Last checked at 9 Jan 2012 07:00
Kryso Resources plc
AIM: KYS
('Kryso' or the 'Company')
Pakrut Mining Licence Granted
Kryso Resources plc (AIM: KYS), the mineral exploration and development company with gold and nickel-copper projects in Tajikistan, is pleased to announce that the Government of the Republic of Tajikistan has issued the Pakrut Project mining licence to LLC Pakrut, a wholly owned subsidiary of the Company. This follows the Company's announcement of 10 November 2011 that the Government had issued a resolution signed by the president approving the issuance of the licence.
According to the terms of the licence, the amount of ore that can be mined is variable depending upon the mine plan. The plan submitted by Kryso envisages an initial processing capacity of 660,000 tons of ore per annum, increasing to 1,320,000 tons per annum from 2017. The mining licence is valid until 2 November 2030.
In addition, Kryso can report significant progress in mine construction. The Company has commenced geotechnical drilling on the access road as well as the tailings dam, and construction equipment for the access road has been ordered.
Kryso received significant and essential in-country legal, financial and PR consultancy services from LLC Anbat Service as part of the detailed process for obtaining the mining licence. In connection for the provision of these services LLC Anbat Service have been issued 8,254,977 ordinary shares. Accordingly application will be made for 8,254,977 ordinary shares to be admitted to trading on the AIM market of the London Stock Exchange. Admission is expected to become effective on 13 January 2012.
Managing Director of Kryso Resources, Craig Brown, commented, "We are very pleased to be able to report formal granting of the Pakrut mining licence. We believe that this news should further de-risk our project both for current and potential stakeholders. We are progressing with the initial construction work and are targeting finalising financing and proceeding with full mine construction in the spring."
| For further information please contact: |
| Kryso Resources PLC |
| Craig Brown, Managing Director |
| Tel: +44 (0) 20 7349 9160 |
| Anthony Schindler, Investor Relations |
| Mobile: +44 (0) 7710 178 928 |
| Evolution Securities |
| Jeremy Ellis, Neil Elliot, George Price |
| Tel:+44 (0)20 7071 4300 |
| XCAP Securities plc |
| John Grant / Jon Belliss Tel: +44 (0) 207 101 7070 |
| Walbrook PR |
| Louise Mason/Bob Huxford Tel: +44 (0)20 7933 8780 |
Copyright Business Wire 2012