ALTN Altyngold Plc

 
TIDMGBGR 
 
 

GoldBridges Global Resources Plc

("GoldBridges" or the "Company")

GoldBridges Kazakhstan transparency disclosure 2015

The Reports on Payments to Governments Regulations (UK Regulations) came into effect on 1 January 2015. This legislation requires UK companies in the extractive sectors to publically disclose payments made to governments in the countries where they undertake extractive operations.

GoldBridges' sole country of operation is Kazakhstan. The payments made by GoldBridges Global Resources plc and its subsidiaries during 2015 are shown in US dollars in the table below:

 
Licence /        Royalties    Income taxes    Bonus    Licence fees    Infrastructure    Total 
company                                                                improvements 
GoldBridges      0            0               0        0               0                 0 
Global 
Resources 
plc 
TOO              558,492      2,963           0        167,387         349,983           1,078,826 
Goronorudnoe 
Predpriatie 
Sekisovskoye 
TOO              0            0               263      0               0                 263 
Altai 
Ken-Bayitu 
Total            558,492      2,963           263      167,387         349,983           1,079,089 
 
 

All payments are made on a cash basis and payments are recorded in US dollars using the rate of exchange at the date the payments were made.

Further Information:

For further information please contact:

GoldBridges Global Resources Plc

Louise Wrathall

+44 (0) 207 932 2456

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 company is in transition moving from open pit production to underground development of the mine. The operations are expected to be fully underground from H2 2016 onwards.

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 2015, the Company's consolidated revenue was US$24million and its EBITDA was US$(2.3) million.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160531005670/en/

 
This information is provided by Business Wire 
 
 

(END) Dow Jones Newswires

May 31, 2016 06:42 ET (10:42 GMT)

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