GBGR.L Share News (GBGR)

(ShareCast News) - GoldBridges Global Resources is confident of delivering annual gold output of 100,000 oz by 2019, citing progress in terms of financing and implementing its underground expansion.It noted the completion of the second transportation decline at Sekisovskoye, slashing the haulage distance between the mine and processing plant to 1.4km, from 3km.This would enable increased underground ore production to an annualised run-rate of 500,000 tonnes, starting from second-half 2016.On completion of this decline, the haulage distance from the mine to the processing plant has been reduced from 3km to 1.4km.In addition, the construction of this decline will result in an increase in annual production capacity from the underground mine to 500,000 tonnes.Kazakhstan-focused GoldBridges added that the paste fill plant project development underway, and that the permitting process had begun.The company, whose shares were up almost 1.5%, said long-hole open stoping with paste fill had been identified as the most efficient mining method for Sekisovskoye."GoldBridges expects to receive all necessary permits by the end of 2016 and therefore be able to begin constructing the plant in early 2017," it said in a statement.Directors had also agreed a substantial administrative expenses cost-cutting programme that would allow the company to save up to $3.2m in 2016, equating to a roughly 30% reduction on 2015's administrative expenses.