TSG.L Regulatory News (TSG)

1 Aug 2005 16:55

Trans-Siberian Gold PLC01 August 2005 news release For immediate release: 1 August 2005 Trans-Siberian Gold plc Annual General Meeting Cambridge: 1 August 2005. Trans Siberian Gold plc ("TSG" or "the company")reports that at the Annual General Meeting held today Mr Jocelyn Waller,Managing Director, gave an update to shareholders on current developments at thecompany's major projects of Asacha and Veduga in Russia, as follows: Asacha, Kamchatka - the application for an extension to the production conditionin the mining licence was progressing and it was expected that the Russianlicensing committee would review it in late August/early September. Discussions for the project finance for Asacha were well advanced with StandardBank of London and the European Bank for Reconstruction (EBRD) and with twoRussian banks who had shown interest in being involved. TSG was also reviewingopportunities for lease finance for some major capital equipment items. On thatbasis, a decision to proceed with construction at Asacha would probably be takenat the end of September but construction would not go ahead until the licenceextension was approved. Veduga - technical studies were continuing to determine the optimum processingtechnology for the Veduga ore and this first phase of the feasibility study wasexpected to be completed by mid September this year. Mr Waller said that the Company was considering a share listing and equityraising in North America in 2006. All the resolutions for consideration at the AGM were approved by shareholders. Ends Contacts: Jocelyn WallerManaging DirectorTrans-Siberian Gold 01223 265761 / 07778 164376 Simon OlsenFinance Director,Trans-Siberian Gold 01223 265768 / 07770 484965 Keith IronsBankside Consultants 020 7367 8873 / 07885 356639 This information is provided by RNS The company news service from the London Stock Exchange