GoldBridges Global Resources PLC Akmola receivable update (6902E)
February 12 2015 - 2:01AM
UK Regulatory
TIDMGBGR
RNS Number : 6902E
GoldBridges Global Resources PLC
12 February 2015
12 February 2015
GoldBridges Global Resources Plc
("GoldBridges" or the "Company")
Akmola receivable update
GoldBridges (LSE:GBGR), the gold mining and development company,
announces that it has received $2.22m in full settlement of amounts
that were owed in relation to the abortive acquisition of Akmola
Gold LLP ("Akmola"), as agreed in the settlement reached with
Akmola in 2013.
In 2011 the Company entered into an agreement to acquire certain
mining assets owned by Akmola. Under this initial agreement,
refundable advances were paid to Akmola in order for it to finance
its operations during the takeover phase.
In late 2013, following the termination of the proposed Akmola
acquisition, the Company successfully sued Akmola for the amounts
it had previously advanced. A provision for $2m had been made in
the financial statements in 2012, which will now be released.
For further information please contact:
GoldBridges Global Resources Plc
Louise Wrathall
+44 (0) 207 932 2456
Strand Hanson (Financial Adviser and Broker)
Andrew Emmott / James Spinney / Ritchie Balmer
+44 (0) 207 409 3494
Bell Pottinger (Financial PR)
Daniel Thole / Marianna Bowes / Richard Crowley
+44 (0) 20 3772 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 exclusively 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 Fields which adjoin the Sekisovskoye
deposit.
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 for Sekisovskoye
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 per cent. 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 focused on mining 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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