Avesoro Resources, West African gold producer, announced its preliminary production results for FY 2018. 44,962 ounces of gold was produced by the company for the fourth quarter of 2018. The Company achieved its full year guidance with 220,458 ounces of gold produced for the year ended December 31, 2018 from its New Liberty Gold Mine in Liberia, and Youga Gold Mine in Burkina Faso.
While the Company’s gold production from New Liberty Gold Mine was 24,573 ounces in fourth quarter, Total gold production in FY 2018 was realized as 109,707 ounces. At Youga Gold Mine, the company produced 20,389 ounces of gold in the quarter ended December, 31, 2018. Gold Production in Youga Gold Mine was realized as 110,751 ounces in FY 2018.
The Company intends to provide 2019 production guidance and an updated Mineral Reserve and Resource estimate for New Liberty, including the Ndablama satellite deposit, in March 2019.
Serhan Umurhan, Chief Executive Officer of Avesoro, commented: “2018 represented a significant year for Avesoro and established our position as a multi-asset producer. I am very pleased to announce that we have achieved our full year production guidance for 2018, which remained unchanged throughout the year. 2018 annual production of 220,458 ounces also represents a 15% increase compared with 2017 pro-forma production from the two mines. The substantial increase in gold production at New Liberty of 44% versus the prior year also underlines the strong performance of our team as we continue to optimise operational performance and add value at our mines.
Moving into 2019, I look forward to updating the market on the results of the ongoing prefeasibility study at the New Liberty underground project which is also expected to include the first open pit reserves from the Ndablama satellite deposit towards the end of the first quarter of 2019. The focus for this coming year will be on the delivery of strong cash flow and further debt reduction following the substantial reinvestment of cash generated by operations that characterised 2018.”
