GBGR.L Share News (GBGR)

(ShareCast News) - GoldBridges Global Resources announced an update on the development of the Sekisovskoye underground gold mine on Monday, confirming the mine development was proceeding as planned with all key milestones achieved on time and within budget.The London-listed firm said production levels were moving towards the medium term target of 100,000 oz of gold per annum from a production throughput of one million tons of ore per year within 3 years.It said significant parts of the infrastructure and associated equipment required for the ramp up in production were now in place, and ore body 5 was now in an advanced stage of production and expected to be supplying ore to the processing plant from the second decline in November 2016.The ancillary works necessary for extraction of ore from bodies 3 and 8 - which are accessed by the second decline - were now complete, and the second decline was now fully operational in relation to delivery of ore to the processing plant, the board reported.Test results indicated that ore bodies 3 and 8 will deliver a significant uplift in terms of gold grade with a current gold grade being achieved of 3.7g/t in October 2016.GoldBridges added that further exploratory drilling indicated ore body 11 was significantly thicker at between 50% - 70% below 200 metres above sea level.As planned, tailings dam 4 was completed, dovetailing into the ramp up in production that is expected, and exploratory drilling had been undertaken at the adjacent Karasuyskove ore field, in line with the licence award."We are on time and on budget with our mine expansion and we are fully focused on progressively increasing gold production towards our target production rate of 100,000 oz per annum in 2019," reiterated Goldbridges CEO Aidar Assaubayev."We are very pleased with progress made to date and look forward to updating shareholders again later in the year."