LONDON (ShareCast) - (ShareCast News) - Investee company Ariana Resources reported that production of gold and silver from its newly commissioned Kiziltepe operation, in which it has a 50% interest, exceeded expectations, Starvest announced on Wednesday.
According to the specialist mining and resources investment business, Ariana, in which it has interests, said that output of gold and silver at the Kiziltepe operation in Turkey exceeded quarterly guidance.

Production costs stood at $570 per ounce against average realised value of sales of $1,342 per ounce, while gross income for the quarter ended 30 September 2017 totaled $5m from sales of gold and silver, Starvest said.

The company added that the grade of ore mined matched overall reserve expectations and that mill recoveries had been higher than forecast.

Callum Baxter, chairman and CEO commented: "Starvest have been a long term supporter of Ariana Resources since pre-IPO. The team at Ariana, headed by Michael de Villiers and Dr. Kerim Sener, have provided a solid set of quarterly production figures from the Kiziltepe operation. Mining at Kiziltepe continues to exceed expectations and is generating significant revenue from sales. The reported cost per ounce of this operation is very positive. We look forward to continuing our relationship with the Company."

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