Last checked at 19 Dec 2014 07:00
GoldBridges Global Resources Plc
("GoldBridges" or the "Company")
First day of DealingsAdmission to the standard segment of the Official List and to trading on the Main Market of the London Stock Exchange
GoldBridges, the independent gold mining, exploration, development and production company with assets in Kazakhstan, is pleased to announce that further to the announcement of 20 November 2014, the Company's ordinary shares of £0.001 each ("Ordinary Shares") will today be admitted to the standard segment of the Official List of the United Kingdom Listing Authority and to trading on the London Stock Exchange plc's Main Market for listed securities. Dealings in the Company's Ordinary Shares will commence on the Main Market today at 8.00am GMT and cancellation of admission to trading on AIM of GoldBridges' Ordinary Shares is effective from 7.00am GMT today.
The Company is not raising any funds or issuing any new Ordinary Shares in connection with the admission, and there will remain 2,211,342,130 Ordinary Shares in issue. GoldBridges has published a prospectus in connection with this admission, which is available on the company's website at www.goldbridgesplc.com, or free of charge during normal business hours at the Company's offices at 28 Eccleston Square, London SW1V 1NZ.
GoldBridges' CEO Aidar Assaubayev commented:
"Our graduation to the Main Market of the London Stock Exchange is a significant milestone for the Company. It is a natural step in our growth cycle and sets us apart from the majority of our AIM listed mining peers. We are proud to be using the Main Market as it is intended, to support the growth of quality companies, and to be bringing a quality Kazakh company to the main board. It also reflects management's focus on corporate governance and our commitment to the London investor base and regulatory environment.
"We expect to deliver transformative growth over the next two years as we plan to increase annual gold production from around 30,000oz to over 100,000oz a year by 2018 as Sekisovskoye progresses from an open pit to a solely underground operation.
The Competent Person's Report (CPR) we released to the market in November 2014 demonstrated JORC compliant reserves of 2.26 million ounces of gold and total indicated and inferred resources of over 5 million ounces of gold. We intend to build on this reserve base, and the operational gains we have made over the last three years as we deliver more ounces at a low cash cost and continue to realise value for our shareholders."
Dealing Codes
ISIN GB00B015PT76
SEDOL B015PT7
EPIC/TIDM GBGR
For further information please contact:
GoldBridges Global Resources Plc | +44 (0) 207 932 2456 |
Louise Wrathall | |
Strand Hanson (Financial Adviser and Joint Broker) | +44 (0) 207 409 3494 |
Andrew Emmott | |
Ritchie Balmer | |
Peat & Co. (Joint Broker) | +44 (0) 203 540 1720 / |
John Beaumont, COO and Head of Research | +44 (0) 203 540 1723 |
Bell Pottinger (Financial PR) | +44 (0) 20 3772 2500 |
Daniel Thöle | |
Marianna Bowes | |
Richard Crowley |
Information on the Group
The Group is a gold mining, exploration and development group based in Kazakhstan. Whilst the Group was initially established to develop and operate the Sekisovskoye gold mine in the East Kazakhstan Region, it is now actively targeting additional gold mining opportunities in Kazakhstan, including the prospective Karasuyskoye ore field which adjoins the Sekisovskoye deposit.
The Group's principal asset is the exclusive right to explore and extract gold and silver ore from the Sekisovskoye deposit in the Glubokovsky District of the East Kazakhstan Region. The Company holds a 100% 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 is valid until 2020 and the Group currently intends to seek to extend the contract in accordance with its terms. The Company also holds a 100% shareholding in DTOO Altai Ken-Bayitu LLP ("AKB") 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 exploiting two open pits where the near-vertical deposits extend to the surface. The open pits are nearing their end of life in 2016, and the Group is developing an underground extension to exploit the deposits to depth. The Group intends that the Sekisovskoye deposit shall become a selective-mining underground operation.
The Group produced approximately 31Koz of gold and 35Koz of silver in the year ended 31 December 2013 and approximately 13Koz of gold and 17Koz of silver in the six months ended 30 June 2014.
As of November 2014, the Group's proven and probable reserves consisted of 2.3Moz of gold and 3.0Moz of silver, and the Group'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 2013, the Group's consolidated revenue was $42.4 million and its EBITDA was US$(0.6) million. In the six months ended 30 June 2014, the Group's consolidated revenue was US$16.7 million and its EBITDA was US$5.9 million.
In 2013, the Group acquired certain historic geological information pertaining to the Karasuyskoye ore fields. The Karasuyskoye ore fields cover an area of approximately 198km2 adjacent to the Group's current concessions and production facilities, and offer the potential for both open pit and underground mining. The Group is in the process of obtaining the necessary approvals to operate the mining area.