities and gold production.

Annual output guidance was reduced to 180,000 - 200,000 ounces from previous guidance of 210,000 - 230,000 ounces.

The downside of the initiative was expected to be short lived, and the anticipated reduction in mining costs would be beneficial to the company over the longer term, Avesoro said.

Assuming the stoppage in mining operations at Youga is resolved quickly, the company said it expected a funding shortfall of between US$25m to US$30m later this year.

'I am confident that these short-term challenges will be quickly overcome, and the Company's focus remains firmly on delivering production from both mines in line with the forecasts within the Technical Reports whilst delivering a successful transition to underground mining operations at New Liberty within the next two years,' said Serhan Umurhan, Chief Executive Officer of Avesoro.


At 9:40am: [LON:ASO] Avesoro Resources Inc. share price was -53.2p at 40.8p



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