06 Jul 2018

'We are pleased to report another strong operating performance in the second quarter, delivering Group production of 133,778 ounces which led to an increase in the Group's cash balance of US$13 million to US$120 million', said Peter Geleta, Interim Chief Executive Officer. 'In achieving first half production of 254,759 ounces we are on track to achieve the top end of our guidance range of 435,000-475,000 ounces for 2018 and continue to demonstrate the resilience that we have built within our business.'

Group gold production for the quarter of 133,778 ounces was a 36% decrease on Q2 2017 (208,533 ounces), primarily driven by the move to reduced operations at Bulyanhulu and to stockpile processing at Buzwagi. Gold ounces sold for the quarter of 134,090 ounces were slightly above gold produced for the quarter as a result of the timing of shipments.

At North Mara, gold production for the quarter of 85,920 ounces was 3% higher than Q2 2017 (83,110 ounces) mainly due to 4% higher head grades compared to Q2 2017, driven by higher grades from Gokona Underground.

At Buzwagi, gold production of 37,415 ounces for Q2 2018 was 44% lower than in Q2 2017 (66,227 ounces) as a result of production now being derived solely from lower grade ore stockpiles due to the effective completion of the open pit.

At Bulyanhulu, all gold production continued to be from the retreatment of tailings as a result of the move to reduced operations at the mine in late 2017. As a result, gold production for the quarter amounted to 10,443 ounces, 82% below Q2 2017's overall production result (59,196 ounces), but 18% higher than production from tailings retreatment in Q2 2017 (8,856 ounces).

The cash balance as at 30 June 2018 amounted to US$120 million and increased by US$13 million during the quarter, with net cash increasing to approximately US$63 million at period end.

Acacia will be releasing its second quarter results at 07:00 BST on 20 July and a presentation and webcast will be held for analysts and investors at 12.00 BST on the same day. The webcast will be accessible from www.acaciamining.com and the details for the webcast call are as follows:

Participant dial in: +44 20 3936 2999

Password: 69 32 26

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Acacia Mining plc published this content on 06 July 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 06 July 2018 06:08:04 UTC