Goldplat plc Corporate & Operational Update
December 11 2017 - 1:00AM
UK Regulatory
TIDMGDP
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
11 December 2017
Goldplat plc ('Goldplat' or 'the Company')
Corporate & Operational Update
Goldplat, the AIM quoted gold producer with international gold recovery
operations located in South Africa and Ghana and a gold mine in Kenya,
is pleased to provide a corporate and operational update.
Rand Refinery Dispute
Further to its announcements of 4 April 2017 and 11 September 2017, the
Company is pleased to announce that both parties, being Rand Refinery
and Goldplat Recovery Limited ('GPL') have formally agreed on an
arbitration process for the recovery of the amounts owed to GPL, and
have appointed a retired Appeal Court Judge to act as arbitrator. The
arbitration proceedings have been scheduled for 25-29 June 2018 and the
Company will provide more information to shareholders regarding these
proceedings when appropriate.
Operational Update
The Company is pleased to report that good progress is being made on all
areas of strategic focus. At GPL, a strategic stockpile of in excess of
a year of planned production through the carbon in leach ('CIL')
circuits has been procured and metallurgical testwork is currently being
undertaken to optimise metal recoveries from and profitability of this
material. This has been an important initiative to de-risk the most
profitable production stream at GPL and the Board is encouraged to note
that this strategic objective has been reached within the first six
months of the financial year.
At Gold Recovery Ghana ('GRG'), the elution plant construction is
progressing according to plan, and commissioning is expected to begin
before the end of December 2017. This progress has recently been
acknowledged very positively by the Ghanaian Ministry of Mines. A team
is on the ground in Ghana to commission the tailings project pilot plant,
with surveys of target material for the pilot testing ongoing.
At Kilimapesa Gold (Pty) Ltd, production remains on target for 5,800
ounces of gold in FY2018 and profitability is being achieved on an
operational level. This has been achieved despite a number of days of
lost production, caused by the election process which affected diesel
supplies.
Gerard Kisbey-Green, CEO of Goldplat commented: "We are pleased to have
finally made tangible progress towards settlement of the dispute with
Rand Refinery after a protracted period of negotiations. We remain
confident that this arbitration process will result in the full recovery
of the amounts owed to GPL and Company will keep shareholders informed
of progress. From an operational point of view, I am delighted to say
that progress is being made across the board which positions us strongly
for the remainder of the 2018 financial year, and I look forward to
providing further detail on this in the New Year with the release of our
quarterly operational updates and Interim Results."
** ENDS **
For further information visit www.goldplat.com, follow on Twitter
@GoldPlatPlc or contact:
Gerard Kisbey-Green Goldplat plc Tel: +27 (71) 8915775
(CEO)
Colin Aaronson / Jen Grant Thornton UK LLP Tel: +44 (0) 20 7383 5100
Clarke/ Daniel Bush (Nominated Adviser)
Andrew Raca / Justin VSA Capital Limited Tel: +44 (0) 20 3005 5000
McKeegan (Broker)
Charlotte Page / Susie St Brides Partners Ltd Tel: +44 (0) 20 7236 1177
Geliher (Financial PR)
About Goldplat
Goldplat plc is an AIM quoted gold producer with two market leading
recovery operations in South Africa and Ghana and an operational gold
mine in Kenya. The Company produced 42,857 ounces of gold during FY
2017, with 40,285 gold equivalent ounces sold and transferred, resulting
in an operating profit from continuing operations of GBP2.9m for the
year. This result does not benefit from the increased processing
capacity that was achieved at the Kilimapesa Gold Mine towards the end
of FY 2017, with operational profitability achieved during last two
months of FY 2017. Accordingly, the Company believes it is well placed
to build upon production and profitability during FY 2018.
The Company's strategy is focussed on utilising cash flow generated from
its flagship gold recovery and mining operations to self-fund the
sustainable growth and expansion of its niche gold recovery business
model internationally. The Company is also committed to increasing its
primary mining production output through acquisition / gaining interests
in producing or near-production assets, preferably in Africa. Goldplat
retains exposure to a small exploration project in Ghana, in which
Ashanti Gold Corp. is earning an interest via an earn-in option
agreement.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Goldplat plc via Globenewswire
(END) Dow Jones Newswires
December 11, 2017 02:00 ET (07:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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