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8 Dec 2009 11:58
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AIM: GMA |
8Β December 2009 |
GMA Resources plc
("GMA" or the "Company")
Production Update forΒ NovemberΒ 2009
GMA announces that inΒ November 2009,Β the Amesmessa gold mine in Algeria producedΒ 2,252Β ounces of gold andΒ 447Β ouncesΒ of silver. Accordingly, the mine produced a total ofΒ 30,987Β ounces of gold in the firstΒ elevenΒ months of 2009 compared withΒ 18,619Β ounces in the firstΒ elevenΒ months of 2008.
Although production this month continues to fall short ofΒ internal budgets,Β there has been a modestΒ production improvementΒ on last monthΒ dueΒ to the arrival ofΒ certainΒ spare partsΒ andΒ equipment.Β The CompanyΒ anticipatesΒ that it may be two further months before allΒ suppliesΒ currently orderedΒ areΒ received.
FromΒ January 2010Β onwards, in anticipation that the worst of the supply difficultiesΒ willΒ have been addressed, productionΒ updates will beΒ announced on aΒ quarterlyΒ basis. In addition,Β detailsΒ of the Company's exploration prospectsΒ will be announcedΒ asΒ the programmeΒ developsΒ during 2010.
Douglas Perkins, Chief Executive of GMA, commented:
'A small improvement in November's production is positiveΒ proofΒ that some of the many steps taken by GMA's management to resolve supply chain difficulties are beginning to take effect and we anticipate thatΒ theyΒ should bearΒ furtherΒ fruit in the coming months.'
Enquiries:
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GMA Resources Plc |
Douglas Perkins |
+1 514 806 6788 |
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MerchantΒ John EastΒ SecuritiesΒ LimitedΒ |
Bidhi BhomaΒ |
+44 (0) 20 7628 2200 |
Notes to Editors:
GMA owns a controlling 52% stake in ENOR spa ("ENOR"), the Algerian based operating company for the Tirek-Amesmessa project, with the remainder owned by Sonatrach, the Algerian state-owned oil and gas company.
ENOR holds the exploitationΒ authorisationΒ to the Tirek-Amesmessa property, an area of some 1,417 km2, located approximately 450km south west of the city, Tamanrasset, in southernΒ Algeria. Amesmessa is an open pit heap leach gold mine located in the extreme south of the permit area. The Tirek gold mine is located centrally in the northern third of the exploration permit area, some 60 km north of Amesmessa. Research to date suggests that the Zita Zone, which lies between Tirek and Amesmessa, offers considerable potential for the development of additional prospects amenable to open-pit mining. GMA plans to quickly expand upon resources outside of the major 80km Tirek-Amesmessa fault north/south of the concession.
GMA's shares are traded on the AIM market of the London Stock Exchange (AIM: GMA).Β
For furtherΒ information on the Company, please visit:Β www.gmaresources.co.uk
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