SOURCE: Centamin plc

October 31, 2016 03:00 ET

Centamin plc Results for the Third Quarter and Nine Months Ended 30 September 2016

PERTH, AUSTRALIA--(Marketwired - Oct 31, 2016) - Centamin PLC (LSE: CEY) (TSX: CEE)

(LSE: CEY; TSX: CEE)
For immediate release 31 October 2016

Centamin plc ("Centamin" or "the Company")
(LSE: CEY; TSX: CEE)

Centamin plc Results for the Third Quarter and Nine Months Ended 30 September 2016

Centamin plc ("Centamin", the "Group" or "the Company") (LSE: CEY; TSX: CEE) is pleased to announce its results for the third quarter ended 30 September 2016.

Q3 2016 Operational Highlights(1),(2)

  • Gold production of 148,674 ounces was a 6% increase on Q2 2016 and 41% higher than Q3 2015.
  • Cash cost of production of US$466 per ounce and all-in sustaining costs (AISC) of US$644 per ounce.
  • Process plant throughput of 2.8 million tonnes (Mt), a 4% decrease on the previous quarter.
  • Recovery of 89.7%, up by 0.2% on the second quarter, reflects on-going optimisation of the process plant.
  • Sukari underground mine delivered 255kt of ore (in line with Q2 2016), at a grade of 8.97g/t (up 4% on Q2 2016). Open pit mine material movement of 16,191kt (up 7% on Q2 2016) with milled grades of 1.14g/t (up 15% on Q2 2016).
  • Full year 2016 production is expected towards the upper end of guidance of between 520,000 and 540,000 ounces. Full year 2016 costs are expected towards the lower end of guidance of between US$530 and US$550 per ounce cash cost of production and between US$720 to US$750 per ounce AISC.
  • Continued positive results from underground exploration drilling at Sukari. An updated resource and reserve estimate expected during the fourth quarter.
  • Development commenced in August of a new exploration decline within the north-eastern Cleopatra zone of Sukari Hill. The project is aimed at testing the potential for further reserve growth and additional underground production of up to 1Mt per annum. Initial expenditure is expected to be US$11.5 million over 9 months.
  • Resource definition drilling continued in Burkina Faso. Exploration drilling results from Côte d'Ivoire support the potential for laterally extensive mineralisation over a number of prospects.

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