TIDMASA
RNS Number : 1303X
ASA Resource Group PLC
17 February 2017
Asa Resource Group plc
("Asa Resource", "the Group" or "the Company")
Operations and Explorations Q3 Update
(3 months 1 Oct - 31 Dec 2016)
Asa Resource Group plc is pleased to provide an update on
operations and exploration activity for the quarter ended 31
December 2016.
Highlights
The Chief Executive Officer's statement, which follows the
operational highlights, offers forward guidance and progress of the
Group. The detailed performance figures for each mine and relevant
additional management commentary is quoted in the latter part of
this update.
ASA Gold - Freda Rebecca Gold Mine (Zimbabwe)
-- Gold production/sales 3% lower at 15,365oz (Q2: 15,904oz).
-- Revenue decreased by 14% to $18.4m (Q2: $21.3m) on a lower gold price.
-- All-in sustaining C3 costs decreased by 5% to US$1,055/oz (Q2: US$1,115/oz).
-- Freda received export incentive credits valued at approx $4.5
million that can be offset against government royalties.
-- Average gold price received US$1,195/oz (Q2: US$1,341/oz).
-- Tonnes milled increased by 21% to 319,026t (Q2: 262,633t).
-- Average feed grade decreased by 22% to 1.78g/t (Q2: 2.28g/t).
-- Gold recovery rate decreased by 2% to 83% (Q2: 84%).
-- Insurance claim settlement still being negotiated.
ASA Gold - Zani-Kodo JV (Democratic Republic of Congo)
-- Discussions on funding and negotiations with JV partners ongoing.
-- Gravity plant equipment ordered and assembly prior to dispatch to DRC is underway.
-- Total gold JORC resource unchanged at 2.975 million ounces, the Group's stake is 80%.
ASA Nickel - Trojan Nickel Mine (Zimbabwe)
-- Production of nickel-in-concentrate decreased by 16% to 1,571t (Q2: 1,866t).
-- Head grade was 26% lower at 1.495% (Q2: 2.016%).
-- Recovery was 4% lower at 85.6% (Q2: 89.1%).
-- Average net realised nickel-in-concentrate price US$7,004/t (Q2: US$6,668/t).
-- Nickel sales volume was 18% lower at 1,610t (Q2: 1,971t).
-- All-in sustaining C3 costs of nickel-in-concentrate increased
by 27% to US$6,554/t (Q2: US$5,151/t). C1 cash costs for
nickel-in-concentrate increased by 29% to US$6,159/t (Q2:
US$4,782/t).
-- The Smelter Restart Project is progressing well and the
project progress is currently at 78%. A 12-month moratorium was
negotiated on the first repayment of the principal of BNC smelter
bond.
-- Re-deepening project progressing well to extend life of mine
by 5 years and allow drilling to evaluate resources below 45/0
level.
ASA Diamonds - Klipspringer (South Africa)
-- On a pro rata basis, results are in line with expectation.
Fine diamond tailing retreatment ended in mid-November 2016 - Q3
results covers a 2-month period instead of the normal three.
-- Coarse tailing processing ramping up throughout December and
January. First reporting period will be Q4 FY2017.
-- Diamond sales for short quarter decreased by 39% to 22,105cts (Q2: 36,131cts).
-- Average realised fine diamonds sale price down 6% to US$17.40/ct (Q2: US$18.42/ct).
-- Average fine diamonds production cost reduced 10% to $7.96/ct (Q2: $8.88/ct).
-- Tonnes treated decreased by 13% to 41,485t (Q2: 47,873t).
Corporate & financial
-- Further consolidation of management functions between
corporate and subsidiaries and the operational team at Bindura,
where Freda Rebecca and BNC are located.
-- Mr. Toi Muganyi appointed as the Group's new Chief Operating
Officer and Mr. Batirai Manhando as the Group's Chief Technical
Officer.
CEO STATEMENT
Mr. Yat Hoi Ning, Group Chief Executive Officer, gives the
following commentary on Q3 results for the quarter ending 31
December 2016.
"Despite continuous progress on reducing corporate costs, from
an operational perspective this has been a mixed quarter. Commodity
prices declined and some lingering operational difficulties
persisted at Trojan. This is as frustrating to the board as it will
be to shareholders, but I would not read too much into one quarter.
We have undertaken a number of measures to address these matters
and I am confident we will see us getting back on track in
forthcoming quarters. Before I comment on each commodity sector, I
will cover some important points for the wider Group.
