Mining Equipment Arrives on Site
Keras Resources plc / Index: AIM / Epic: KRS / Sector: Mining
2 March 2016
Keras Resources plc ('Keras' or 'the Company')
Mining Equipment Arrives on Site
Keras Resources plc, the Australian gold development company, is pleased to announce that the mining fleet for the open pits has now arrived on site at the Grants Patch Gold Tribute Project ('the Project'), located 30km north of Kalgoorlie in the prospective Western Australian goldfields. Pictures of this have been posted to the Companies twitter account: @kerasplc.
Managing Director, Dave Reeves said, "With the mining fleet now on site, we remain on course to commence first gold production from two shallow laterite gold pits on the Project in the very near term. We estimate these initial areas hold 164,000t at an average grade of 1.4g/t, containing 7,200oz Au, which we expect will provide four to five months of production feed. With no pre-strip required, these low cost deposits are expected to generate material cashflows for the Company, which in line with our strategy will be reinvested into developing other sites on the Project, including the Prince of Wales Underground Mine which has a historic resource estimate of 650,000t at an average grade of 10g/t, containing 209,000oz Au. This is an exciting period for Keras, one which will see us transformed into a cash generative miner and I look forward to providing further updates in due course."
**ENDS**
For further information visit www.kerasplc.com, follow us on Twitter @kerasplc or contact the following:
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Dave Reeves |
Keras Resources plc |
+44 (0)20 7220 0500 |
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Nominated Adviser |
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Gerry Beaney |
Northland Capital Partners Limited |
+44 (0) 20 7382 1100 |
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Broker |
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Elliot Hance/Jonathon Belliss |
Beaufort Securities Limited |
+44(0)20 7382 8415 |
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Financial PR |
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Elisabeth Cowell/Frank Buhagiar |
St Brides Partners Limited |
+44 (0) 20 7236 1177 |
Notes
Keras Resources plc is an AIM quoted, resource development company. The Company is focussed on advancing lowest quartile, low capex deposits which benefit from proximal established infrastructure up the development curve and into production. Keras plans to commence production at its Australian Gold Project in Q2 2016 and then use this cashflow towards to expand gold production further.
At Nayega, Keras has concluded a Bankable Feasibility Study and awaits award of the mining permit. The Bankable Feasibility Study indicates that Nayega could produce 250,000 tonnes per year of manganese concentrate at 38%. The Company will investigate bringing the mine into production on grant of the mining permit to generate further cashflows for the Company.
The Company also holds iron ore and manganese projects in Gabon and South Africa and is actively assessing ways to realise value from these assets.
Keras has 1,193,794,390 shares in issue. The Directors have subscribed for and purchased approximately 25.0% of the issued share capital of the Company and are thus aligned with shareholders' interests.
This information is provided by RNS
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