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Troy further cuts gold production guidance due to problems at Karouni mine

Troy Resources Ltd. further revised its gold production guidance for 2016 to between 63,000 ounces and 65,000 ounces.

The company on Dec. 15 said it expects higher unit costs due to decreased production and an increase in unstable ground conditions around the southern wall of the Smarts pit at its Karouni gold mine in Guyana. Remediation resulted in restricted access to higher-grade ore.

Troy plans to complete a detailed geotechnical assessment of the open-pit mining operation at Smarts in a bid to maximize the economic extraction of ounces from the affected areas.

In August, the company lowered its gold production guidance for the full calendar year to between 70,000 ounces and 80,000 ounces due to operational challenges at Karouni, after warning earlier in the year that production would be at the lower end of its previous guidance range of 100,000 ounces to 120,000 ounces.