28 Jun 2011 12:33
Trans-Siberian Gold plc
Result of Annual General Meeting
Asacha project update
London: 28 June 2011 - Trans-Siberian Gold plc ("TSG" or "the Company") (TSG.L) announces that at the Company's AGM held today all resolutions were duly passed.
At the AGM Dmitry Khilov, TSG's Chief Executive Officer, gave a presentation which reported on the progress of development and pre-production mining and plant construction at the Asacha project. A copy of the presentation is available on the Company's website. http://www.trans-siberiangold.com.
By 1 June 2011 more than 4,800 metres and 50,000 m3 of mine development and pre-production mining had been completed since the beginning of 2008. The ore stockpile has increased to more than 68,000 tonnes, with an average grade of 8.5 g/t. According to the approved 2011 Mining Plan, 100,000 tonnes of ore will be extracted this year, including 75,000 tonnes from stoping activities. Stoping commenced earlier this month, with more than 700 tonnes extracted at an average grade of 40 g/t.
Finishing works on the plant building are almost complete, plant equipment installed and technological piping in place. Construction of the plant engineering systems (ventilation, water, power and heat supply and sewerage) is almost complete. The ore conveyor to the plant and feed bin have been installed.
All the required infrastructure facilities are expected to be ready for the commencement of plant operations in July 2011. Plant start-up will involve hydraulic and waste rock tests, followed by operations with low grade ore and blended ore, with first gold production expected in August 2011. 2011 production is expected to exceed 20,000 oz gold and 30,000 oz silver.
Contracts have been agreed with the gold/silver refinery and for the transportation of gold dore to the refinery. The gold/silver purchase contract is under negotiation with Sberbank.
Wardell Armstrong International has been commissioned to undertake a geologic audit of Asacha. The site visit and data collection stages have been completed and a revised resource statement for Asacha is expected to be reported later this year.
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Contacts:
TSG | +44 (0) 7770 484965 |
Simon Olsen |
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Seymour Pierce Ltd | +44 (0) 207 107 8000 |
Stewart Dickson (Corporate Finance) |
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Jeremy Stephenson (Corporate Broking) |
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