LONDON (Alliance News) - GoldBridges Global Resources PLC Monday said its wholly owned subsidiary has been awarded the subsoil rights for Karasuyskoye ore fields in Kazakhstan ahead of finalising the subsoil license in the "near term".
Altai Ken-Bayitu LLP, the company's subsidiary, was awarded the subsoil rights by the Ministry of Investments and Development for the field, which is located next to GoldBridge's existing Sekisovskoye operations in the Glubokovskiy region.
GoldBridges now will proceed with signing the Karasuyskoye subsoil contract with the state authorities, it said.
GoldBridges said it will benefit from new financial incentives in the final subsoil contract, including incentives offered specifically to the company through the state programme on forced industrial-innovative development and which are expected to include investment incentives and tax reductions.
The company purchased geological data for the field in October 2013 which has indicated that there are several mineralised zones at the project. GoldBridges said it will twin previous drill holes and undertake additional mettalurgical work leading to an independent competent persons report to international standards throughout 2015.
Once the report has been finished, GoldBridges plans to progress towards mining from the Karasuyskoye ore fields, primarily using cash generated from existing operations, it said.
"We see Karasuyskoye as an important development that complements our main Sekisovskoye operations. It offers significant potential to increase our gold production from this area of Kazakhstan in the medium to long term," said Chief Executive Aidar Assaubayev.
GoldBridges shares were up 1.2% to 3.06 pence per share on Monday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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