Last checked at 24 Mar 2011 07:00
Kryso Resources plc
("Kryso" or the "Company")
Update on the Progress of the Pakrut Gold Mine Project and Appointment of COO
Kryso Resources plc (AIM:KYS), the mineral exploration and development company with gold and nickel-copper projects in Tajikistan, is pleased to provide an update on the progress of the Pakrut Gold Mine project and to announce the appointment of a new Chief Operating Officer ("COO") as a non-board member.
Establishment of Kryso Resources Limited Beijing Representative Office
On 16 February 2011, Kryso's Beijing Representative Office was legally registered in Beijing, China. The Representative Office is chiefly responsible for the procurement of goods for the Pakrut project, the provision of administrative services and the facilitatation of communications within China.
Kryso and BGRIMM sign Pakrut Gold Mining Project design contract
On 22 February 2011, China Non-Ferrous Metals International Mining Co. Ltd ("CNMIM") hosted the signing of the design contract for the Pakrut gold mine project, which was signed by Mr. Weili Tang, President of CNMIM and Director of Kryso, and by the Beijing General Research Institute of Mining & Metallurgy ("BGRIMM").
Mr. Tao Luo, President of China Nonferrous Metals Mining Group Co. Ltd ("CNMC") and Chairman of Kryso, and Mr. Kaixi Jiang, President of BGRIMM, both said that they believe the hard work and cooperation of Kryso and BGRIMM will deliver significant economic returns.
Design plan optimisation
Kryso and CNMIM have held a series of meetings with BGRIMM regarding the design of the plant and camp site, access of the mine development, mining method and processing flow of the plant. As a result, continuous and ongoing improvements have been made to the design and we are approaching final optimisation of the design plans.
Preparation for Engineering, Procurement and Construction (EPC) Tendering
To begin construction of the Pakrut project tender documents are currently being prepared. CNMC, as one of the tenders of the Pakrut Gold Mine Project, will visit Pakrut for on-site investigation within the coming two weeks, prior to tender documents being issued.
Equipment purchasing
Purchase contracts for two bulldozers, a D7 and a D8, have recently been signed which, as well as the provision of drilling, will be used to provide earthworks for the development of the Pakrut project. In addition, an agreement has been signed to purchase two new and more powerful core drill rigs which will allow Kryso to explore the Pakrut deposit at a greater depth.
Appointment of Chief Operating Officer
Kryso is also pleased to announce the appointment of Richard Li as its new Chief Operating Officer. He has over 28 years experience, working firstly as an engineer and department manager for China ENFI Engineering Co. Ltd., and more recently as Vice President of CNMIM.
While working at CNMIM Richard was responsible for project development and management, managing numerous projects including rehabilitation of gold mines, exploration of copper mines and acquisition of gold resources projects in numerous countries such as Laos, Kyrgyzstan, Tajikistan and Australia. Richard is not being appointed to the board of Kryso at this time.
Craig Brown, Managing Director of Kryso, commented: "We are delighted with the progress being made at the Pakrut project. The establishment of offices in Beijing, the signing of a design contract and the preparation of tender documents are all important steps towards construction.
"Additionally, we are very pleased to welcome Richard Li on board as COO. His vast experience will be of great benefit to the Company as we look to drive the Pakrut project forward to completion."
Enquires:
Dr Trevor Davenport/Craig Brown, Kryso Resources plc
Tel: +44 (0)20 7371 0600
Katy Mitchell, WH Ireland Limited
Tel: +44 (0)16 1832 2174
Christian Dennis/Jeremy King, Optiva Securities Limited
Tel: +44 (0)20 3137 1902
Bob Huxford, Walbrook PR
Tel: +44 (0)20 7933 8780
Mobile: 07900 346 978
Bob.huxford@walbrookpr.com
Paul Cornelius, Walbrook IR
Tel: +44 (0)20 7933 8794
Mobile: 07827 879 460
Paul.cornelius@walbrookir.com
For further information, please visit the Company's website www.kryso.com
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 3 million ounces (assuming a cut-off grade of 0g/t Au) 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.
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.
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.
Kryso Resources
Copyright Business Wire 2011