Starvest has confirmed that investee company Ariana Resources reported gross income, for the quarter ended 30 September, of $5m from sales of gold and silver produced at its newly commissioned Kiziltepe operation.
The grade of ore mined matched overall reserve expectations and mill recoveries were higher than forecast.
Production costs were $570 per ounce against average realised value of sales of $1,342 per ounce.
Callum Baxter, Chairman and CEO commented: "Starvest have been a long term supporter of Ariana Resources since pre-IPO. The team at Ariana, headed by Michael de Villiers and Dr. Kerim Sener, have provided a solid set of quarterly production figures from the Kiziltepe operation. Mining at Kiziltepe continues to exceed expectations and is generating significant revenue from sales. The reported cost per ounce of this operation is very positive. We look forward to continuing our relationship with the Company."
At 1:08pm: (LON:SVE) Starvest PLC share price was +0.38p at 3.88p