AVESORO HITS MILESTONE PRODUCTION IN LIBERIA AND BURKINA FASO

Avesoro have hit a major gold mining achievement in Liberia and Burkina Faso.

Avesoro Resources Inc, a West African-focused gold producer have in Quarter 1 of this year achieve a landmark production at its New Liberty gold mine, in Liberia, and its Youga and Balogo gold mines, in Burkina Faso. The company produced 68,088 oz of gold at the end of March. Out of which New Liberty produced 27,870 oz while Youga and Balogo on the other hand, produced 40,218 oz.

These production are in accordance with a full-year production guidance of 220,000 oz to 240,000 oz of gold. And also at an operating cash cost of between US$620/oz to US$660/oz.

Production at New Liberty gold mine is a 9% increase on the previous quarter. The commissioning of a tertiary crusher, which increased crushing circuit’s throughput by 17% to 140,000 t a month, and also the installation of a second gravity concentrator helped to achieve the increase.

While on the other hand, at the Youga and Balogo, it was an increase of 39% on the previous quarter. This increase represents the highest quarterly production rate at the Youga process plant since it’s commissioning in February 2008.

Mr. Serhan Umurhan, Avesoro CEO said, with the addition of a new PSA oxygen plant in the coming weeks, he expects this improvements to continue.

He also added that the company’s near-mine exploration campaign is well under way across the three mines.  The impressive results from these activities suggests the potential to significantly increase mine lives.