LONDON (Alliance News) - GoldBridges Global Resources PLC Tuesday said that gold production in the first-half of the year was slightly higher than a year earlier, while it continues to progress with its expansion plans including the development of the Sekisovskoye underground mine.
The gold mining and development company said total gold production for the six months to June 30 was in line with its expectations, at 12,694 ounces.
During the period it produced 17,380 ounces of silver.
In a statement Tuesday, GoldBridges said "significant progress" has been made in underground development work which would permit greater access to higher grade areas, while gold processing plan expansion to increase production to 1.0 million tonnes per annum, from 0.85 million tonnes per annum, is underway.
"We look forward to higher output in the second half of 2014 and remain confident that we will meet our production targets for the year," said Chief Executive Aidar Assaubayev in a statement.
GoldBridges said it expects to commence the commissioning of new crushing equipment by the end of the third quarter, which should help further increase the efficiency of the crushing and milling plant.
Earlier this month, the company said its Sekisovskoye mine development project had been approved by Kazakhstan's Ministry of Industry and New Technologies for inclusion in the State Programme on Forced Industrial-Innovative Development.
In other words, this means that the company now has obtained all the necessary licenses and technical approvals required to develop the underground mine.
In its statement Tuesday, GoldBridges also said that it is currently in discussions with government authorities to obtain the necessary licenses and permits to exploit the Karasuyskoye ore fields in Kazakhstan, and conduct further testing to validate the initial resource estimates.
Shares in GoldBridges were untraded early Tuesday, quoted at 3.26 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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