Avesoro Resources predicts increased production at Liberian gold mine

Avesoro Resources predicts increased production at Liberian gold mine

Avesoro Resources Inc (AIM:ASO) believes it will produce between 90,000-100,000 ounces of gold, at a cash cost of US$750 – $800 per ounce from its New Liberty mine in Liberia.

The company, formerly Aureus Mining, is a gold focused mid-tier producer with exploration and development projects across Liberia and Cameroon.

According to a 2017 production guidance report, capital expenditure across the company is forecast to be approximately $24 million.

$5 million will also be spent on exploration, which will be focused on discovering additional near-mine satellite deposits.

New Liberty is Liberia’s first and largest gold mine, with first gold poured in May 2015. The facility has an annual capacity of 1.1 million tonnes of ore.

Serhan Umurhan, chief executive officer of Avesoro, said: “We aim to continue ongoing optimisation of the processing and mining operations and to also improve the production profile at New Liberty whilst reducing the cost of production.”

@RGNonline