CORPORATE
As explained in earlier announcements, we continue to integrate
functions between corporate and subsidiaries, streamlining
procurement and merging accounting and administrative roles. Whilst
the Group's corporate overhead continues to be at an all-time
historical low, costs at the subsidiary level are still higher than
they should be. The combined annual AISC gross figure of Freda and
Trojan are in the region of $110 million, and a 5-10% savings could
be sufficient to start a small plant at Zani-Kodo. A lower-cost
base, gold above $1,200/oz and nickel close to $11,000/t, should
allow us to fund capex programmes properly and build for the
future.
The Board has been engaging much more with shareholders in
recent times and it is particularly pleasing to see we have
attracted important new investors, who are taking a substantial
interest in the Group. We intend to keep engaging with stakeholders
and listen to their feedback. A new website will be launched soon
and I would invite shareholders to register their interest if they
would like to receive regular company news and send comments.
ASA GOLD
Freda Rebecca (Zimbabwe)
The price of gold fell steadily throughout Q3, this affected
many gold producers including Freda Rebecca. While tonnes milled
increased by 21% to 319,026t, gold production was slightly lower at
15,365 oz.
The two large mills at Freda are a very similar specification.
Mill (#1) has been offline for sometime and requires replacement
parts. These are difficult to source, so we are considering
decommissioning one of the mills to ensure there is adequate
back-up and mill output is more consistent. With the recent
addition of two smaller mills and one of the larger mills, the
overall capacity (1.2m tonnes) of the plant will be slightly higher
than last year. There are new plans to add further mills (sourced
from within the group) over the next 6-12 months and as these plans
are ramped up, revenues should increase steadily inline with the
targets indicated previously - 70,000-100,000 oz. Achieving this
mill capacity is a key objective for the Group.
All-in-sustaining costs nudged lower with Q3 averaging $1,055/oz
and our stated AISC target of $1,000/oz is within reach over the
next few quarters. With a gold price of over $1,200/oz and higher
production, Freda's margins and sales will become more sustainable.
It is worth noting that in this quarter last year, Freda reported
gold production of 18,506/oz with AISC of $988/oz.
The Reserve Bank of Zimbabwe introduced a 2.5% export incentive
scheme to large mining exporters in 2016. This was to address the
challenges of low productivity and promote export earnings. Freda
Rebecca earned US$1.3m in export incentive cash credits for the
period to December 2016. Freda Rebecca also won the inaugural 'Best
Large Scale Top Producer' award, which attracts an additional 2.5%
export incentive bonus credits for the period January to December
2017. This will give a total export incentive in the next 12 months
of 5%, which translates to more than $4.5 million in cash
rebates.
Freda Rebecca made an insurance claim following a serious
incident in 2016 amounting to $3.6 million. Equipment claims do not
take much time, however, claims for consequential loss for business
interruption are often protracted. The amount of this claim was
increased and Freda awaits a final settlement proposal.
It would be inappropriate to comment in detail regarding the
recent claim brought by Zindico Consortium, except to state that
their claim seeks to compel all the respondents to jointly and
severally indigenise Freda Rebecca. Having taken legal advice, the
Group does not believe that there is any merit to the claim and
will robustly defend its position. I can reassure shareholders that
mining operations are continuing as normal and the Board does not
expect any disruption as a result of the claim. We are engaged with
the appropriate authorities in Zimbabwe regarding our
indigenisation commitments.
Zani-Kodo JV (Democratic Republic of Congo)
As part of our strategy to diversify regionally and capitalise
on the long-term outlook for gold, the Group is progressing its
plans for a small-scale gravity mine operation. This would generate
sufficient income to continue drilling and reclassify more of the
current resource from inferred to indicated - currently 634,335 oz
of total 2.97m oz resource is indicated. It's worth highlighting
that only a small proportion of the 1,605 square kilometres of
mining rights has been explored so far and it is a region known to
host world-class gold deposits. Randgold's Kibali mine is 120km
north west of Zani-Kodo and has a 22m oz resource.
If the Group can achieve its medium-term objective to operate an
open pit operation with a processing plant similar to that at Freda
Rebecca, the assumption is that AISC cost could be in the region of
$700-800/oz. Funding strategies for these operational scenarios and
discussions with other large-scale gold producers are ongoing.
In the meantime, the necessary government environmental studies
have been undertaken and the team at Freda Rebecca is assembling
the components for a small gravity plant.
