SOURCE: Amara Mining plc

January 20, 2014 07:00 ET

Amara Mining plc Announces 2013 Production Results for Kalsaka/Sega Gold Mine

LONDON, UNITED KINGDOM--(Marketwired - Jan 20, 2014) -  Amara Mining plc (TSX: AMZ) (AIM: AMA)

Amara Mining plc
("Amara" or "the Company")

2013 PRODUCTION RESULTS FOR KALSAKA/SEGA GOLD MINE

Amara Mining plc, the AIM-listed West African focused gold mining company, is pleased to announce the production results for its Kalsaka/Sega Gold Mine ("Kalsaka/Sega") in Burkina Faso.

Highlights

  • Full year production of 42,348 ounces at Kalsaka/Sega
  • 86% increase in production to 14,926 ounces in Q4 2013 compared to previous quarter (Q3: 8,008 ounces) as higher grade material from Sega is realised
  • Robust financial position -- cash and liquid assets of US$20.0 million at year end
  • 2014 production guidance from Kalsaka/Sega of 60,000-70,000 ounces

Peter Spivey, Chief Executive Officer of Amara, commented:

"2013 was a challenging year for the gold sector and it's testament to our exploration, operational and corporate teams that we delivered all three of our key targets: the successful integration of Kalsaka and Sega, the completion of the Baomahun Feasibility Study and the delivery of a Mineral Resource update (six million ounces) for Yaoure. We are pleased to begin the New Year by announcing that our revised FY2013 production guidance has been exceeded, despite the lower grades we encountered as Kalsaka reached the end of its life and the delay in commencing production from Sega, and we look ahead to continued stronger production in 2014 as a result of the higher grade Sega material."

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Contact Information

  • For more information please contact:

    Amara Mining plc
    John McGloin
    Chairman

    Peter Spivey
    Chief Executive Officer

    Pete Gardner
    Finance Director

    Katharine Sutton
    Head of Investor Relations

    +44 (0)20 7398 1420

    Peel Hunt LLP
    (Nominated Adviser & Joint Broker)
    Matthew Armitt
    Ross Allister

    +44 (0)20 7418 8900

    GMP Securities Europe LLP
    (Joint Broker)
    Richard Greenfield
    David Wargo

    +44 (0)20 7647 2800

    Bell Pottinger - Pelham
    (Financial Public Relations)
    Mark Antelme
    Lorna Spears
    +44 (0)20 7861 3232