Avesoro Resources reports Q1 improvement in mining and processing operations

West African gold producer Avesoro Resources' shares are up more than 5% after it said its first-quarter saw continued improvement in both mining and processing operations as management continue the turnaround in operations at New Liberty.

Total gold production for the three months to 31 March was 14,906 ounces, in line with expectations.

It maintained its full-year production guidance of 90,000-100,000 ounces, along with its cash cost guidance of $750-$800 an ounce and all in sustaining costs (AISC) guidance of $925-$975 an ounce of gold produced.

"Although, as expected, gold production for Q1 2017 is lower than that delivered across Q4 2016, total material movement has continued to increase month on month and we are beginning to catch up on the waste shortfall from H1 2016," said chief executive Serhan Umurhan.

"The process plant is now operating in a consistent and stable manner and we remain confident of delivering our production guidance of 90,000-100,000 ounces of gold for the year."

At 11:23 GMT, shares in AIM-listed Avesoro Resources were up 5.32% to 2.48p each.