TIDMAR.
RNS Number : 0821D
Archipelago Resources PLC
24 April 2013
24 April 2013
AIM: AR.
Archipelago Resources plc
("Archipelago" or "the Company")
Q1 2013 Production Result
Archipelago is pleased to announce its production results for
the Toka Tindung Mine in North Sulawesi, Indonesia for the quarter
ended 31 March 2013 ("Q1 2013").
HIGHLIGHTS
-- Achieved production of 31,575 Au Eq oz for Q1 2013.
-- Maintains FY 2013 production guidance of between 140,000 and
155,000 Au Eq oz at a cash cost of between $620 and $680 per Au oz
(net of Ag credits and royalties).
-- Appoints Mr Charles Knight as General Manager - Operations.
COMMENT
Commenting on the result, Marcus Engelbrecht, Managing Director
and CEO, said:
"Building on the achievements of 2012, I am pleased to report
production of 31,575 Au Eq oz for the first 3 months of operations
during 2013. This is in line with our yearly production profile,
which is historically weighted to the latter quarters of the year.
On behalf of the Board, I would also like to welcome Mr Charles
Knight as General Manager - Operations."
DETAILS
Production Update
For Q1 2013, Archipelago recorded production of 31,575 Au Eq oz
(compared to 32,189 Au Eq oz for Q1 2012). Provided below is a
summary of production results for Q1 2013 against Q1 2012:
Category Q1 2013 Q1 2012
------------------------- ---------- ----------
Ore Mined (T) 498,272 654,768
------------------------- ---------- ----------
Waste Mined (T) 2,901,526 3,690,547
------------------------- ---------- ----------
Total Mined (T) 3,399,798 4,345,315
------------------------- ---------- ----------
Ore Processed 401,912 427,859
------------------------- ---------- ----------
Strip Ratio 5.82 5.64
------------------------- ---------- ----------
Head Grade for Au (g/t) 2.56 2.33
------------------------- ---------- ----------
Head Grade for Ag (g/t) 6.05 4.97
------------------------- ---------- ----------
Process Recovery Rate
(%) 90.30% 91.20%
------------------------- ---------- ----------
Gold Ounces Produced
(Eq oz) (1) 31,575 32,189
------------------------- ---------- ----------
(1) For Q1 2013, the Company produced 30,618 Au oz and 53,477 Ag
oz corresponding to 31,575 Au Eq oz (calculated by dividing (i) Ag
oz production, by (ii) the Q1 realised Au:Ag price ratio of
56:1).
The average head grade for Au Eq oz was 2.71 g/t for Q1 2013
(compared to 2.44 g/t for Q1 2012).
Production at Archipelago's Toka Tindung Mine is subject to
seasonal variation, with adverse weather patterns having most
impact during the first three months of the calendar year. In this
regard, significant rainfall was reported across the North Sulawesi
region during Q1 2013, with a total of 1,324.5mm of rain being
recorded at the site over the period (which was circa 20% higher
than for Q1 2012).
Despite these challenging weather conditions, Archipelago
maintained production levels substantially in line with output
reported for Q1 2012. This was largely due to the Company
continuing to source higher grade ore from the Kopra and Pajajaran
deposits (in addition to the on-going blending of ore recovered
from the main Toka pit).
For Q1 2013, the processing plant operated slightly below
nameplate capacity on a quarter by quarter basis, primarily due to
the metallurgical nature of ore from the southern deposits. The
Company expects recovery rates to improve, with the recently
installed oxygen plant expected to have a positive impact on
recovery rates for the remainder of the year.
Overall, the Toka Tindung Mine operated broadly in line with
mine planning for Q1 2013 and remains on track to achieve full year
production targets. Archipelago expects production to continue to
build during the course of the year, as drier weather conditions
prevail; especially during the second half of 2013. In this regard,
the Company is maintaining FY 2013 production guidance of 140,000
to 155,000 Au Eq oz. Full year cash cost guidance is also
maintained at between $620 and $680 per Au oz (net of Ag credits
and royalties).
Management Update
Archipelago has restructured the senior management roles at the
Toka Tindung Mine in line with the anticipated production ramp up
during 2013. The positions of Chief Operating Officer and
Operations Manager have been combined into a new role of General
Manager - Operations. Mr Les Kwasik, formerly Chief Operating
Officer, has left the Company to pursue other ventures.
Archipelago is pleased to announce the appointment of Mr Charles
Knight as General Manager - Operations. Mr Knight has over 35
years' experience in senior management roles across the resources
and industrial sectors.
Prior to joining Archipelago, Mr Knight was an executive
director with 333 Consulting, where he was responsible for
overseeing a range of productivity improvement initiatives in the
mining industry; working on projects for Newcrest Mining, Straits
Resources, Resolute Mining, Iluka Resources and OceanaGold (amongst
others). In addition to his resource industry credentials, Mr
Knight also has extensive South East Asian managerial experience,
having held senior roles in Indonesia, Singapore and Malaysia.
FURTHER INFORMATION
Archipelago Resources
plc
Vice President - Corporate
Affairs +44 20 7523
Matthew Salthouse +65 6535 3419 8000
------------------------------ ---------------- ---------------------- ------------
Canaccord Genuity
Limited
Joint Broker
Andrew Chubb
Christopher Fincken
------------------------------ ---------------- ---------------------- ------------
Grant Thornton Corporate
Finance
NOMAD
Gerry Beaney
Philip Secrett +44 20 7383
David Hignell 5100
------------------------------ ---------------- ---------------------- ------------
Liberum Capital
Buchanan Limited
Corporate Communication Joint Broker
Bobby Morse +44 20 7466 Michael Rawlinson +44 20 3100
Gordon Poole 5000 Christopher Kololian 2000
------------------------------ ---------------- ---------------------- ------------
ABOUT ARCHIPELAGO
Archipelago is a producing mining company listed on the AIM
market of the London Stock Exchange. Archipelago's vision is to
grow into a respected and regionally dominant mid-cap gold
producer, managing a portfolio of gold mines and delivering
significant value and returns for our shareholders. Archipelago's
principal activities are gold mining and exploration in Indonesia
(as the 95% owner of the producing Toka Tindung Gold Mine in North
Sulawesi, Indonesia).
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCIIMATMBITMLJ
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