Last checked at 10 Jun 2010 08:28
Kryso Resources plc (`Kryso' or `the Company') 10 June 2010AIM: KYS PROGRESS UPDATE Highlights: * Bankable Feasibility Study (`BFS') progressing well * Process for the appointment of a CEO well advanced * Senior mining engineer appointed to be based in Tajikistan * Snowden appointed to sign off on the resource element of the BFS
Kryso Resources plc, the gold exploration and development company that is advancing its 2.8 million ounce Pakrut gold project in Tajikistan through a bankable feasibility study (BFS), provides an update on progress.
Pakrut BFS
As previously announced the Beijing General Research Institute of Mining and Metallurgy (`BGRIMM') is at an advanced stage in the process of completing the Pakrut BFS. The Company provisionally anticipated that the BFS would be completed at the end of June 2010. However, recently announced encouraging drilling data is currently being integrated into the resource model, with the assistance of Snowden Mining Industry Consultants Pty Ltd (Snowden), an independent mining consultancy.
Following meetings in Beijing between representatives of the Board of the Company, Snowden and BGRIMM, the Company is pleased to report that the study is progressing well. With all other major elements largely completed, it is anticipated that the BFS will be published in early August. While this represents a slight delay, the Board considers it important to ensure the study is fully optimised using all available data.
Senior appointments
The Company is pleased to announce the appointment of Andr© Gaston as Senior Mining Engineer for the Pakrut project. Andr© will be based in Tajikistan and brings a wealth of experience of managing underground mining operations to the Company. In the meantime the process for the appointment of an appropriately experienced Chief Executive Officer is well advanced, with a selection of strong candidates currently being shortlisted.
Dr. Trevor Davenport, Non-Executive Chairman and acting Managing Director of Kryso, comments:
"On behalf of the board I am very pleased to report on the excellent progress that is being made on several fronts. Kryso has a substantial gold deposit at Pakrut in an increasingly strong gold market and I look forward to the Company providing further updates to shareholders in due course."
About the Pakrut Gold Project
The Pakrut gold project, of which Kryso has 100% ownership, is situated in Tajikistan approximately 112km northeast of the capital city Dushanbe. Pakrut has total JORC Code-compliant gold resources of approximately 2.8 million ounces (Table 1) and is located within the Tien Shan gold belt, which extends from Uzbekistan into Tajikistan, Kyrgyzstan and western China, and which hosts a number of multi-million ounce gold deposits.
Table 1. Pakrut Mineral Resource (November, 2009) JORC Classification Tonnes (million) Au grade (g/t) Ounces Au (million)
Measured 11.2 2.62 0.94 Indicated 5.8 2.09 0.39 Sub-Total 17.0 2.44 1.33 Inferred 19.0 2.45 1.50 Total 36.0 2.44 2.83
Classification of the Mineral Resource has been completed with the JORC Code
All resources are reported at a 0.5 g/t Au cutoff
Drilling at Pakrut has previously returned numerous exciting intersections, including 123.7m at 6.1g/t Au, 42m at 11.2g/t Au and 50m at 5.7g/t Au. A bankable feasibility study for the Pakrut project is currently being undertaken by BGRIMM.
About Tajikistan
Tajikistan is a secular republic located in Central Asia. The country is a member of the Commonwealth of Independent States (CIS) and the Shanghai Cooperation Organisation. Tajikistan hosts numerous operating precious metal mines as well as the largest aluminium smelter in Central Asia. Kryso's management team has extensive experience in the mining industry in Tajikistan.
For further information please visit the Company's website (www.kryso.com) or contact:
Dr. Trevor Davenport (Chairman) / Craig Brown (Finance Director), Kryso Resources plc
Tel: +44 (0) 20 7371 0600
Katy Mitchell, WH Ireland Limited
Tel: +44 (0) 161 832 2174
Christian Dennis, Orbis Equity Partners Limited
Tel: +44 (0) 20 3137 1902
Qualified Person
Dr Trevor Davenport B.Sc, M.Sc, Ph.D, MIMM, C.Eng, Non-Executive Chairman and acting Managing Director of Kryso Resources plc. Dr Davenport has more than 35 years of experience in the mining industry, he has reviewed the announcement and consented to the inclusion of the material in the form and context in which it appears.
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