London-listed gold producer Trans-Siberian Gold (TSG) on Tuesday reported a 32% quarter-on-quarter increase in gold production to 12 620 oz in the third quarter, on the back of an improvement in grades at the Asacha mine.
The company reported a 6.3% year-on-year improvement in grade to 8.3 g/t and in the nine-months ended September, the average grade was 8.5 g/t – or nearly 26% better than the same period a year earlier.
In the first nine months of the year, Asacha produced 34 509 oz, which is a substantial 18.8% increase on production in the first nine months of 2018.
“We are particularly delighted to note that following a substantial increase in the average gold price last quarter, we have successfully maintained the high grade of 8.3 g/t during this period. Our production to date of 34 509 oz places TSG firmly on track to meet the upper-end of our annual output guidance of 40 000 oz to 44 000 oz," said CEO Alexander Dorogov.
Third-quarter revenue increased by 28% year-on-year to $14-million, reflecting the improved production and a stronger gold price.