Goldbridges Gbl Res Directorate Change
December 30 2015 - 2:00AM
UK Regulatory
TIDMGBGR
GoldBridges Global Resources Plc
("GoldBridges" or the "Company")
Board Change
The Board of GoldBridges Global Resources and Mr. Ken Crichton
have agreed that he will step down as an Executive Director of the
company with immediate effect, to allow him to pursue other mineral
exploration interests. Mr Crichton will continue to be a
Non-Executive Director.
During this transition period, Mr. Crichton has been working
with the team at the Sekisovskoye gold mine to finalise the
underground expansion project work. Going forward, the project team
at Sekisovskoye will be responsible for delivering the underground
expansion.
Aidar Assaubayev, CEO of GoldBridges commented:
"We would like to thank Ken for his technical input into the
Sekisovskoye underground expansion over the last 18 months. We are
now at an exciting time for the company as we target increasing our
underground gold production to 100,000oz by 2018."
For further information please contact:
GoldBridges Global Resources Plc
Louise Wrathall
+44 (0) 207 932 2456
Strand Hanson (Financial Adviser and Joint Broker)
Andrew Emmott / James Spinney / Ritchie Balmer
+44 (0) 207 409 3494
Cantor Fitzgerald Europe (Joint Broker)
Stewart Dickson / Jeremy Stephenson
+44 (0) 207 894 7000
Information on the Company
GoldBridges 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. This includes
the adjacent prospective Karasuyskoye Ore Fields, on which
GoldBridges was recently awarded the tender to perform further
confirmatory testing in order to gain the sub-soil user
licence.
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 0.855km². 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 2015, 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 2014, the Company's consolidated
revenue was US$35.2 million and its EBITDA was US$5.3 million.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20151229005015/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
December 30, 2015 02:00 ET (07:00 GMT)
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