Archipelago, an AIM-listed mining company, said Wednesday the Toka Tindung Mine in North Sulawesi, Indonesia, delivered 139,012 ounces of gold in the year ended December 31st.

This was achieved at a cash cost of $635 per oz (net of silver credits), meeting both production and cash cost guidance set for the first full year of operations.

In the final quarter of the year the group set a quarterly production record of 42,302 Au equivalent oz.

Looking ahead to 2013, production is expected to be between 140,000 and 155,000 Au equivalent oz at a cash cost of between $620 and $680 per Au oz.

Marcus Engelbrecht, Managing Director and CEO, said: "The production result we achieved during 2012 is pleasing, particularly as this is Archipelago's first year at full production.

"We not only delivered against our initial guidance on production, but did so at a cash cost well below that of many industry peers. This positive result is a testament to the quality of the Archipelago team, and I am confident that we can continue to meet our operational targets and sustain a superior performance at our Toka Tindung Mine into 2013."

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