Highland Gold Mining Limited 1st Gold Pour at Kekura and Capital Project Update (6654G)
March 19 2020 - 3:00AM
UK Regulatory
TIDMHGM
RNS Number : 6654G
Highland Gold Mining Limited
19 March 2020
HIGHLAND GOLD MINING LIMITED
19 March 2020
First Gold Pour at Kekura and Capital Projects Update
Highland Gold Mining Limited ("Highland Gold" or the "Company",
AIM: HGM) is pleased to announce the first gold pour at the
Company's premier development project, Kekura, which occurred on
March 10, 2020. The inaugural gold bar, weighing 46 ounces, was
produced at the mine's pilot processing plant following renovations
to the facility last year and commissioning work in the first two
months of 2020. Initial stripping and ore mining at Kekura began
last October.
The pilot processing plant has the capacity to treat 120
thousand tonnes of ore per year with test work showing recoveries
of around 35%. Middlings from the pilot plant will be stored for
eventual treatment at Kekura's main processing plant, which is due
for completion in late 2022 and has a designed annual capacity of
800k tonnes with recoveries of around 85%.
Denis Alexandrov, Chief Executive Officer, said: "On behalf of
everyone at the company, I would like to congratulate the Kekura
team on their first gold pour. While we don't expect significant
production from Kekura this year, the early mining and processing
work currently underway at the site will help us to build a strong
team, to fine tune systems, to better understand the ore body, and
to prepare for a smooth launch of commercial production down the
road."
Since the beginning of the year, 3,500 tonnes of cargo have been
delivered to Kekura to support construction and mining efforts,
including 1,900 tonnes of fuel and the mill for the 800 ktpa
processing plant. Another 5,000 tonnes of cargo is due to be
delivered by the end of the winter road season, including 320
modules for construction of the expanded camp.
Belaya Gora Processing Plant Upgrade
Highland Gold is entering the final stages of renovations to the
Belaya Gora processing plant, which is on track for completion as
scheduled in the second half of this year. The addition of a CIP
circuit to the plant is expected to improve gold recovery to around
90% from the current average of about 75%. It will also enable the
plant to process ore from the nearby Blagodatnoye deposit.
All of the equipment for the project, from Chinese supplier
Jinpeng Mining Machinery, has been delivered to Highland Gold's
logistics base in Vladivostok. The first twenty-five containers of
equipment have been shipped onward to Belaya Gora, while the
remaining equipment will be transported in May. Site preparations
for construction are already at an advanced stage.
Novoshirokinskoye (Novo) Capacity Expansion
At Novo, the planned expansion of mining and processing capacity
from 800k tonnes per annum to 1.3 million tonnes is also entering
its final stages and is likewise set for completion later this
year. TOMRA X-ray transmission (XRT) ore separators, ordered from
German producer Outotec, have been manufactured, tested and
certified. They are currently being shipped to Novo and are
expected to arrive in May. The machinery will enable the processing
plant to sort and treat increased production from Novo's mine
without the need to change the capacity of the existing
metallurgical plant.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Highland Gold Mining Ltd. John Mann, Head of Communications
+ 7 495 424 95 21
Duncan Baxter, Non-Executive Director
+ 44 (0) 1534 814 202
Numis Securities Limited John Prior, James Black, Paul Gillam
(Nominated Adviser and +44 (0) 207 260 1000
Joint Broker)
BMO Capital Markets Limited Tom Rider, Pascal Lussier Duquette, Neil
(Joint Broker) Elliot
+44 (0) 207 236 1010
Peat & Co Charlie Peat
(Joint Broker) +44 (0) 207 104 2334
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDJPMITMTBBBJM
(END) Dow Jones Newswires
March 19, 2020 03:00 ET (07:00 GMT)
Highland Gold Mining Ld (LSE:HGM)
Historical Stock Chart
From Apr 2024 to May 2024
Highland Gold Mining Ld (LSE:HGM)
Historical Stock Chart
From May 2023 to May 2024