Sekisovskoye mine video

RNS Number : 8522C

GoldBridges Global Resources PLC

21 October 2015

 

21 October 2015

GoldBridges Global Resources Plc

("GoldBridges" or the "Company")

Sekisovskoye mine video

GoldBridges Global Resources plc is pleased to announce that it has uploaded a new corporate video onto the website, www.goldbridgesplc.com, which shows the Sekisovskoye mine in North East Kazakhstan, and demonstrates that decline development work is underway. The link to the video is http://www.goldbridgesplc.com/sekisovskoye-mine-video.html .

Since the company announced in August that it would access its deeper reserves via a decline, significant progress has been made.  In developing the underground mine, GoldBridges has fully completed construction works on the 250 metres above sea level (masl) level, and is now working on the 200 masl level. The current rate of development is approximately 400 metres per month. The company aims to be producing some gold from the 250masl level during Q4 2015, and from the 200masl level in 2016.

Maxim Strelnikov, COO of GoldBridges, commented:

 "Our new video footage showcases our Kazakh operation and demonstrates the significant progress that we have made towards developing our new underground mine at Sekisovskoye. Sekisovskoye contains significant high grade reserves, and the decline solution allows us to access these reserves using a low capital expenditure solution. "

 For further information please contact:

GoldBridges Global Resources Plc

Louise Wrathall                  

[phone]

Strand Hanson (Financial Adviser and Joint Broker)

Andrew Emmott / James Spinney / Ritchie Balmer

[phone]

Cantor Fitzgerald Europe (Joint Broker)

Stewart Dickson / Jeremy Stephenson

[phone]

Bell Pottinger (Financial PR)

Daniel Thöle / Richard Crowley

[phone]

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 DTOO Altai Ken-Bayitu LLP which owns and operates the processing plant at the Sekisovskoye deposit. The Sekisovskoye deposit is located at the village of Sekisovka, approximately 40km north of the town of Ust-Kamenogorsk, the capital city of the East Kazakhstan Region. The current operation is focused on mining two open pits where the near-vertical deposits extend to the surface. The open pits are nearing their end of life in 2015, and the Company is developing an underground extension to exploit the deposits to depth.

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 2014, the Company's consolidated revenue was US$35.2 million and its EBITDA was US$5.3 million.

 

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