ASA NICKEL
Trojan Nickel Mine (Zimbabwe)
Nickel has been fluctuating between $8,800/t and $10,800/t for
many months, mainly due to the news coming from the Philippines and
Indonesia to eradicate more environmentally controversial mining
practices. It would appear that a consensus is emerging and the
Philippines government will implement its original plan to curtail
the shipment of unprocessed ore - this should stabilise the
market.
While Trojan achieved significant increases in both mining and
milling output, production for nickel-in-concentrate, recoveries
and head grade were lower. As a result AISC (C3) costs increased to
$6,554/t. Measures to address the ongoing issue of low availability
of equipment and access to massives were implemented at the end of
Q3, so I am expecting higher grades and increased volumes of
nickel-in-concentrate, which should lower AISC costs in Q4.
The Smelter Restart Project is progressing well and the project
progress is currently at 78%. There is a more detailed update in
the Management Report from Trojan at the end of this
announcement.
As I explained in previous announcements, once the smelter is in
full production, BNC's percentage of the market price would
increase to 80-85%, subject to contractual terms. To understand
fully the marginal benefits of the smelter one must factor in its
running costs, including the extra cost of electricity. Nickel from
the smelter is produced in the form of matte and the terms BNC can
expect to secure for its matte varies according to prevailing
market conditions. The higher the nickel price, the better the
contract terms. The transport savings when moving matte as opposed
to concentrate also need to be factored in, as it has approximately
eight times less bulk. It is important to emphasise that the
long-term strategic value of the smelter is when the nickel price
is more elevated. Additionally, when prices are higher, third party
toll feed tends to be in greater supply. While we are not dependent
on any one of these factors to re-start the smelter, they
nonetheless contribute to the revenue model. The formula for
calculating revenue has many variables and it is prudent not to
take an over simplistic approach. BNC continues to explore
discussions with third party nickel producers to add toll income
over the medium-term when the smelter is fully operational and the
outlook for nickel becomes clearer. BNC will be able to offer more
accurate guidance on net margins and operating costs when these
variables become more predictable.
In the meantime, BNC continues to explore conversations with
third party nickel producers in the region. As the price of nickel
recovers more concentrate will come to the market and an off-take
deal would be positive for the economics of our smelter.
Since the decision to progress the final phase of the
re-deepening project was taken in December 2016, progress has been
steady. It is costing approximately $5m to complete this project
and extend the shaft system by 240m from 43/0 to 45/0 level. While
this project is ongoing management is exploring ways to mitigate
its impact on production. On completion it would extend the life of
the mine by about 5 years and allow access to drill for ore
reserves beyond 45/0 level and potentially provide higher grades in
advance of the smelter restart.
ASA DIAMONDS
Klipspringer (South Africa)
The tailings retreatment programme at Klipspringer is in
transition. We reported last quarter that the slime tailings
retreatment would end in November 2016 and the new coarse tailings
project would commence in January 2017. This means Q3 reporting
covers two months, instead of the normal three. On a pro rata
basis, diamond sales are consistent with Q2, but as expected, these
have decreased by 39% to 22,105cts.
The coarse tailings project is a much larger retreatment
programme. It is being ramped up in January with February being the
first month of full production. For this reason, Q4 reporting is
likely to be also a 2-month quarter, but as time progresses, we
expect production and income to grow steadily, to a peak of circa
$800,000 per annum.
The Group reported previously that it is seeking opportunities
to introduce a new JV partner to re-start Klipspringer's
underground mine operation. Discussions with various potential
operators are ongoing and we will update shareholders in due course
if these lead to significant developments.
ASA COPPER
SEMHKAT - ASA Resource
The Group also holds a 100% wholly-owned interest in five
further exploration copper concessions - Kibolwe, Lutobwe, Lombe,
Kapande and Mifumbi, where drilling was completed in November 2014.
These concessions are currently classified as exploration and the
Group is seeking to convert these to mining licences. The most
developed of these is Kibolwe, where there is a confirmed JORC
compliant measured, indicated and inferred resource size of 210,058
tonnes of contained copper at a grade of 0.8%. A development
consultant has been appointed to explore the possibility of
starting a basic operation with processing through a potential
partner in the local area.
Katanga JV Hailiang (Democratic Republic of Congo)
Since Zhejiang Hailiang controls 62% of the JV company (Muya
Resource SARL), we are reliant on them to provide resource and
exploration updates. We will make a separate announcement on this
matter when this is received. We retain a non-dilutable 38%
shareholding in the JV.
