TIDMGBGR
GOLDBRIDGES GLOBAL RESOURCES PLCSekisovskoye underground mine
development update24 October 2016
GoldBridges Global Resources plc (LSE: GBGR) is pleased to
announce an update on the development of the Sekisovskoye
underground gold mine and can confirm the mine development is
proceeding as planned, with all key milestones being achieved on
time and within budget, Production levels are moving towards the
medium term target of 100,000 Oz of gold per annum from a
production throughput of 1 million tons of ore per year within 3
years.
Highlights
-- Significant parts of the infrastructure and associated equipment
required for the ramp up in production are now in place
-- Ore body 5 is now in an advanced stage of production and is expected
to be supplying ore to the processing plant from the second
decline in
November 2016;
-- The ancillary works necessary for extraction of ore from bodies 3, and
8 which are accessed by the second decline are complete. The
second
decline is now fully operational in relation to delivery of ore
to the
processing plant.
-- Test results indicate that ore bodies 3 and 8 will deliver a
significant uplift in terms of gold grade with a current gold
grade
being achieved of 3.7g/t in October 2016;
-- Further exploratory drilling indicates that ore body 11 is
significantly thicker at between 50% - 70% below the +200 masl
(metres
above sea level);
-- As planned tailings dam 4 was completed and this completion neatly
dovetails into the ramp up in production that is expected;
-- Exploratory drilling has been undertaken at the adjacent Karasuyskove
ore field, in line with the licence award.
Aidar Assaubayev, CEO of GoldBridges Global Resources Plc
commented:
We are on time and on budget with our mine expansion and we are
fully focused on progressively increasing gold production towards
our target production rate of 100,000 Oz per annum in 2019.We are
very pleased with progress made to date and look forward to
updating shareholders again later in the year.
As stated in the announcement in August 2016, the Company
acquired an Atlas Copco boomer drilling machine T1D and 3 Sandvik
UG trucks TH430 each one capable of carrying 30 tons to support the
underground mining operations. An additional Atlas Copco Diamec rig
which will be used for further exploratory drilling is expected to
be delivered in the near term.
The average gold grade in the underground ore since early
October reached 3.7 g/t. This was due to decreasing the share of
by-product ore, as well as due to the lower dilution in the stope
blocks. The indicators are positive in terms of achieving the
higher grades in the future.
In late September, the Company, as planned, completed
construction and put into operation the fourth section of the
tailings dam, giving sufficient capacity for the Company to absorb
the production from the underground mine.. Work is continuing in
obtaining the necessary permission to use a paste fill in the
underground mine. The advantage of this method is that it will
reduce ore dilution and send most of the tailings underground.
Reduced dilution will increase the gold grade in the ore mined.
On a further positive note the exploratory drilling observed a
50% - 70% increase in the thickness of the ore body 11 below the +
200 masl. The management are very pleased with this finding and are
currently redesigning the mining plan to extract the maximum amount
of ore from this ore body.
The Company is currently implementing an exploration program in
the prospective area of Karasuyskoye, the subsoil use contract
which was signed earlier this year. In recent months, exploration
has targeted three prospective areas. The Company will update the
shareholders once the information obtained has been analysed.
Although the primary focus at the moment is Sekisovskoye, the Board
remains confident in the highly positive impact that development of
this site can have on future production levels and returns to the
shareholders in the future.
For further information please contact:
GoldBridges Global Resources Plc
Rajinder Basra +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 Altai Ken-Bayitu LLP which
owns and operates the processing plant at the Sekisovskoye deposit.
The Sekisovskoye deposit is located at the village of Sekisovskoye,
approximately 40km north of the town of Ust-Kamenogorsk, the
capital city of the East Kazakhstan Region. The current operation
is focused on mining the near-vertical deposits which extend to the
surface below the open pits which have been previously mined.
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 2015, the Company's consolidated
revenue was US$24.05 million and its net assets US$38.4
million.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20161023005031/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
October 24, 2016 02:00 ET (06:00 GMT)
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