SOURCE: Centamin plc

May 03, 2017 02:00 ET

Centamin plc Results for the First Quarter and Three Months Ended 31 March 2017

PERTH, AUSTRALIA--(Marketwired - May 3, 2017) - Centamin plc (LSE: CEY) (TSX: CEE)


For immediate release 3 May 2017

Centamin plc ("Centamin" or "the Company")

Centamin plc ("Centamin", the "Group" or "the Company") is pleased to announce its results for the first quarter ended 31 March 2017.

Q1 2017 Operational Highlights (1),(2)

  • Gold production of 109,187 ounces was a 20% decrease on Q4 2016 and 13% lower than Q1 2016 in line with the Company's forecast.
  • Cash cost of production of US$734 per ounce and all-in sustaining costs (AISC) of US$887 per ounce.
  • Sukari process plant throughput of 2.91 million tonnes (Mt), a 1% decrease on the previous quarter. Metallurgical recovery of 88.8% was down from 89.9% in Q4 2016.
  • Sukari underground mine delivered 252 thousand tonnes (kt) of ore, an 11% increase on Q4 2016, at a grade of 7.44g/t (down 29% on Q4 2016).
  • Open pit mine material movement of 17,129kt, an 8% increase on Q4 2016, with milled grades of 0.72g/t (down 15% on Q4 2016). Following reconciliation, the open pit plant feed grade has been adjusted upwards from the figure reported in the Q1 2017 preliminary production results.
  • Full year 2017 guidance maintained at 540,000 ounces, with US$580 per ounce cash cost of production and US$790 per ounce AISC.
  • Continued positive results from underground exploration drilling at Sukari. An updated resource and reserve estimate is planned during the first half of 2017.
  • Development of the Cleopatra exploration decline, located in the north-east of Sukari Hill, advanced 810 metres. Encouraging initial results from diamond drilling over 4,074 metres.
  • A maiden resource of 0.3Moz Indicated and 1.0Moz Inferred at the Doropo project in Côte d'Ivoire.
  • Exploration drilling continued in both Burkina Faso and Côte d'Ivoire.

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