- Exploration and development company Ariana Resources reported a rise in quarterly production in the third quarter and maintained its annual production guidance.

Gold production for the third quarter was 5,125 ounces, up from 4,679 ounces in the second, enabling annual guidance of 18,000 ounces to be maintained into fourth quarter, the company said.

Ore processed for the quarter was 57,302 tonnes, up from 54,862 tonnes in Q2, at an average head grade to the plant of 2.63 grams per tonne of gold.

'We now look forward to the next quarter and the further development of the Arzu North area, which is yielding substantially more ore tonnage than modelled previously,' the company said.

'In addition, the joint venture team is advancing towards a proposed mill expansion which provides for an increase in throughput to 400,000 to 500,000 tonnes per annum. This will help ensure lower unit costs despite the reduction in grade across the satellite pits.'

At 9:43am: [LON:AAU] Ariana Resources PLC share price was +0.15p at 6.1p

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