Goldplat plc

Final settlement of Rand Refinery dispute

Final settlement of Rand Refinery dispute

 Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
22 February 2018
Goldplat plc ('Goldplat' or 'the Company')
Final settlement of Rand Refinery dispute

Goldplat, the AIM quoted gold producer with international gold recovery operations located in South Africa and Ghana and a gold mine in Kenya, is pleased to announce that Goldplat Recovery (Pty) Limited ('GPL') and Rand Refinery have signed a Settlement Agreement in which Rand Refinery have agreed to pay GPL an undisclosed amount in full and final settlement of the dispute between the two parties.

On 11 December, Goldplat announced that Rand Refinery and GPL had formally agreed on an arbitration process for the settlement of the dispute between the two parties and on 12 January Goldplat announced that the parties had signed a Memorandum of Understanding outlining agreed terms to be included in a Settlement Agreement. Signing of this Settlement Agreement, which gives effect to the terms contained in the Memorandum of Understanding, brings to an end the ongoing dispute between the parties and opens the way for the revival of the long relationship with Rand Refinery which will continue, for the benefit of both parties.

Gerard Kisbey-Green, CEO of Goldplat commented: "This dispute has been very disruptive to the Goldplat Group.  By agreeing on a settlement we have not only averted further costs and risks involved in the legal process, but will put an end to the extensive management time taken up by the process to date.  We look forward to the resumption of business with Rand Refinery on the basis of a fresh start with renewed energy and focus in areas beneficial to both parties."

 ** ENDS **

For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:

Gerard Kisbey-Green Goldplat plc
(CEO)
Tel: +27 (71) 8915775
Colin Aaronson / Jen Clarke Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
James Joyce / Jessica Cave WH Ireland Limited
(Broker)
Tel: +44 (0) 207 220 1666
Charlotte Page / Susie Geliher St Brides Partners Ltd
(Financial PR)
Tel: +44 (0) 20 7236 1177

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

About Goldplat                                                                                                
Goldplat plc is an AIM quoted gold producer with two market leading recovery operations in South Africa and Ghana and an operational gold mine in Kenya.   The Company produced 42,857 ounces of gold during FY 2017, with 40,285 gold equivalent ounces sold and transferred, resulting in an operating profit from continuing operations of £2.9m for the year.  This result does not benefit from the increased processing capacity that was achieved at the Kilimapesa Gold Mine towards the end of FY 2017, with operational profitability achieved during last two months of FY 2017.  Accordingly, the Company believes it is well placed to build upon production and profitability during FY 2018.

The Company's strategy is focussed on utilising cash flow generated from its flagship gold recovery and mining operations to self-fund the sustainable growth and expansion of its niche gold recovery business model internationally. The Company is also committed to increasing its primary mining production output through acquisition / gaining interests in producing or near-production assets, preferably in Africa.  Goldplat retains exposure to a small exploration project in Ghana, in which Ashanti Gold Corp. is earning an interest via an earn-in option agreement.




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Source: Goldplat plc via Globenewswire