Avesoro Resources' three mines produced 54,407 ounces of gold in the fourth quarter and 192,072 ounces for the full year.
Fourth quarter production from the New Liberty mine in Liberia was 25,563 ounces of gold, a 29% increase on the previous quarter and in line with guidance.
The strong quarter resulted in record full year production from the mine of 76,179 ounces of gold, towards the upper end of the guidance range and a 20% increase on 2016 production levels. The Youga and Balogo mines in Burkina Faso, which were acquired by the company on 18 Dec, produced 28,845 ounces of gold in the quarter, resulting in strong full year total production of 115,893 ounces of gold, ahead of company forecasts.
Chief executive Serhan Umurhan said: 'We are pleased to report a strong Quarter and combined total production for 2017 of 192,072 ounces of gold from the three mines now owned by the company.
'At New Liberty, the year has been focused on the now completed turnaround resulting in the Company meeting its revised guidance for the year.
'I would like to acknowledge the dedication and hard work of the New Liberty team throughout 2017, that enabled us to achieve record annual gold production.
'Q4 2017 was New Liberty's strongest quarterly performance to date, driven by improved mining performance and increased plant throughput.
'The acquisition of Youga and Balogo in December 2017 adds two low cost operating mines to our portfolio capable of generating significant free cash flow for the Company.
'I am particularly pleased that we were able to complete this transaction during 2017 and take an important step towards realising our stated plan of becoming a premier mid-tier African gold producer.
'We start 2018 with a solid foundation from which to further increase our gold production levels and reduce operating costs.
'We now look forward to delivering an even stronger performance in 2018 and will provide an update on 2018 production guidance in due course.'
At 8:06am: (LON:ASO) Avesoro Resources Inc. Com Shs Npv Di share price was +0.13p at 1.9p