2017-08-23 08:45:00

Auriant Mining AB (publ.) announces Solcocon mine update

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·         Auriant Mining has restarted alluvial production in the Solcocon mine with expected gold production of 61 kg for 2017.

·         Auriant Mining aims to increase production to a level between 100 to 150 kg per year for the years 2018 and 2019.

·         The alluvial gold production on the Solcocon mine is fully outsourced and produces a net margin (after mineral extraction tax) of 29%.

·         Auriant Mining is aiming to increase hard rock gold resources suitable for CIL processing on the Solcocon mine as a result of recommenced exploration program.

Solcocon

Solcocon is located in the Zabaikalsky krai in Russia. The license area named Staroverinskaya contains almost 15.6 tonnes of gold reserves (C1+C2 GKZ (Russian classification)). Operations at Solcocon were put on hold in 2015 and re-started in 2017.

Alluvial production

Solcocon alluvial production was re-started in June 2017. Target gold production for 2017 is 61 kg, with a possibility to increase to a production level of 100-150 kg/year of gold in 2018 & 2019. Solcocon alluvial production is fully outsourced and produces a net margin (after mineral extraction tax) to Auriant of 29%.

Recommencing Solcocon exploration program

Auriant Mining has recommenced its exploration program at Solcocon, aiming to increase hard rock gold resources suitable for CIL processing. The exploration program is to be financed using revenue from the alluvial production and from renting out the mine equipment.

In 2017, we are focusing our exploration efforts at North-East flank of Bogomolovskoe deposit as exploration in 2014 (both drilling and trenches) proved that this area was a promising target. We plan to undertake 5,000m of core drilling and 64, 000m3 of trenches.

The drilling program was started last week. In the trenches which have already been dug, we see sulfide mineralization which usually accompanies gold mineralization. The similarity of the mineralization structures to the neighbouring Solcocon ore bodies and the early drilling sample results, give an indication that we might be able to add up to 2 tonnes of gold to the Solcocon reserves as a result of our 2017 exploration efforts.

Next year’s target will be South flank of Bogomolovskoe deposit, which had also been drilled in 2014 and seems the next most promising ore occurrence in the Bogomolovskoe area.

For more information, please contact:

 

Sergey Ustimenko, CEO

tel: +7 495 660 22 20

e-mail: sergey.ustimenko@auriant.com

  

Company name: Auriant Mining AB

Short name: AUR

ISIN-code: SE0001337213

 

Website: www.auriant.com

Twitter: @auriantmining

 

 

Auriant Mining AB (AUR) is a Swedish junior mining company focused on gold exploration and production in Russia, primarily in Zabaikalye and the Republics of Khakassia and Tyva. The company has currently four assets, including two operating mines (Tardan and Solcocon), one early stage exploration asset and one development asset.

 

Since July 19, 2010, Auriant Mining´s shares are traded on First North Premier at the NASDAQ OMX Nordic Exchange under the short name AUR. For more information please visit www.auriant.com. Mangold Fondkommission is Certified Adviser to Auriant, for more information please call +46 8 503 015 50 or visit www.mangold.se.

This information is information that Auriant Mining AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:45 CET on August 23nd, 2017.

Cautionary Statement: Statements and assumptions made in this report with respect to Auriant Mining AB’s (“AUR”) current plans, estimates, strategies and beliefs, and other statements that are not historical facts, are forward-looking statements about the future performance of AUR. Forward-looking statements include, but are not limited to, those using words such as "may", "might", "seeks", "expects", "anticipates", "estimates", "believes", "projects", "plans", strategy", "forecast" and similar expressions. These statements reflect management's expectations and assumptions in light of currently available information. They are subject to a number of risks and uncertainties, including, but not limited to, (i) changes in the economic, regulatory and political environments in the countries where AUR operates; (ii) changes relating to the geological information available in respect of the various projects undertaken; (iii) AUR’s continued ability to secure enough financing to carry on its operations as a going concern; (iv) the success of its potential joint ventures and alliances, if any; (v) exchange rates, particularly between the Russian rouble and the U.S. dollar. In the light of the many risks and uncertainties surrounding any gold production and exploration company at an early stage of its development, the actual results could differ materially from those presented and forecast in this report. AUR assumes no unconditional obligation to immediately update any such statements and/or forecasts

 

This press release shall not, directly or indirectly, be released, published or distributed in or to the United States, Australia Japan, Canada, New Zealand, Hong Kong, South Africa or other country where such action as a  whole or in part is subject to legal restrictions. Nothing in this press release should be considered as an offer to invest or otherwise trade in shares of Auriant Mining AB (publ). The proposed issue will not be directed at residents or those living in the United States, Australia, Japan, Canada, New Zealand, Hong Kong, South Africa or other country where such action would require further prospectus, other offering documentation, registration or other measures beyond those required by Swedish law. No securities will be registered under the United States Securities Act of 1933, a similar law in any state in the United States, or under any provincial law in Canada, nor under the applicable law of another country.

 

Attachment: Solcocn update.pdf

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