AGRIBUSINESS
Agribusiness comprises crops, farming and meat processing. We
are currently selling various produce including potatoes, cabbages
and chillies into the domestic wholesale markets, supermarkets and
restaurant chains. Negotiations are underway to enter into leasing
agreements with neighbouring farms to increase the amount of land
under production. Our meat processing facility in Johannesburg is
applying for permits to export to China.
SUMMARY
Progress and results have not been as encouraging as I had
hoped, but I remain optimistic that the measures we are taking will
start to generate more sustainable income going forward. We
continue to optimise our gold and nickel operations, focusing on
short-term cost management actions, as well as accelerating our
longer-term strategy. As a result, the Board expects the Group's
performance in Q4 to return to a more positive trend in line with
previous quarters. I wish to thank shareholders for their patience
and the many people who work so hard at Asa Resource, its
subsidiaries and advisors."
MANAGEMENT REPORT
ASA Gold - Freda Rebecca Gold (Zimbabwe)
Freda Rebecca Quarter Quarter Quarter Quarter
to to Sept to June to March
Dec 2016 2016 2016 2016
---------------------- ------ --------- -------- -------- ---------
Tonnes mined t 311,349 363,082 321,630 260,413
---------------------- ------ --------- -------- -------- ---------
Tonnes milled t 319,026 262,633 274,474 287,261
---------------------- ------ --------- -------- -------- ---------
Head grade g/t 1.78 2.28 1.96 1.80
---------------------- ------ --------- -------- -------- ---------
Recovery % 83 84 83 85
---------------------- ------ --------- -------- -------- ---------
Gold sales/production oz 15,365 15,904 14,463 14,114
---------------------- ------ --------- -------- -------- ---------
Average gold
price received US$/oz 1,195 1,341 1,275 1,210
---------------------- ------ --------- -------- -------- ---------
Cash cost
(C1) US$/oz 956 944 993 1,215
---------------------- ------ --------- -------- -------- ---------
All-in sustaining
cost (C3) US$/oz 1,055 1,115 1,153 1,240
---------------------- ------ --------- -------- -------- ---------
Figures shown are unaudited and may vary upon final audit.
1. C1 cash cost includes costs for mining, processing,
administration, accounting movements for stockpiles and
gold-in-circuit, and net proceeds from by-product credits. C1 costs
exclude capital costs for exploration, mine development or
processing mill capital works and royalties.
2. C3 (all-in sustaining) costs reflects C1 costs plus
depreciation and amortisation, thus incorporating the capital cost
of production plus interest, other indirect costs and royalties.
All-in sustaining costs represent all costs attributable to gold
production over the period.
Management comments - Freda Rebecca
Management offers additional comments on their operation
performance for Q3 (FY 2017):
-- Gold production decreased by 3% in Q3 FY2017 to 15,365oz
compared to 15,904oz in the previous quarter as a result of a 22%
decrease in feed grade and 2% decrease gold recovery rate.
-- Tonnes mined for the quarter under review decreased by 14% to
311,349t from 363,082t in Q2. The decrease was part of our strategy
to align throughput to processing plant capacity.
-- Tonnes milled increased by 21% to 319,026t in Q3 FY2017 (Q2 -
262,633t) on the backdrop of the ramping-up of new plant
throughput. Main mill still on breakdown due to the cracked
feed-end journal.
-- The feed grade for Q3 FY2017 decreased by 22% to 1.78g/t from
2.28g/t in Q2. The decrease in feed grade was attributable to high
internal dilution in one of the main production stopes.
-- Gold recovery for Q3 FY2017 decreased to 83% from 84% in Q2
due to the decline in feed grade and contamination by fine carbon
due to worn out carbon escape screen.
-- C1 cash costs increased by 1% to US$956/oz from US$944/oz in
Q2 as a result of a 3% decrease in gold production. All-in
sustaining costs realised a net decrease of 5% from $1,115/oz in Q1
FY2017 to $1,107/oz, a result of other income of US$1.1 million
received from the Reserve Bank of Zimbabwe gold producers'
incentive scheme.
