Last checked at 29 Feb 2016 11:40
29 February 2016
GoldBridges Global Resources Plc
("GoldBridges" or the "Company")
Board changes
Highlights:
Appointment of Sanzhar Assaubayev to the Board of GoldBridges as an Executive Director Appointment of Neil Herbert to the Board of GoldBridges as a Non-Executive DirectorGoldBridges Board Changes
GoldBridges is pleased to announce that it has today strengthened its board by appointing Sanzhar Assaubayev as an Executive Director and Neil Herbert as a Non-Executive Director.
Sanzhar Assaubayev was formerly Director of International Affairs of JSC MMC Kazakhhaltyn and an Executive Director of Kazakh Gold Group. He is also a member of the Board of Directors of AltynGroup. He was educated at the Leysin American School in Switzerland, where he specialised in Management, and also at the American University in the UK. Sanzhar is CEO of AIM listed Kemin Resources.
Neil Herbert is a Fellow of the Association of Chartered Certified Accountants and has over 20 years of experience in finance. He has been involved in the management of mining and exploration companies for over 15 years and, until October 2013, was Co-Chairman and Managing Director of AIM quoted Polo Resources, a natural resources and mine development investment company. Prior to this, he was Finance Director for UraMin, an African focused uranium exploration company, from 2005-2007 during which period he worked to float the company on AIM and the Toronto Stock Exchange in 2006, raising c.US$400 million in equity financing and negotiating the sale of the group to Areva for US$2.5 billion. Neil will join the GoldBridges audit committee.
Non-Executive Director Ken Crichton has stepped down from the Board by mutual agreement.
Aidar Assaubayev, CEO of GoldBridges, commented:
“We are delighted that Sanzhar and Neil have agreed to join us. Their skills and experience in management and finance are crucial to us at this time when GoldBridges is transitioning from a small scale open pit gold miner to a significant gold producer in the Central Asia region. Sanzhar’s position on the GoldBridges Board further demonstrates our financial commitment to developing Sekisovskoye. We thank Ken for his hard work and wish him well in his future endeavours.”
For further information please contact:
GoldBridges Global Resources Plc
Louise Wrathall
+44 (0) 207 932 2456
Cantor Fitzgerald Europe
Stewart Dickson
+44 (0) 207 894 7000
Information on the Company
GoldBridges is a gold mining, exploration and development group based in Kazakhstan. Whilst the Company was initially established to exclusively develop and operate the Sekisovskoye gold and silver mine in the East Kazakhstan Region, it is now actively targeting additional gold mining opportunities in Kazakhstan. This includes the adjacent prospective Karasuyskoye Ore Fields, on which GoldBridges was recently awarded the tender to perform further confirmatory testing in order to gain the sub-soil user licence.
The Company holds a 100 per cent shareholding in DTOO Gornorudnoe Predpriatie Sekisovskoye ("DGPS") which holds a subsoil use contract in relation to the Sekisovskoye deposit, covering a total area of 0.855km². The subsoil use contract for Sekisovskoye is valid until 2020 and the Company currently intends to seek to extend the contract in accordance with its terms. The Company also holds a 100 per cent shareholding in DTOO Altai Ken-Bayitu LLP which owns and operates the processing plant at the Sekisovskoye deposit. The Sekisovskoye deposit is located at the village of Sekisovka, approximately 40km north of the town of Ust-Kamenogorsk, the capital city of the East Kazakhstan Region. The current operation is focused on mining two open pits where the near-vertical deposits extend to the surface. The open pits are nearing their end of life in 2015, and the Company is developing an underground extension to exploit the deposits to depth.
The Company intends that the Sekisovskoye deposit shall become a selective-mining underground operation. As at 31 May 2014, the Company’s proven and probable reserves consisted of 2.3Moz of gold and 3.0Moz of silver, and the Company’s measured, indicated and inferred resources consisted of 5.1Moz of gold and 3.5Moz of silver, in each case as classified in accordance with JORC.
In the year ended 31 December 2014, the Company’s consolidated revenue was US$35.2 million and its EBITDA was US$5.3 million.
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