Goldbridges Gbl Res Company Update
June 08 2016 - 2:29AM
UK Regulatory
TIDMGBGR
GoldBridges Global Resources Plc
("GoldBridges" or the "Company")
Karasuyskoye Ore Fields Licence Update
Highlights:
-- Awarded 198km2 exploration licence for the
Karasuyskoye Ore Fields adjacent to the Sekisovskoye gold
mine;
-- Licence permit includes trial mining and production for metallurgy
testing purposes;
-- The Karasuyskoye historical exploration database contains results
from 73 drillholes, 22 sampling pits, and five trenches totaling
2
kilometres;
-- Several mineralised gold zones already identified to be targeted in
exploration.
Aidar Assaubayev, CEO of GoldBridges, commented:
"We are delighted to have now finalised the exploration licence
for the Karasuyskoye Ore Fields. Our primary focus is expansion of
our existing Sekisovskoye gold mine to achieve annualised gold
production of 100,000oz by 2019.Our exploration on the adjacent
Karasuyskoye Ore Fields will target mineralised gold zones already
identified from historic exploration which we believe have to the
potential to significantly increase gold production above the
100,000oz target in the longer term."
Karasuyskoye Ore Fields Licence
GoldBridges is pleased to announce that its subsidiary, Altai
Ken Bayitu, has been awarded an exploration licence for the
Karasuyskoye Ore Fields area in East Kazakhstan. Kazakhstan subsoil
code allows for up to six years tenure for exploration contracts.
This licence could be converted to a full subsoil use contract at
any time during this period once a commercial discovery has been
made. GoldBridges received the final confirmation of this licence
from the Ministry of Investment and Development and is now ready to
commence a detailed exploration programme including verification
work of the extensive geological database that was previously
purchased.
In October 2013, GoldBridges acquired historic technical
information pertaining to the Karasuyskoye Ore Fields, an area of
approximately 198km2 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 historical database is based on the results from 73
drillholes, 22 sampling pits, and five trenches totaling 2
kilometres. The GoldBridges geological team will focus on several
promising zones of extensive geochemical anomalies and gold
mineralisation.
Once GoldBridges has verified the Karasuyskoye geological
database by twinning previous holes and undertaking additional
metallurgical work, the company plans to formalise this work in an
independent competent persons report (CPR) to international
standards, and the Company will work on this programme throughout
2016 and 2017. On completion of the CPR, GoldBridges plans to
progress towards mining from the Karasuyskoye Ore Fields.
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
license.
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/20160607006865/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
June 08, 2016 02:29 ET (06:29 GMT)
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