29 Jun 2010 16:49
Trans-Siberian Gold plc
Result of AGM
Asacha project update
LONDON: 29 June 2010 - 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, reported on the progress of development and pre-production mining and plant construction at the Asacha project. 75% of planned mine development and preparation works and 73% of pre-production mining have now been completed. This equates to more than 2,500 metres and 25,500 m3 of mine development and pre-production mining since the beginning of 2008. Approximately 4,500 m3 of mine preparation and 2,500 m3 of pre-production mining is planned for the second half of 2010.
The ore stockpile has now increased to more than 50,000 tonnes and a further 8,700 tonnes is expected to be added in the second half of 2010.
At 1 June 2010, the framework for the plant building and the foundations for the plant equipment were 85% and 93% complete respectively. The manufacture and installation of equipment was approximately 50% complete. Work at the tailings storage and fuel storage facility sites is proceeding on schedule.
The mine site as well as most of the required infrastructure is expected to be complete by the end of October 2010. The plant and tailings storage facility are due for completion by the end of December 2010, prior to first gold production in the first quarter of 2011. Work will continue through 2011 on the powerline but this will not affect the commencement of gold production.
Positive discussions are continuing with both the Russian bank which provided the US$25 million facility for the Asacha project, and with TSG's major shareholder UFG Asset Management, regarding the further funding of US$12 million which is required by the end of September 2010 and a further announcement will be made in due course.
Ends
Contacts:
TSG
Simon Olsen +44 (0) 1480 811871
+44 (0) 7770 484965
Seymour Pierce
Mark Percy / David Foreman +44 (0) 20 7107 8000