Asa Nickel - BNC Trojan Nickel Mine (Zimbabwe)
Trojan Mine Quarter Quarter Quarter Quarter
ended ended ended ended
------------------- -------
Dec-16 Sep-16 Jun-16 Mar-16
------------------- ------- -------- -------- -------- --------
Tonnes mined t 123,532 104,018 97,689 97,335
------------------- ------- -------- -------- -------- --------
Tonnes milled t 122,721 103,857 101,433 107,421
------------------- ------- -------- -------- -------- --------
Head grade % 1.495 2.016 1.763 2.30
------------------- ------- -------- -------- -------- --------
Recovery % 85.6 89.1 87.0 90.8
------------------- ------- -------- -------- -------- --------
Ni in concentrate t 1,571 1,866 1,555 2,246
------------------- ------- -------- -------- -------- --------
Nickel sales t 1,610 1,971 1,493 2,274
------------------- ------- -------- -------- -------- --------
Average nickel
price US$/t 7,004 6,668 5,728 5,520
------------------- ------- -------- -------- -------- --------
Cash cost (C1) US$/t 6,159 4,782 5,736 4,370
------------------- ------- -------- -------- -------- --------
All-in sustaining
cost (C3) US$/t 6,554 5,151 6,489 4,934
------------------- ------- -------- -------- -------- --------
Figures shown are unaudited and may vary upon final audit.
1. C1 cash cost per tonne includes costs for mining, processing,
administration, off-take costs and penalties, transport costs,
accounting movements for stockpiles, and net proceeds from
by-product credits. It excludes capital costs for exploration, mine
development or processing mill capital works, and, the cost of
royalties.
2. All-in sustaining C3 cost reflects the cash cost per tonne
plus depreciation and amortisation, thus incorporating the capital
cost of production, plus interest, other indirect costs and
royalties. All-in-sustaining cost represents all costs attributable
to nickel production over the period
3. The company has amended the reporting of the nickel price
received, cash cost and all-in sustaining cost. The average nickel
price received reflects the actual price received rather than the
actual average price for the quarter as previously reported. Cash
costs and all-in sustaining costs are now reported as actual costs
incurred, previously these costs were adjusted for the opportunity
cost forgone as a result of selling a nickel concentrate rather
than a nickel cathode.
Management comments - BNC
Management offers additional comments on their operation
performance for Q3 FY 2017:
-- Mined tonnage was 19% higher at 123,532t (Q2: 104,018t).
Hoisting improved in the third quarter mainly due to increased
scooping and fixed plant stability. Mining constraints for the
third quarter include a low availability of equipment due to
commissioning challenges.
-- Development was outsourced to a contractor in June 2016 to
speed up development which was lagging behind and therefore
negatively affecting ore source availability. The contractor
purchased two new 20t Dump Trucks but experienced delays in the
delivery and commissioning of the units resulting in poor
performance in the third quarter.
-- Production is expected to improve in the fourth quarter going
forward as equipment availability is expected to improve. The
prioritising of ramp mining will increase ore sources to improve
production. The contractor has augmented both the pieces of
equipment and its maintenance team to ensure sustained performance
moving forward into the fourth quarter.
-- Availability of additional sources of massives is expected to
increase production in the fourth quarter going forward.
-- C1 cash costs for nickel-in-concentrate increased by 29% to
US$6,159/t (Q2: US$4,782/t), and all-in sustaining C3 costs of
nickel-in-concentrate increased by 27% to US$6,554/t (Q2:
US$5,151/t). The increase in C1 and C3 costs is attributable to
decrease in Nickel units produced.
-- Mined tonnage was 6% higher at 104,018t (Q2: 97,689t).
Hoisting improved in the second quarter helped by increased
scooping and fixed plant stability.
Smelter Restart Project
The Smelter Restart Project is progressing well and the project
progress is currently at 78%. The expected completion date of the
project is during the 2017/18 financial year. A lot of
refurbishment work and installation of new equipment has been done
and some of the work has been completed. The major highlights of
the progress in various sections of the project are as indicated
below:
1. Concentrates Handling Plant: Dryer Drum modifications and New
Hot Air Furnace installation completed & conveyance system
refurbishment is in progress.
2. Crushing and Screening Plant: Plant refurbishment was
completed and now awaiting delivery of drive systems ancillaries
before plant commissioning.
3. Cooling Water System: Installation of the two New BSR cooling
towers, pumps and pipes completed and power installation is in
progress.
4. Electrostatic Precipitator Refurbishment: Installation of new
ducting, new fans and motors and installation of the mixing chamber
roof was completed.
5. Converters: One converter shell complete with drives has been
installed and a new 30T crane was also installed and its
commissioning is in progress.
