Trans-Siberian Gold PLC Company & Operations Update (8949G)
March 20 2020 - 3:00AM
UK Regulatory
TIDMTSG
RNS Number : 8949G
Trans-Siberian Gold PLC
20 March 2020
20 March 2020
Trans-Siberian Gold plc
("TSG", the "Company" or the "Group")
Company & Operations Update
Trans-Siberian Gold plc (TSG.LN), a low cost, high grade gold
producer in Russia, provides the following update on the current
status of the Company's operations and approach amidst the
widespread global outbreak of Covid-19 virus.
We are proud to be a significant employer in the Kamchatka
region of the Far East of Russia. The health and wellbeing of all
our employees remains our utmost priority, and we are closely
monitoring the development of this global health crisis and its
potential impact on our people and operations. We have risk
mitigation policies in place aimed at communicating the best
precautionary measures to our staff to prevent the spread of the
virus.
The Company's supply chains remain unaffected and our operations
continue to run as normal. Our Moscow office remains open, although
processes are in place to ensure employees are able to work from
home if needed. We continue to follow the latest government advice
in all our jurisdictions with regard to the current running of our
operations.
Current events have resulted in material changes to commodity
prices and foreign exchange rates, which are expected to impact
positively on the overall profitability of the Group. The Company's
dollar-denominated revenue from gold sales remains strong in a
supportive gold price environment. The recent oil price decline is
expected to considerably reduce the Group's energy costs, and the
connected devaluation of the Russian rouble is equally anticipated
to contribute to overall cost improvement, as the majority of the
Group's operational costs are rouble-denominated.
The Group is progressing well with its previously stated
priorities for 2020. Underground and surface drilling campaigns at
the Main and East zones of the Asacha Gold Mine are underway, with
further updates to follow in due course. The Scoping Study for the
Rodnikova Gold Deposit remains on track for Q2 2020. There is no
change to the Company's production or dividend guidance.
TSG expects to report production results from the Asacha Gold
Mine for the first quarter of 2020 in April 2020.
ENDS
Contacts:
TSG
Stewart Dickson +44 (0) 7799 694195
Arden Partners plc
Paul Shackleton (Corporate Finance)
Tim Dainton / Fraser Marshall (Equity Sales) +44 (0) 207 614 5900
Hudson Sandler (Financial PR)
Charlie Jack / Katerina Parker / Elfreda
Kent +44 (0) 207 796 4133
About TSG
TSG is focused on low cost, high grade mining operations and
stable gold production from its 100% owned Asacha Gold Mine in Far
East Russia. The Company also holds the licence for the development
and exploration of the Rodnikova deposit, one of the largest gold
fields in South Kamchatka.
Additional information is available from the Company's website:
www.trans-siberiangold.com
Market Abuse Regulations
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via Regulatory Information Service
('RIS'), this inside information is now considered to be in the
public domain.
Disclaimer
This announcement contains "forward-looking statements" - that
is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should" or "will." Forward-looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behaviour of financial and
metals markets, fluctuations in interest and/or exchange rates and
metal prices; and from numerous other matters of national, regional
and global scale, including those of a political, economic,
business, competitive or regulatory nature. These uncertainties may
cause our actual future results to be materially different that
those expressed in our forward-looking statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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