Archipelago Resources has announced its production results at the Toka Tindung mine in North Sulawesi for the quarter ending March 31, with the operation maintaining its production guidance for 2013. The mine achieved production of 31,575 gold equivalent ounces and the company says it is on track to reach its annual forecast of between 140,000 and 155,000 gold equivalent ounces.

Archipelago’s managing director Marcus Engelbrecht says, “Building on the achievements of 2012, I am pleased to report production for the first three months of operations during 2013 is in line with our yearly production profile, which is historically weighted to the latter quarters of the year.”

The quarterly production is below that of the same period in 2012, when 32,189 gold equivalent ounces were produced, however the total ore mined is greatly reduced with 498,272 tonnes throughput this quarter compared with 654,768 tonnes mined in the same 2012 quarter. Ore processed in the 2013 quarter was slightly down with 401,912 tonnes from 427,859 tonnes in the same period last year.

Gold head grades in this year’s third quarter were improved at 2.56 grams/tonne (up from 2.33 grams/tonne gold in the 2012 corresponding period) as was the silver head grade at 6.05 grams/tonne compared with 4.97 grams/tonne.

Much higher rainfall was recorded at the site this year, with a total of 1324.5mm of rain over this period or about 20% higher than for 2012.

“Despite these challenging conditions, Archipelago maintained production levels substantially in line with output reported for the same period in 2012. This was largely due to the company continuing to source higher grade ore from the Kopra and Pajajaran deposits, in addition to the ongoing blending of ore recovered from the main Toka pit,” says Marcus Engelbrecht.

Archipelago expects production to continue to build during the year, as drier weather conditions prevail.

The Board has also welcomed Charles Knight as general manager of operations, as part of a restructure to senior management roles. This is a new position which was created from combining the former chief operations officer and operations manager roles.

Charles Knight has more than 35 years’ experience in senior management roles across the resources and industrial sectors, working on projects for Newcrest Mining, Straits Resources, Resolute Mining, Iluka Resources and OceanaGold. In addition to his resource industry credentials, he also has extensive South East Asian managerial experience, having held senior roles in Indonesia, Singapore and Malaysia.

www.archipelagoresources.co.uk

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