Last checked at 4 Feb 2014 07:15
04 February 2014
GoldBridges Global Resources Plc
("GoldBridges" or "the Company")
Operational Update for Fourth Quarter and Full Year to 31 December 2013
GoldBridges Global Resources Plc (AIM: GBGR), the gold mining and development group, today provides its operational update for its 100 per cent owned Sekisovskoye mine for the quarter ended 31 December 2013 and for the full year.
Highlights include:
· 8,836 ounces of gold produced during the quarter, a 53 per cent increase in gold production year-on-year
· 30,670 ounces of gold produced during 2013, which represents:
o 37 per cent increase in production compared to 2012, and
o 12 per cent above the production guidance for 2013
· Increased recovery rates: 85.3 per cent (Q4 2012: 83.7 per cent) gold recovery rate achieved during the quarter and 84.3 per cent for the full year due to upgraded and improved processes to gold processing plant in the third quarter
· Improved average plant feed grade of 1.76 grams per tonne ("g/t") for the quarter (Q4 2012: 1.58 g/t) due to increased volume of higher grade underground ore
Maxim Strelnikov, COO of GoldBridges Global Resources Plc, commented:
"We set an ambitious production goal for ourselves in 2013, and I am very proud that our team has delivered strong production growth of 37 per cent this year, 12 per cent above our guidance. We expect strong gold production growth to continue I n 2014."
Quarterly and annual production figures
Quarter ending 31 December 2013 | Calendar year ending 31 December 2013 | ||||||
2013 | 2012 | YoY Change, % | 2013 | 2012 | YoY Change, % | ||
Total ore milled | t | 182,689 | 136,253 | 34% | 701,361 | 628,731 | 12% |
Gold grade | g/t | 1.76 | 1.58 | 11% | 1.61 | 1.37 | 18% |
Gold recovery rate | % | 85.3 | 83.7 | 2% | 84.3 | 80.4 | 5% |
Poured gold | oz | 8,836 | 5,778 | 53% | 30,670 | 22,470 | 37% |
Poured silver | oz | 10,132 | 7,195 | 41% | 34,905 | 27,198 | 28% |
The Company processed 182,689 tonnes of ore during the quarter, which is a 34 per cent increase over the comparable quarter in 2012 (136,253 tonnes). Over the year, the volume of ore milled increased to 701.4 thousand tons (up 12 per cent compared to 2012. Importantly, tonnage milled in seasonally low Q4 2013 was only 3.6 per cent lower than tonnage milled in Q3 2013 (189,568 tonnes), which is a direct benefit of underground mining as it is not impacted by harsh Kazakh winter conditions.
Akmola Update
In late 2013, subsequent to the termination of the proposed Akmola Gold acquisition, the Company successfully sued Akmola Gold for $2,000,000, the amount it had previously advanced. GoldBridges is pleased to announce that the Appeal Board of Astana has upheld the decision made by the Specialized Interregional Economic Court of Astana in favor of the Company. The Company will take all appropriate measures for enforcement of court decision.
A copy of this report will be available on the Company's website, www.goldbridgesplc.com
For further information, please contact:
GoldBridges Global Resources plcRajinder Basra, CFO | +44 (0) 207 932 2455 |
Strand Hanson (Nomad and Joint Broker)Andrew EmmottJames SpinneyRitchie Balmer | +44 (0) 207 409 3494 |
Peat & Co. (Joint Broker)John Beaumont, COO and Head of Research | +44 (0) 203 540 1720+44 (0) 203 540 1723 |
Blythe Weigh Communications (Financial PR)Tim BlytheHalimah HussainCamilla Horsfall | +44 (0) 207 138 3204 |