HGM26 Jan 2011 07:22
HIGHLIGHTS
· The Company met its 2010 production guidance by producing 200,028 oz of gold and gold equivalents from Mnogovershinnoye ("MNV"), Novoshirokinskoye ("Novo") (48.3%) and its newly commissioned third mine, Belaya Gora, a 23% increase year-on-year
· At Unkurtash initial C1+C2 reserves estimate (1.70 Moz) submitted to Kyrgyzstan GKZ for approval, with JORC compliant audit results expected during H1 2011
· JORC compliant audit confirms original Belaya Gora GKZ reserve (0.82 Moz)
· Novo continues to ramp up mining and processing levels
· 12,000 metres of resource conversion drilling completed at Lyubov
· Group currently is debt free after fast tracking loan repayments, with a cash and cash equivalent position of US$ 235 million at 31 December 2010
· Production in 2011 (MNV, Novo and Belaya Gora) is forecast in the range of 210,000 - 220,000 oz of gold and gold equivalents