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AIM-listed gold producer Ariana Resources has delivered strong quarterly production figures for its Kiziltepe mine in Turkey, a result analysts at SP Angel say demonstrates the asset contains a larger resource than previously estimated.
Ariana Resources' Red Rabbit JV in western Turkey
Gold production for the September quarter rose 10% quarter-on-quarter to 5,125 ounces, while operating cash costs fell by 28% to US$352/ounce versus Q2, which the company attributed to the
Production is falling as grades are depleted
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