TIDMGBGR
RNS Number : 2253H
GoldBridges Global Resources PLC
12 March 2015
12 March 2015
GoldBridges Global Resources Plc
("GoldBridges" or the "Company")
H2 2014 Operational Update
GoldBridges is pleased to provide the following H2 2014
operational update for its 100 per cent owned Sekisovskoye open pit
and underground gold mine in Kazakhstan ("Sekisovskoye").
Highlights
-- Full year 2014 total gold production of 32,994 oz, 8% higher than 2013;
-- H2 2014 total gold production of 20,300 oz, 13% higher than
H2 2013, and 60% higher than H1 2014;
-- H2 2014 production from underground operations increased by
114% compared with H1 2014, with an improved gold grade of 3.81 g/t
(H1 2014: 2.97 g/t);
-- Full year and H2 2014 gold recovery rate of over 83%; and
-- Discussions commenced with international mining contractors
to fast track development of Sekisovskoye underground development
and minimise initial capital investment.
Aidar Assaubayev, CEO of GoldBridges, commented:
"We are very pleased with our operational performance during
2014, which resulted in full year gold production of almost 33,000
ounces from Sekisovskoye, an 8% increase on 2013. Our production
results also demonstrate a steady increase in ore mined from the
underground operation at Sekisovskoye. This trend is set to
continue as the open pit becomes depleted and we continue to
develop our underground mine and work towards our targeted annual
gold production of over 100,000 ounces by 2018.
"In addition, in 2015 we expect to finalise the Subsoil Licence
for the highly prospective adjacent Karasuyskoye ore fields,
positioning the Company with excellent growth prospects beyond the
development of the Sekisovskoye underground expansion."
H2 2014 Gold Production
Total gold production for the six months ending 31 December 2014
was 20,300 oz, bringing the total for 2014 to 32,994 oz, an
increase of 8% compared to 2013.
2014 2013 H2 2014 H1 2014
------------------------------- -------- -------- -------- --------
Total ore mined, open pit (t) 570,991 705,257 253,906 317,085
------------------------------- -------- -------- -------- --------
Total ore mixed, underground
(t) 82,045 63,572 55,888 26,157
------------------------------- -------- -------- -------- --------
Total ore milled (t) 688,620 701,361 355,130 333,490
------------------------------- -------- -------- -------- --------
Open pit gold grade (g/t) 1.42 1.39 1.62 1.26
------------------------------- -------- -------- -------- --------
Underground gold grade (g/t) 3.54 3.50 3.81 2.97
------------------------------- -------- -------- -------- --------
Average gold grade (g/t) 1.79 1.61 2.13 1.42
------------------------------- -------- -------- -------- --------
Average silver grade (g/t) 2.33 2.16 2.50 2.15
------------------------------- -------- -------- -------- --------
Gold produced (oz) 32,994 30,669 20,300 12,694
------------------------------- -------- -------- -------- --------
Silver produced (oz) 41,390 34,902 24,010 17,380
------------------------------- -------- -------- -------- --------
GoldBridges remains focused on migrating its operations from
open pit to underground at the Sekisovskoye mine. Ore mined from
the underground operations during the reported period increased by
114% to 55,888 tonnes when compared to H1 2014. This tonnage now
represents 22% of total ore mined. The average gold grade from the
underground ore was 3.81g/t, and this has also increased from H1
2014, when the underground ore gold grade delivered to the mill was
2.97g/t.
The overall average gold grade delivered to the mill increased
by 50% from 1.42g/t in H1 2014 to 2.13g/t in H2 2014. This reflects
a slightly higher open pit grade and an increase in the overall
proportion of higher grade ore from the underground operations as
planned for H2 2014.
The Sekisovskoye JORC probable reserve gold grade, as reported
in the Competent Person's Report released to the market on 17
November 2014, is 4.21g/t. The Company is increasing the mined
grade towards the reserve grade, even though operations remain in
development ore.
The Company now has increased the number of employees working in
the underground mine and, during the reported period, additional
mining equipment was purchased to increase the future contributions
of ore production from the underground mine.
In addition, the Company has commenced discussions with
international mining contractors to potentially fast track the
development of the Sekisovskoye Underground expansion and minimise
the initial capital investment.
During the period, a preliminary review of the gold processing
plant was conducted that highlighted opportunities to improve the
performance of the plant. Further more detailed investigations will
be initiated to determine how these may be implemented.
Karasuyskoye Ore Fields Update
The terms of the Karasuyskoye Subsoil Licence are expected to be
finalised in 2015. The Company is advanced in its review of the
geological data that was previously obtained. The Company is now
well placed once the licence is finalised to commence its
exploration programme focusing on validating the existing data and
targeting new prospective targets.
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. 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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