LONDON (Alliance News) - GoldBridges Global Resources PLC's chairman Thursday told shareholders that the company's current share price doesn't reflect the true value of the company, as he said the company is in a position to generate profit from producing gold.
"The value to shareholders will come from the development of the high grade ore from the underground mine. The company's operations have been rationalised and are efficient to enable us to achieve a good profit from gold production moving forward," Chairman Kanat Assaubayev said at the company's annual meeting.
Assaubayev said that GoldBridges is progressing its project in the Karasuyskoye Ore Fields, adjacent to its current project at Sekisovskoye, Kazakhstan, where the company believes there is "significant shareholder value yet to be factored into" its fortunes.
"We are expecting the final permitting to be concluded later in the year, at which point the company will move forward with a detailed competent person's report," the chairman said.
"I am of course not pleased (as you are not) with the current share price," the chairman told shareholders. "However, we see the share price improving in the long-term and do not feel that the current share price reflects the true value of the company."
Goldbridges shares were up 13% at 2.15 pence on Thursday. The stock's 52-week range is 2.00p to 3.50p.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.