GoldBridges Global Resources PLC First Day of Trading on Official List (2469A)
December 19 2014 - 2:00AM
UK Regulatory
TIDMGBGR
RNS Number : 2469A
GoldBridges Global Resources PLC
19 December 2014
GoldBridges Global Resources Plc
("GoldBridges" or the "Company")
First day of Dealings
Admission to the standard segment of the Official List and to
trading on the Main Market of the London Stock Exchange
GoldBridges, the independent gold mining, exploration,
development and production company with assets in Kazakhstan, is
pleased to announce that further to the announcement of 20 November
2014, the Company's ordinary shares of GBP0.001 each ("Ordinary
Shares") will today be admitted to the standard segment of the
Official List of the United Kingdom Listing Authority and to
trading on the London Stock Exchange plc's Main Market for listed
securities. Dealings in the Company's Ordinary Shares will commence
on the Main Market today at 8.00am GMT and cancellation of
admission to trading on AIM of GoldBridges' Ordinary Shares is
effective from 7.00am GMT today.
The Company is not raising any funds or issuing any new Ordinary
Shares in connection with the admission, and there will remain
2,211,342,130 Ordinary Shares in issue. GoldBridges has published a
prospectus in connection with this admission, which is available on
the company's website at www.goldbridgesplc.com, or free of charge
during normal business hours at the Company's offices at 28
Eccleston Square, London SW1V 1NZ.
GoldBridges' CEO Aidar Assaubayev commented:
"Our graduation to the Main Market of the London Stock Exchange
is a significant milestone for the Company. It is a natural step in
our growth cycle and sets us apart from the majority of our AIM
listed mining peers. We are proud to be using the Main Market as it
is intended, to support the growth of quality companies, and to be
bringing a quality Kazakh company to the main board. It also
reflects management's focus on corporate governance and our
commitment to the London investor base and regulatory
environment.
"We expect to deliver transformative growth over the next two
years as we plan to increase annual gold production from around
30,000oz to over 100,000oz a year by 2018 as Sekisovskoye
progresses from an open pit to a solely underground operation.
The Competent Person's Report (CPR) we released to the market in
November 2014 demonstrated JORC compliant reserves of 2.26 million
ounces of gold and total indicated and inferred resources of over 5
million ounces of gold. We intend to build on this reserve base,
and the operational gains we have made over the last three years as
we deliver more ounces at a low cash cost and continue to realise
value for our shareholders."
Dealing Codes
ISIN GB00B015PT76
SEDOL B015PT7
EPIC/TIDM GBGR
For further information please contact:
GoldBridges Global Resources Plc +44 (0) 207 932 2456
Louise Wrathall
Strand Hanson (Financial Adviser
and Joint Broker) +44 (0) 207 409 3494
Andrew Emmott
Ritchie Balmer
Peat & Co. (Joint Broker) +44 (0) 203 540 1720 /
John Beaumont, COO and Head of
Research +44 (0) 203 540 1723
Bell Pottinger (Financial PR) +44 (0) 20 3772 2500
Daniel Thöle
Marianna Bowes
Richard Crowley
Information on the Group
The Group is a gold mining, exploration and development group
based in Kazakhstan. Whilst the Group was initially established to
develop and operate the Sekisovskoye gold mine in the East
Kazakhstan Region, it is now actively targeting additional gold
mining opportunities in Kazakhstan, including the prospective
Karasuyskoye ore field which adjoins the Sekisovskoye deposit.
The Group's principal asset is the exclusive right to explore
and extract gold and silver ore from the Sekisovskoye deposit in
the Glubokovsky District of the East Kazakhstan Region. The Company
holds a 100% shareholding in DTOO Gornorudnoe Predpriatie
Sekisovskoye ("DGPS") which holds a subsoil use contract in
relation to the Sekisovskoye deposit, covering a total area of
0.855km(2). The subsoil use contract is valid until 2020 and the
Group currently intends to seek to extend the contract in
accordance with its terms. The Company also holds a 100%
shareholding in DTOO Altai Ken-Bayitu LLP ("AKB") which owns and
operates the processing plant at the Sekisovskoye deposit. The
Sekisovskoye deposit is located at the village of Sekisovka,
approximately 40km north of the town of Ust-Kamenogorsk, the
capital city of the East Kazakhstan Region. The current operation
is exploiting two open pits where the near-vertical deposits extend
to the surface. The open pits are nearing their end of life in
2016, and the Group is developing an underground extension to
exploit the deposits to depth. The Group intends that the
Sekisovskoye deposit shall become a selective-mining underground
operation.
The Group produced approximately 31Koz of gold and 35Koz of
silver in the year ended 31 December 2013 and approximately 13Koz
of gold and 17Koz of silver in the six months ended 30 June
2014.
As of November 2014, the Group's proven and probable reserves
consisted of 2.3Moz of gold and 3.0Moz of silver, and the Group's
measured, indicated and inferred resources consisted of 5.1Moz of
gold and 3.5Moz of silver, in each case as classified in accordance
with JORC.
In the year ended 31 December 2013, the Group's consolidated
revenue was $42.4 million and its EBITDA was US$(0.6) million. In
the six months ended 30 June 2014, the Group's consolidated revenue
was US$16.7 million and its EBITDA was US$5.9 million.
In 2013, the Group acquired certain historic geological
information pertaining to the Karasuyskoye ore fields. The
Karasuyskoye ore fields cover an area of approximately 198km(2)
adjacent to the Group's current concessions and production
facilities, and offer the potential for both open pit and
underground mining. The Group is in the process of obtaining the
necessary approvals to operate the mining area.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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