TROY Resources Limited on Monday disclosed that its Karouni operation here, has achieved gold production of 19,510 ounces for the June 2018 quarter.

“The June quarter production is well in excess of budget and was only slightly lower (10 per cent) than the record gold production of 21,703 ounces set in the March 2018 quarter, despite the June quarter being the wettest period of the year which makes operations more difficult. This also compares with 15,411 ounces produced in the June quarter 2017,” a statement from the company said.

Gold production for the full 2017/18 financial year stood at 70,207 ounces representing record annual gold production for the Karouni operation.

“Despite an early start to what is the wettest period of the year, the operational team has put together an excellent quarter which is again well in excess of budget. This strong performance has also enabled the company to exceed the annual production guidance provided by the company,” Ken Nilsson, Managing Director stated.

Annual gold production has also exceeded the forecast production range of 60,000 to 70,000 ounces as advised by the market earlier in the year and subsequently upgraded to 65,000 to 70,000 ounces following the March 2018 quarter, the statement said. The company will release its June 2018 Quarterly Report to the market in late July 2018.

Troy Resources Limited, according to its website, holds two main project areas in Guyana, both of which were obtained through the acquisition of Azimuth Resources completed in July 2013. The main focus of exploration to date has been the Karouni Block where Azimuth has outlined Inferred Resources of 1.6Moz at the Smarts Deposit and Hicks Deposits.