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10 Nov 2009 12:40
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(AIM: GMA) |
10 November 2009 |
GMA RESOURCES Plc
("GMA" or the "Company")
Production Update for October 2009
GMA announces that in October 2009, the Amesmessa gold mine in Algeria produced 1,918 ounces of gold and 379 ounces of silver. Accordingly, the mine produced a total of 28,645 ounces of gold in the first ten months of 2009 compared with 17,069 ounces in the first ten months of 2008.
Production this month continues to fall short of forecasts due to long delays in the delivery of replacement parts to keep equipment running at design capacity. GMA has been addressing this issue in a number of ways, including increasing inventory on order and the appointment of a country manager with a particular focus on logistics process management. GMA has also been working closely with local partners to make the most of their capabilities in addressing supply chain and other operational constraints.
Douglas Perkins, Chief Executive of GMA, commented:
"Whilst current production continues to disappoint we remain committed to achieving resolution of the underlying supply chain difficulties by all available means."
Further to the announcement on 21 October 2009 the Company confirms that its nominated adviser is Merchant John East Securities Limited and that its broker is Mirabaud Securities Limited.
ENQUIRIES:
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GMA Resources Plc Douglas Perkins |
Tel: +1 514 806 6788 |
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Merchant John East Securities Limited Bidhi Bhoma |
Tel: +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 exploitation authorisation to the Tirek-Amesmessa property, an area of some 1,417 km2, located approximately 450km south west of the city, Tamanrasset, in southern 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).
For further information on the Company, please visit: www.gmaresources.co.uk
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