Watch the latest episode of focusIR Fireside Chats: Why Edinburgh Investment Trust Is Backing Turnaround Stocks for 2026 Growth. Viewhere

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksKemin Resources Regulatory News (KEM)

  • There is currently no data for KEM

Update on Mining & Exploration Activities

20 Sep 2010 07:00

RNS Number : 9314S
GMA Resources PLC
20 September 2010
 

20 September 2010

 

GMA Resources plc

("GMA" or the "Company")

 

Update on Mining and Exploration Activities

 

GMA Resources announces the progress of its mining and exploration activities at the Amesmessa Gold Mine within the Tirek - Amesmessa Concession in South West Algeria.

 

HIGHLIGHTS

 

·; Amesmessa Carbon in Leach ("CIL") plant operating continuously for one month

 

·; Commissioning performance to date indicates 1,000 ounces per month additional gold production.

 

·; Grades and daily recoveries to date greater than 10 g/t and 85 per cent.

 

·; First 4,900 metres of RC Drilling Program completed - 3,920 samples taken and 1,620 samples in transit to accredited laboratory for assaying.

 

 

Re-commissioning of the Tirek CIL Plant at the Amesmessa Mine Site

 

Re-commissioning of the former Tirek CIL plant, now relocated to the Amesmessa mine site, commenced on 14 August 2010. The CIL is now operating continuously and as of 13 September 2010, had processed 3,420 tonnes of high grade ore (>10 g/t) at a rate of 6.3 tonnes per hour. Daily gold recoveries have consistently been greater than 85 per cent. throughout the month-long commissioning phase.

 

The addition of the CIL plant will allow the Amesmessa operation to selectively process the highest grade ores in order to maximize gold production. Historically, the deeper higher grade ores have been found less amenable to the heap leach process. The Board believes that the opportunity to selectively increase the recovery of the highest grade ores in the current mine plan, with no additional mining or crushing costs and which incurs only the small incremental costs of running the CIL, will have a positive impact on the cash flow for the operation.

 

The target production for the CIL plant is an additional 1,000 ounces per month, at current mine production rates. This will be in addition to the existing heap leach operation which has been producing at a rate of around 2,000 ounces per month during 2010.

 

 

Update on Exploration Drilling Program

 

Since drilling commenced, during June 2010, more than 4,900 metres of reverse circulation drilling has been completed. In total, 94 holes have been drilled, with 82 of the holes within the existing Amesmessa Mine focussing on increasing resources for the coming two years.

 

To date 3,920 samples have been collected, of which 1,620 have been sent for assaying. A further update will be provided once the results are received.

 

In September drilling has commenced with 12 holes in Zone 2; an area 12km north of the Amesmessa crusher site. During the soil sampling phase this the area (identified initially by the previously reported Earthscan satellite imagery work) returned numerous results in excess 100 ppb gold in soil averaging 100 metres in width over a strike length of 800 metres (five traverses spaced at 200 metres) and the anomaly remains open at both ends. A 2,600 metre drill program is planned for this area as the first stage of the greenfields exploration step out from the Amesmessa Mine.

 

Interim CEO, Ken Crichton, said

"The team at the mine site overcame some tough obstacles to get the CIL up and running; on behalf of all our shareholders I wish to express our thanks to them for their dedication.

 

Equally encouraging is seeing the exploration program taking shape and I hope to be able to report some drill results by late October.

 

Finally during this period of transition I need to highlight the strong support we have received from our joint venture partner Sonatrach and also from the management of ENOR. This strong support has made the task a lot easier."

 

 

 

Enquiries:

 

GMA Resources Plc

 

Ken Crichton

+20 (0)10766 6118

Merchant Securities Limited (Nomad)

 

Bidhi Bhoma

+44 (0) 20 7628 2200

Mirabaud Securities LLP (Broker)

Jonathan Colvile

+44 (0) 20 7484 3510

 

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

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCGGUWWBUPUGRB
Date   Source Headline
28th Mar 200712:37 pmRNSIssue of Stock Options
21st Mar 20073:42 pmRNSHolding in Company
20th Mar 20072:33 pmRNSHolding in Company
15th Mar 200710:19 amRNSHolding in Company
6th Mar 20078:39 amRNSHolding in Company
5th Mar 20078:27 amRNSHolding in Company
28th Feb 20077:00 amRNSTotal Voting Rights
26th Feb 200710:07 amRNSHolding in Company
22nd Feb 20079:25 amRNSHolding in Company
8th Feb 200711:49 amRNSHolding in Company
31st Jan 20077:02 amRNSPlacing
18th Dec 200612:30 pmRNSTotal Voting Rights
15th Dec 20067:58 amRNSDecember Construction Update
1st Dec 20068:36 amRNSSignificant Shareholder
30th Nov 20068:57 amRNSSignificant Shareholder
7th Nov 20068:05 amRNSConstruction Update
2nd Nov 20069:39 amRNSLaunch of New Website
4th Oct 200612:42 pmRNSInterim Results - Amend
28th Sep 20067:05 amRNSInterim Results
28th Sep 20067:00 amRNSMetallurgical Testing Results
18th Jul 200612:46 pmRNSResult of AGM
29th Jun 20067:03 amRNSConstruction Update
28th Jun 20067:01 amRNSAnnual Report and Accounts
27th Jun 20062:20 pmRNSSignificant Shareholder
19th Jun 20066:57 pmRNSFinal Results
30th May 20064:50 pmRNSSignificant Shareholder
30th May 20063:21 pmRNSProject Financing Update
8th May 20069:39 amRNSSignificant Shareholder
8th May 20069:37 amRNSProject Update
3rd May 20065:33 pmRNSSignificant Shareholding
2nd May 20062:35 pmRNSSignificant Shareholding
2nd May 20069:26 amRNSSignificant Shareholder
21st Apr 200612:56 pmRNSDirector Shareholding
18th Apr 200610:49 amRNSDirector Shareholding
12th Apr 20064:12 pmRNSIssue of Shares
7th Apr 200610:24 amRNSResignation of Director
6th Apr 20061:29 pmRNSIssue of Options
7th Mar 20069:07 amRNSDirector Shareholding
2nd Mar 200612:05 pmRNSTrading/prod'n plan update
1st Feb 200612:33 pmRNSResignation of Director
11th Jan 20067:00 amRNSTrading update
20th Dec 20054:09 pmRNSDirectorate Change - Replace
20th Dec 20053:54 pmRNSDirectorate Change
24th Nov 20057:47 amRNSAdditional Listing
23rd Nov 200512:56 pmRNSResult of EGM
31st Oct 20059:49 amRNSPlacing and Issue of Options
17th Oct 200512:46 pmRNSDirectorate Change
17th Oct 200512:42 pmRNSChange of Adviser
11th Oct 20052:57 pmRNSFeasibility Study
10th Oct 20059:19 amRNSFeasibility Study

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.