TIDMAR.
RNS Number : 1636W
Archipelago Resources PLC
23 January 2013
23 January 2013
AIM: AR.
Archipelago Resources plc
("Archipelago" or "the Company")
Archipelago achieves 2012 full year production targets
Archipelago is pleased to release its production results for the
Toka Tindung Mine in North Sulawesi, Indonesia for the year ended
31 December 2012 ("FY 2012").
HIGHLIGHTS
Production
-- Achieved FY 2012 production of 139,012 Au Eq oz at a cash
cost of $635 per oz (net of silver credits), meeting both
production and cash cost guidance set for the first full year of
operations.
-- For the three months ended 31 December 2012 ("Q4 2012"),
Archipelago set a quarterly production record of 42,302 Au Eq
oz.
-- Sustained robust Au head grades throughout 2012 with a 2.79
g/t Au Eq oz average (FY 2012: 2.62 g/t Au oz; Q4 2012: 3.13 g/t Au
oz).
-- No Lost Time Injuries reported for 2012.
2013 Guidance
-- For the year to 31 December 2013, Archipelago expects to
produce between 140,000 and 155,000 Au Eq oz at a cash cost of
between $620 and $680 per Au oz.
COMMENT
Commenting on the result, Marcus Engelbrecht, Managing Director
and CEO, said:
"The production result we achieved during 2012 is pleasing,
particularly as this is Archipelago's first year at full
production. We not only delivered against our initial guidance on
production, but did so at a cash cost well below that of many
industry peers. This positive result is a testament to the quality
of the Archipelago team, and I am confident that we can continue to
meet our operational targets and sustain a superior performance at
our Toka Tindung Mine into 2013."
DETAILS
For FY 2012, Archipelago recorded production of 139,012 Au Eq oz
(and 42,302 Au Eq for Q4 2012), meeting guidance expectations. Cash
costs were $635 per oz (net of silver credits) and also within
guidance. Archipelago provides the following summary of production
results for FY 2012 and Q4 2012:
Category FY 2012 Q4 2012
----------------------------- ---------- ---------
Ore Mined (T) 2,744,116 777,505
----------------------------- ---------- ---------
Waste Mined (T) 15,488,415 3,636,717
----------------------------- ---------- ---------
Total Mined (T) 18,232,531 4,414,222
----------------------------- ---------- ---------
Ore Processed 1,738,197 446,953
----------------------------- ---------- ---------
Strip Ratio 5.64 4.68
----------------------------- ---------- ---------
Head Grade for Au (g/t) 2.62 3.13
----------------------------- ---------- ---------
Head Grade for Ag (g/t) 9.11 9.65
----------------------------- ---------- ---------
Process Recovery Rate (%) 90.3% 90.9%
----------------------------- ---------- ---------
Gold Ounces Produced (Eq oz) 139,012 42,302
----------------------------- ---------- ---------
The average head grade for gold equivalent ounces was 2.79 g/t
for FY 2012 and 3.31 g/t for Q4 2012.
As anticipated, FY 2012 production was greater in the second
half of the year, with the Company mining the near surface high
grade ore deposits of Kopra and Pajajaran (in addition to on-going
activities at Blambagan and the main Toka pit). As a consequence,
the strip ratio has declined as the year has progressed (FY 2012:
5.64:1; Q4 2012: 4.68:1). Mining will continue in these higher
grade deposits during 2013 and the Company expects to sustain, or
exceed, current production levels over the short term.
For FY 2012, the processing plant operated broadly in line with
nameplate capacity and recovery rates remained relatively constant
over the period (FY 2012: 90.3%; Q4 2012: 90.9%). In line with new
guidance, it is anticipated that processing throughputs will be
higher in 2013 (notwithstanding planned maintenance to occur in the
first quarter).
Overall, Archipelago is encouraged by the performance of the
Toka Tindung Mine, which operated broadly within mine planning and
operational metrics for its first full year of operations; enabling
the Company to achieve guidance and remain relatively low cash
costs compared to peers. For 2012, the Company also reported no
Lost Time Injuries.
2013 Guidance
Archipelago expects to build on the FY 2012 performance over the
course of the current year.
For the year to 31 December 2013, Archipelago expects to produce
between 140,000 and 155,000 Au Eq oz at a cash cost of between $620
and $680 per Au oz.
Conference Call
A conference call will be held for analysts and investors at
9:30am (London time) today and access can be obtained via the
following details:
UK free call: 0808 238 0673 quoting the ID code 89856020
International dial in: +44 (0) 1452 569 335 quoting the ID code 89856020
FURTHER INFORMATION
Archipelago Resources
plc
Vice President - Corporate
Affairs +44 20 7523
Matthew Salthouse +65 6535 3419 8000
------------------------------ ---------------- ---------------------- ------------
Canaccord Genuity
Limited
Joint Broker
Rob Collins
Andrew Chubb
------------------------------ ---------------- ---------------------- ------------
Grant Thornton Corporate
Finance
NOMAD
Gerry Beaney +44 20 7383
David Hignell 5100
------------------------------ ---------------- ---------------------- ------------
Liberum Capital
Buchanan Limited
Corporate Communication Joint Broker
Bobby Morse +44 20 7466 Michael Rawlinson +44 20 3100
Gordon Poole 5000 Christopher Kololian 2000
------------------------------ ---------------- ---------------------- ------------
ABOUT ARCHIPELAGO
Archipelago is a producing mining company listed on the AIM
market of the London Stock Exchange. Archipelago's vision is to
grow into a respected and regionally dominant mid-cap gold
producer, managing a portfolio of gold mines and delivering
significant value and returns for our shareholders. Archipelago's
principal activities are gold mining and exploration in Indonesia
(as the 95% owner of the producing Toka Tindung Gold Mine in North
Sulawesi, Indonesia).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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