GoldBridges Global Resources PLC Fourth Quarter and Full Year Operational Update (2205Z)
February 04 2014 - 2:15AM
UK Regulatory
TIDMGBGR
RNS Number : 2205Z
GoldBridges Global Resources PLC
04 February 2014
04 February 2014
GoldBridges Global Resources Plc
("GoldBridges" or "the Company")
Operational Update for Fourth Quarter and Full Year to 31
December 2013
GoldBridges Global Resources Plc (AIM: GBGR), the gold mining
and development group, today provides its operational update for
its 100 per cent owned Sekisovskoye mine for the quarter ended 31
December 2013 and for the full year.
Highlights include:
-- 8,836 ounces of gold produced during the quarter, a 53 per
cent increase in gold production year-on-year
-- 30,670 ounces of gold produced during 2013, which represents:
o 37 per cent increase in production compared to 2012, and
o 12 per cent above the production guidance for 2013
-- Increased recovery rates: 85.3 per cent (Q4 2012: 83.7 per
cent) gold recovery rate achieved during the quarter and 84.3 per
cent for the full year due to upgraded and improved processes to
gold processing plant in the third quarter
-- Improved average plant feed grade of 1.76 grams per tonne
("g/t") for the quarter (Q4 2012: 1.58 g/t) due to increased volume
of higher grade underground ore
Maxim Strelnikov, COO of GoldBridges Global Resources Plc,
commented:
"We set an ambitious production goal for ourselves in 2013, and
I am very proud that our team has delivered strong production
growth of 37 per cent this year, 12 per cent above our guidance. We
expect strong gold production growth to continue I n 2014."
Quarterly and annual production figures
Quarter ending 31 December Calendar year ending 31
2013 December 2013
--------------- ----- -------------------------------- --------------------------------
2013 2012 YoY Change, 2013 2012 YoY Change,
% %
--------------- ----- -------- -------- ------------ -------- -------- ------------
Total ore
milled t 182,689 136,253 34% 701,361 628,731 12%
--------------- ----- -------- -------- ------------ -------- -------- ------------
Gold grade g/t 1.76 1.58 11% 1.61 1.37 18%
--------------- ----- -------- -------- ------------ -------- -------- ------------
Gold recovery
rate % 85.3 83.7 2% 84.3 80.4 5%
--------------- ----- -------- -------- ------------ -------- -------- ------------
Poured gold oz 8,836 5,778 53% 30,670 22,470 37%
--------------- ----- -------- -------- ------------ -------- -------- ------------
Poured silver oz 10,132 7,195 41% 34,905 27,198 28%
--------------- ----- -------- -------- ------------ -------- -------- ------------
The Company processed 182,689 tonnes of ore during the quarter,
which is a 34 per cent increase over the comparable quarter in 2012
(136,253 tonnes). Over the year, the volume of ore milled increased
to 701.4 thousand tons (up 12 per cent compared to 2012.
Importantly, tonnage milled in seasonally low Q4 2013 was only 3.6
per cent lower than tonnage milled in Q3 2013 (189,568 tonnes),
which is a direct benefit of underground mining as it is not
impacted by harsh Kazakh winter conditions.
Akmola Update
In late 2013, subsequent to the termination of the proposed
Akmola Gold acquisition, the Company successfully sued Akmola Gold
for $2,000,000, the amount it had previously advanced. GoldBridges
is pleased to announce that the Appeal Board of Astana has upheld
the decision made by the Specialized Interregional Economic Court
of Astana in favor of the Company. The Company will take all
appropriate measures for enforcement of court decision.
A copy of this report will be available on the Company's
website, www.goldbridgesplc.com
For further information, please contact:
GoldBridges Global Resources plc +44 (0) 207 932
Rajinder Basra, CFO 2455
Strand Hanson (Nomad and Joint Broker)
Andrew Emmott
James Spinney +44 (0) 207 409
Ritchie Balmer 3494
+44 (0) 203 540
1720
Peat & Co. (Joint Broker) +44 (0) 203 540
John Beaumont, COO and Head of Research 1723
Blythe Weigh Communications (Financial PR)
Tim Blythe
Halimah Hussain +44 (0) 207 138
Camilla Horsfall 3204
This information is provided by RNS
The company news service from the London Stock Exchange
END
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