Fourth Quarter and Full Year Operational Update

RNS Number : 2205Z

GoldBridges Global Resources PLC

04 February 2014

 



04 February 2014

GoldBridges Global Resources Plc

("GoldBridges" or "the Company")

Operational Update for Fourth Quarter and Full Year to 31 December 2013

GoldBridges Global Resources Plc (AIM: GBGR), the gold mining and development group, today provides its operational update for its 100 per cent owned Sekisovskoye mine for the quarter ended 31 December 2013 and for the full year. 

Highlights include:

·      8,836 ounces of gold produced during the quarter, a 53 per cent increase in gold production year-on-year

·      30,670 ounces  of gold produced during 2013, which represents:

o  37 per cent increase in production compared to 2012, and

o  12 per cent above the production guidance for 2013

·      Increased recovery rates: 85.3 per cent (Q4 2012: 83.7 per cent) gold recovery rate achieved during the quarter and 84.3 per cent for the full year due to upgraded and improved processes to gold processing plant in the third quarter

·      Improved average plant feed grade of 1.76 grams per tonne ("g/t") for the quarter (Q4 2012: 1.58 g/t) due to increased volume of higher grade underground ore

Maxim Strelnikov, COO of GoldBridges Global Resources Plc, commented:

"We set an ambitious production goal for ourselves in 2013, and I am very proud that our team has delivered strong production growth of 37 per cent this year, 12 per cent above our guidance. We expect strong gold production growth to continue I n 2014."

Quarterly and annual production figures

		Quarter ending 31 December 2013			Calendar year ending 31 December 2013
		2013	2012	YoY Change, %	2013	2012	YoY Change, %
Total ore milled	t	182,689	136,253	34%	701,361	628,731	12%
Gold grade	g/t	1.76	1.58	11%	1.61	1.37	18%
Gold recovery rate	%	85.3	83.7	2%	84.3	80.4	5%
Poured gold	oz	8,836	5,778	53%	30,670	22,470	37%
Poured silver	oz	10,132	7,195	41%	34,905	27,198	28%

The Company processed 182,689 tonnes of ore during the quarter, which is a 34 per cent increase over the comparable quarter in 2012 (136,253 tonnes). Over the year, the volume of ore milled increased to 701.4 thousand tons (up 12 per cent compared to 2012.  Importantly, tonnage milled in seasonally low Q4 2013 was only 3.6 per cent lower than tonnage milled in Q3 2013 (189,568 tonnes), which is a direct benefit of underground mining as it is not impacted by harsh Kazakh winter conditions. 

Akmola Update

In late 2013, subsequent to the termination of the proposed  Akmola Gold acquisition, the Company successfully sued Akmola Gold for $2,000,000, the amount it had previously advanced. GoldBridges is pleased to announce that the Appeal Board of Astana has upheld the decision made by the Specialized Interregional Economic Court of Astana in favor of the Company.  The Company will take all appropriate measures for enforcement of court decision.

A copy of this report will be available on the Company's website, www.goldbridgesplc.com

For further information, please contact:

GoldBridges Global Resources plc Rajinder Basra, CFO	[phone]
Strand Hanson (Nomad and Joint Broker) Andrew Emmott James Spinney Ritchie Balmer	[phone]
Peat & Co.  (Joint Broker) John Beaumont, COO and Head of Research	[phone] [phone]
Blythe Weigh Communications (Financial PR) Tim Blythe Halimah Hussain Camilla Horsfall	[phone]

 

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