Amara Mining: Cash and liquid assets rise 10 per cent year-on-year

West Africa-focused gold mining company Amara Mining saw its cash and liquid assets rise by 10 per cent year-on-year, according to an update published by the AIM-listed company on Tuesday morning.

The company stated that it had had "robust operational results" in 2012 with the production of 53,544 ounces of gold at Kalsaka despite what it described as "challenging conditions". Total group production for 2012 was 54,925 ounces of gold.

Cash and liquid assets stood at $36.2m at the year end. This compared to a year earlier, when the cash and liquid assets stood at $32.9m, 10% less.

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The company further announced that trucking of material at its neighbouring Sega Gold Project were expected to commence in mid-2013.

Peter Spivey, Chief Executive Officer of Amara, said: "We look ahead to uninterrupted production in 2013 as the Sega project comes online. With a resource update expected for Yaoure in in the first quarter and the feasibility study for Baomahun anticipated later in the first half, we will move closer to our goal of becoming a mid-tier producer."

MF