LONDON (Alliance News) - GoldBridges Global Resources PLC Thursday said production significantly increased in the second half of 2014 as the company moves from open pit mining to underground mining at its Kazakh Sekisovskoye gold mine.
In the second half of 2014, the gold miner produced 20,300 ounces of gold, which is a 13% increase from a year earlier and a 60% increase from the first half of 2014. This led to production for the full year of 32,994 ounces of gold, which is 8% higher than in 2013.
All of its production comes from the Sekisovskoye open pit and underground mine in Kazakhstan.
GoldBridges said production increased in the second half of the year compared to the first, after production from underground mining more than doubled, with the gold grade also improving to 3.81 grammes of gold per tonne, compared to 2.97 grammes of gold per tonne in the first half of 2014, it said.
"Our production results also demonstrate a steady increase in ore mined from the underground operation at Sekisovskoye. This trend is set to continue as the open pit becomes depleted and we continue to develop our underground mine and work towards our targeted annual gold production of over 100,000 ounces by 2018," said Chief Executive Aidar Assaubayev.
In addition, the company has commenced discussions with international mining contractors to potentially fast track the development of the Sekisovskoye underground expansion and minimise the initial capital investment.
"In addition, in 2015 we expect to finalise the Subsoil Licence for the highly prospective adjacent Karasuyskoye ore fields, positioning the company with excellent growth prospects beyond the development of the Sekisovskoye underground expansion," said Assaubayev.
GoldBridges shares were up 2.8% to 2.75 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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