G-Resources Group Limited Announces Operating Results for the Fourth Quarter and Full Year Ended December 31, 2015; Provides Operating Guidance for the Fiscal 2016
For the full year, the company reported gold poured of 302,449 ounces, costs AISC of $503 per ounce sold, average gold price of $1,161 per ounce. Silver poured was 2,534,486 ounces, tonnes mined ore of 4,478,000, tonnes mined waste of 7,011,000, tonnes milled of 4,220,000, gold head grade of 2.76 g/t, silver head grade of 28.68 g/t, gold recovery of 81.4%, silver recovery of 65.2%.
In 2016, the company anticipates the Martabe gold and silver mine will produce 260,000 ounces of gold and approximately 2.3 million ounces of silver. When compared with the 2015 production, gold and silver ounces are lower due to forecast lower ore grades and recoveries in the preliminary budget for 2016. AISC, as calculated using the WGC Guidelines, are anticipated to be between $650 and $750 per ounce gold sold. Exploration expenditures are expected to be approximately $12 million. The operations team will be maintaining its focus on Martabe Improvement Programme. The company will update the cost and production guidance after reviewing the budget and its production in 2016 periodically.