Last checked at 30 Dec 2015 07:00
GoldBridges Global Resources Plc
("GoldBridges" or the "Company")
Board Change
The Board of GoldBridges Global Resources and Mr. Ken Crichton have agreed that he will step down as an Executive Director of the company with immediate effect, to allow him to pursue other mineral exploration interests. Mr Crichton will continue to be a Non-Executive Director.
During this transition period, Mr. Crichton has been working with the team at the Sekisovskoye gold mine to finalise the underground expansion project work. Going forward, the project team at Sekisovskoye will be responsible for delivering the underground expansion.
Aidar Assaubayev, CEO of GoldBridges commented:
“We would like to thank Ken for his technical input into the Sekisovskoye underground expansion over the last 18 months. We are now at an exciting time for the company as we target increasing our underground gold production to 100,000oz by 2018.”
For further information please contact:
GoldBridges Global Resources Plc
Louise Wrathall
+44 (0) 207 932 2456
Strand Hanson (Financial Adviser and Joint Broker)
Andrew Emmott / James Spinney / Ritchie Balmer
+44 (0) 207 409 3494
Cantor Fitzgerald Europe (Joint Broker)
Stewart Dickson / Jeremy Stephenson
+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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