Shanta Gold said in the quarter to March 31 its New Luika Gold Mine (NLGM) produced 20,416 oz of gold, up from 18,897 oz in Q4 2016.
It said quarterly gold sales totalled 23,252 oz at an average price of $1249/oz, compared to average spot price of $1219/oz.
Before accounting for capital adjustments, cash costs for Q1 of $553/oz, from $486/oz in Q4 2016.
All-in-Sustaining-Cost for the quarter was $768/oz, from $747/oz in Q4 2016.
"Shanta had a promising start to the financial year with more ounces produced, at a greater margin than planned, ensuring the Company is on track to meet its 2017 guidance of 80-85,000 oz at an AISC of $800-$850/oz," said CEO Toby Bradbury in a statement.
At 9:15am: (LON:SHG) Shanta Gold Ltd share price was -0.13p at 8.88p