GoldBridges Global Resources PLC Operational Update H1 2014 (4546P)
August 19 2014 - 2:00AM
UK Regulatory
TIDMGBGR
RNS Number : 4546P
GoldBridges Global Resources PLC
19 August 2014
19 August 2014
GoldBridges Global Resources Plc
("GoldBridges" or the "Company")
H1 2014 Operational Update
Goldbridges is pleased to provide the following H1 2014
operational update for its 100 per cent owned Sekisovskoye gold
mine in Kazakhstan ("Sekisovskoye").
Highlights
-- H1 2014 total gold production from Sekisovskoye of 12,694
ounces ("oz") slightly higher than comparable period of 2013
-- Gold processing plant expansion from 0.85 million tonnes per
annum ("Mtpa") to 1.0 Mtpa underway
-- Significant progress has been made in underground development
work which would permit greater access to higher grade areas
-- Completion of the independent Competent Person's Report
("CPR") for Sekisovskoye's underground development project expected
by end of Q3 2014
-- Appointment of Ken Crichton (currently a Non-Executive
Director) to the role of Chief Technical Officer and an Executive
Director
Aidar Assaubayev, CEO of Goldbridges, commented "During H1 2014,
we have worked hard in preparing the underground mine to access
higher grade ore and upgrading the processing plant for increased
production. We look forward to higher output in H2 2014 and remain
confident that we will meet our production targets for the year.
Finally, I look forward to working with Ken on a day-to-day basis
as we embark on our expansion plans, starting with the development
of the Sekisovskoye underground mine".
H1 2014 Gold Production
Total gold production for the six months ended 30 June 2014 was
12,694 oz, which was in line with Company expectations.
GoldBridges continues to reallocate mining resources to the
underground development project and to reduce production in the
open pit. Underground ore production rose considerably when
compared to H1 2013 production and now comprises c. 8 per cent of
total ore mined (up from 1.5% in H1 2013). This production comes
from selected development ore that will eventually be replaced by
higher grade primary ore from the production stopes once they are
fully developed.
The gold grade during the period remained almost unchanged at
1.42 grams per tonne ("g/t"), with the underground gold grade
averaging 2.97 g/t and the open pit gold grade averaging 1.26 g/t.
Overall open pit gold grades fell as the Company moved from the
north pit with richer grades, but which is now almost depleted, to
the lower grade central pit.
H1 2014
------------------------------ --------
Total ore mined, open
pit (t) 317,085
------------------------------ --------
Total ore mined, underground
(t) 26,157
------------------------------ --------
Total ore milled (t) 333,490
------------------------------ --------
Open Pit gold grade (g/t) 1.26
------------------------------ --------
Underground gold grade
(g/t) 2.97
------------------------------ --------
Average gold grade (g/t) 1.42
------------------------------ --------
Average silver grade (g/t) 2.15
------------------------------ --------
Gold Produced (oz) 12,694
------------------------------ --------
Silver Produced (oz) 17,380
------------------------------ --------
Sekisovskoye Underground Development Update and CPR
GoldBridges expects to commence the commissioning of new
crushing equipment by the end of Q3 2014. In combination with a
number of initiatives already underway to debottleneck the
processing circuits, this new equipment should further increase the
efficiency of the crushing and milling plant. It is expected that
this will eventually increase ore throughput from 0.85 Mtpa to 1.0
Mtpa.
As previously announced on 11 August 2014, the Company's
Sekisovskoye mine development project has been approved by the
Ministry of Industry and New Technologies ("MINT") for inclusion in
the State Program on Forced Industrial-Innovative Development
("SPFIID"). This now means that the Company has obtained all the
necessary licenses and technical approvals required to develop the
underground mine and remains pleased with the rate of underground
development during the last six months as all internal targets have
been achieved. The Company intends to carry out the majority of the
underground development work itself, and will only engage
specialist contractors as and when needed. This approach ensures
that the Company has more flexibility and control over development
progress thereby limiting the risk of budget overruns.
During H1 2014, Venmyn Deloitte continued to advance the
independent CPR on the Sekisovskoye underground mine resource. This
is being completed according to the JORC Code (2012 Edition)
standards and it is currently expected that the CPR will be
finalised by the end of Q3 2014.
The Board is pleased to announce it has appointed Mr. Ken
Crichton (currently a Non-Executive Director) to the role of Chief
Technical Officer and Executive Director so to better facilitate
him assisting the management team in implementing GoldBridges
growth plans in the coming years.
Mr. Crichton is a mining engineer with over 28 years of
experience within the mining industry. After graduating from the
University of New South Wales in 1985, a significant proportion of
his career has involved working in developing countries and a
considerable part in active mine production roles. In the previous
5 years, Mr. Crichton was the CEO of ASCOM Precious Metals Mining,
S.A.E., an Egyptian-based minerals company with gold exploration
and mining activities across Africa. Prior to that he worked for 15
years with BHP Billiton in both Australia and Indonesia. In
addition, Mr. Crichton worked for four years with Leighton Holdings
Group; a leading construction and mining contractor at Lihir Gold
Mine, Papua New Guinea and in Australia. Mr. Crichton is also a
Non-Executive Director of Kemin Resources PLC.
Karasuyskoye Ore Fields Update
The Group is currently in discussions with government
authorities to obtain the necessary licenses and permits to exploit
the site and conduct further testing to validate the initial
resource estimates.
For further information please contact:
GoldBridges Global Resources Plc +44 (0) 207 932
Rajinder Basra, FCA 2456
Strand Hanson (Nomad and Joint Broker)
Andrew Emmott +44 (0) 207 409
Ritchie Balmer 3494
+44 (0) 203 540
1720
Peat & Co. (Joint Broker) +44 (0) 203
John Beaumont, COO and Head of Research 540 1723
Blytheweigh (Financial PR)
Tim Blythe
Halimah Hussain +44 (0) 207
Camilla Horsfall 138 3204
This information is provided by RNS
The company news service from the London Stock Exchange
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