LONDON (ShareCast) - (Sharecast News) - Mineral explorer and developer Ariana Resources announced record full-year production for the Kiziltepe mine in Turkey on Friday.

The AIM-traded firm said the mine, which is 23.5% owned by Ariana through its shareholding in Zenit, produced a record total of 28,421 ounces of gold during the year, exceeding its full-year production guidance by 14%.

Mining operations at the Arzu North and Derya pits continued throughout the year, and had recommenced at the Arzu South pit as it expanded to its final design limits.

The mine recorded gross full-year revenue of $58m at an average realised gold price of $1,858 per ounce, against an average revenue per gold ounce of $2,041 due to silver credit.

"As expected, 2022 was an operationally very strong year for the company," said managing director Kerim Sener.

"Kiziltepe has now completed six highly productive years of operation, performing consistently above guidance and having now produced significantly more gold than modelled in our feasibility study."

Ariana said Zenit had reinvested "significantly" into its operations in 2022, including funding the construction of the Tavsan mine and the exploration and development of expanded resources both at Kiziltepe and at Tavsan.

The company was focussed on maintaining the lowest possible cash costs, with its long-term average running at $650 per ounce up to June last year.

In addition to the strong performance of the Kiziltepe mine, the firm said it was also encouraged by the work being undertaken across its other project interests, specifically at Tavsan and Salinbas.

At Tavsan, work led to a resource estimate containing more than 307,000 ounces of gold, and also identified opportunities to further expand the resource through a further drilling programme, which began late in the year.

Drilling at Salinbas was meanwhile continuing, and had now started at the Hizarliyayla Prospect, which is in the vicinity of the more-than-four million ounce Hot Maden deposit to the south, and with which it shared several geological features.

At 1030 GMT, shares in Ariana Resources were up 8.54% at 3,42p.

Reporting by Josh White for Sharecast.com.

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