6. Furnace: Furnace refractory rebuilding was completed and
installation of new feed system, i.e. scrapper conveyor, charge
hoppers and pipes is in progress. Furnace transformers
refurbishment was also completed and Smelter control systems
programming is in progress.
7. Civil Work and Structural Refurbishment: Major civil work and
structural refurbishment work have been completed and plant
painting is in progress.
Re-deepening project
Since the decision to progress the final phase of the
re-deepening project was taken in December 2016, progress has been
steady. The objectives of Phase 2 are:
-- To extend the existing sub vertical shaft system by 240m so
as to access known ore resources below the existing shaft
bottom.
-- Access to 43/0 Level haulage to allow exploration drilling to
evaluate resources below 45/0 level
-- To extend the life of mine by 5 years
The specific progress has been as follows and the programme is
about 15% complete:
1. Crusher chamber support is complete and civils will start in
February to be completed in April.
2. Loading station civils is 60% complete on schedule for completion in February.
3. Ventilation shaft was commissioned.
4. Sub vertical Rock Winder upgrade options are under consideration.
5. Financing options are also being looked at to fast track the project.
Asa Diamonds - Klipspringer Diamond Mine (South Africa)
Quarter to Quarter Quarter Quarter Quarter
Dec 2016 to to to to
Sept June Mar 2016 Dec 2016
2016 2016
----------------- ----------
Tonnes treated t 41,485 47,873 52,403 31,251 54,596
----------------- ---------- ----------- ------------ ------------ ------------ ------------
ROM diamonds
recovered carats 14,016 23,832 30,888 17,791 29,211
----------------- ---------- ----------- ------------ ------------ ------------ ------------
Diamond sales carats 22,105 36,131 26,336 17,440 19,398
----------------- ---------- ----------- ------------ ------------ ------------ ------------
Average diamond
production
cost US$/ct 7.96 8.88 10.80 18.05 14.71
----------------- ---------- ----------- ------------ ------------ ------------ ------------
Average diamond
sale price US$/ct 17.40 18.42 20.35 21.95 18.18
----------------- ---------- ----------- ------------ ------------ ------------ ------------
Ratio of Run of Mine (ROM) diamonds delivered to diamonds in
stock (DIS) after sieving, cleaning and sorting.
Figures shown are unaudited and may vary upon final audit.
Management comments - Klipspringer
Management offers additional comments on their operation
performance for this quarter:
-- Fine diamond operations ended on mid November 2016. Q3
results therefore only comprise 2 months instead of the normal
3.
-- Diamonds sales decreased by 39% to 22,105cts from 36,131cts (Q2).
-- Average realised fine diamonds sale price down 6% to
US$17.40/ct, compared with US$18.42/ct (Q2)
-- Average fine diamonds production cost reduced 10% to $7.96/ct
from the previous quarter of $8.88/ct (Q2)
-- Tonnes treated decreased by 13% to 41,485t from 47,873t (Q2)
-- In November 2016 the refurbishment of the existing
Klipspringer processing plant commenced in order to treat the
sampled coarse dump. The refurbished plant treated its first
commissioning tons on 16 January 2017. Commissioning was completed
and operational tonnage is being ramped up.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Cautionary statement
This Quarterly Update has been prepared solely to provide
additional information to enable shareholders to assess the Group's
strategy and business objectives and the potential for them to be
fulfilled. It should not be relied upon by any other party or for
any other purpose. This Quarterly Update contains certain
forward-looking statements and has been made by the Directors in
good faith based on information available to them at the time of
their approval of this update. These statements should therefore be
treated with caution due to the inherent uncertainties, including
both economic and business risk factors, underlying such
forward-looking information.
Contact
For more information please visit http://www.asaukplc.com/ or
contact us below:
London
Asa Resource Group plc.
One Fleet Place, London EC4M 7W
Niall Henry, non-Executive Director (Investor Relations)
communications@asaukplc.com
Hong Kong
Yim Kwan, Finance Director
Asa Resource Group plc.
Units 509-510, Level 5, Core E, Cyberport 3, 100 Cyberport Road,
Hong Kong
communications@asaukplc.com
Nominated Adviser and Broker
SP Angel Corporate Finance LLP
Prince Frederick House, 35-39 Maddox Street, London W1S 2PP
John Mackay, Jeff Keating, Caroline Rowe
Tel: +44 (0) 20 3470 0470
This information is provided by RNS
The company news service from the London Stock Exchange
END
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