Goldbridges Gbl Res Clarification of All In Sustaining Cost estimate -Sekisovskoye underground mine development
December 08 2016 - 9:15AM
UK Regulatory
TIDMGBGR
GoldBridges Global Resources plc (LSE: GBGR) would like to
clarify the basis of projected cash costs as reported in the RNS
released dated 29 November 2016.
The total cash cost as reported in the RNS, should be regarded
as being the All-in Sustaining Cost, ('AISC') of the Company.
The Company's plan is to move to an AISC cost of approximately
US$900 for the year 2018, not 2019 as previously reported. By the
end of 2018 the production run rate is expected to be sufficient to
reach approximately 100,000 Oz. of gold production per annum. Once
the production level of 100,000 Oz is achieved on an annual basis,
the AISC is planned to decrease to approximately US$620 for the
year 2019.
The anticipated cash costs and production levels are based on
the Company's internal projections and are dependent, in
particular, on the Company obtaining sufficient funding on a timely
basis to complete the mine expansion.
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 Altyn MM LLP (formerly 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.
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(END) Dow Jones Newswires
December 08, 2016 10:15 ET (15:15 GMT)
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