Highland Gold posts solid first quarter production

Highland Gold Mining reported its operating results for the three months to 31 March on Thursday, saying total production at Mnogovershinnoye (MNV), Novoshirokinskoye (Novo) and Belaya Gora in the period was 65,243 ounces of gold and gold equivalent, up 14.7% from 56,889 oz in Q1 2016.

The AIM-traded firm reported an average realized gold price of $1,222/oz.

MNV and Novo improved on 2016 gold and gold equivalent production by 27.5% and 15.7%, respectively, the board said, and at Belaya Gora, there was a “continued focus” on processing low-grade ore stockpiles pending the completion of an ongoing project review.

“[The] exploration programme at MNV continued with a view towards further extension of life of mine,” Highland Gold said in its statement.

“[The] scoping study for Unkurtash [was] completed and published, and consultants [were] retained to identify potential partners for developing the project.”

Highland Gold affirmed its forecast for total production of gold and gold equivalents of 255,000-265,000 oz for the full year.