GoldBridges Global Resources PLC Karasuyskoye Ore Fields Licence Update (4717C)
January 19 2015 - 2:00AM
UK Regulatory
TIDMGBGR
RNS Number : 4717C
GoldBridges Global Resources PLC
19 January 2015
19 January 2015
GoldBridges Global Resources Plc
("GoldBridges" or the "Company")
Karasuyskoye Ore Fields Licence Update
GoldBridges is pleased to announce that its 100 per cent owned
subsidiary, Altai Ken-Bayitu LLP, has been awarded the contract for
the subsoil rights to the Karasuyskoye Ore Fields by the Ministry
of Investments and Development in Kazakhstan. The Karasuyskoye Ore
Fields are situated next to the Company's main Sekisovskoye
operations in the Glubokovskiy region of East Kazakhstan, and the
Company can now proceed with the formality of signing the
Karasuyskoye subsoil contract with the state authorities.
The final subsoil licence terms and conditions, including the
new financial incentives now offered specifically to GoldBridges
through the state programme on forced industrial-innovative
development (SFIID), are expected to be finalised in the near term.
These additional terms are expected to include investment
incentives and tax reductions as previously announced.
In October 2013, the Company acquired historic technical
information from Hydrogeology LLP pertaining to the Karasuyskoye
Ore Fields, an area of approximately 198km(2) adjacent to the
Sekisovskoye concessions and production facilities. This geological
data indicates that there are several mineralised zones and leads
the Company to believe that Karasuyskoye has the potential to
contain significant gold resources.
The Company plans to validate this geological data by twinning
previous drill holes and undertaking additional metallurgical test
work. This work will facilitate the preparation of an independent
competent persons report (CPR) to international standards, and the
Company will work on this programme throughout 2015.
On completion of the CPR, GoldBridges plans to progress towards
mining from the Karasuyskoye Ore Fields, primarily using cash
generated from existing operations. There is also the potential to
use the Company's existing mining fleet at Karasuyskoye when
Sekisovskoye progresses from open pit to a solely underground
operation.
GoldBridges CEO Aidar Assaubayev commented:
"We are very pleased that we have been awarded the contract for
the Karasuyskoye Ore Fields and are looking forward to commencing
work on site. Our initial efforts will focus on validating the
geological data and then commissioning a CPR.
We see Karasuyskoye as an important development that complements
our main Sekisovskoye operations. It offers significant potential
to increase our gold production from this area of Kazakhstan in the
medium to long term."
For further information please contact:
GoldBridges Global Resources Plc +44 (0) 207 932
Louise Wrathall 2456
Strand Hanson (Financial advisor
and Broker)
James Spinney +44 (0) 207 409
Ritchie Balmer 3494
Bell Pottinger (Financial PR)
Daniel Thole
Marianna Bowes +44 (0) 20 3772
Richard Crowley 2500
Information on the Company
The Company is a gold mining, exploration and development group
based in Kazakhstan. Whilst the Company was initially established
to develop and operate the Sekisovskoye gold and silver 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 Company's principal assets 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, and the
potential to develop the Karasuyskoye ore fields. The Company holds
a 100 per cent 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
Company 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 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 Company is
developing an underground extension to exploit the deposits to
depth. The Company intends that the Sekisovskoye deposit shall
become a selective-mining underground operation.
The Company 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 at 31 May 2014, the Company's proven and probable reserves
consisted of 2.3Moz of gold and 3.0Moz of silver, and the Company'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 Company's consolidated
revenue was $42.4 million and its EBITDA was US$(0.6) million. In
the six months ended 30 June 2014, the Company's consolidated
revenue was US$16.7 million and its EBITDA was US$5.9 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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