Mine Development and Company Update

About this update from Altyngold Plc

[{"type":"text","content":"\n \n \n Mine Development and Company Update\n \n \n\n \n Goldbridges Gbl Res\n \n \n\n \n \n \n 1 June 2016\n \n \n GoldBridges Global Resources Plc\n \n \n (\"GoldBridges\" or the \"Company\")\n \n \n Mine Development and Company Update\n \n \n Highlights:\n \n \n \n Completion of the second transportation decline at Sekisovskoye, \n which will enable increased underground ore production to an \n annualised run-rate of 500,000 tonnes, starting from H2 2016;\n \n \n Paste fill plant project development underway, permitting process \n commenced;\n \n \n G&A cost cutting measures identified for 2016.\n \n \n \n Aidar Assaubayev, CEO of GoldBridges, commented:\n \n \n “Given the progress that we have made in terms of both financing and \n implementing our underground expansion, we are confident that the \n Company is on track to delivering annual gold production of 100,000oz by \n 2019.”\n \n \n Completion of transportation decline\n \n \n GoldBridges is pleased to announce that it has completed the \n construction of the second transportation decline at Sekisovskoye from \n 310 metres above sea level (masl) to the bottom of the open pit, with a \n total haulage distance of 530 metres.\n \n \n On completion of this decline, the haulage distance from the mine to the \n processing plant has been reduced from 3km to 1.4km. In addition, the \n construction of this decline will result in an increase in annual \n production capacity from the underground mine to 500,000 tonnes.\n \n \n Development work is now focused on opening up the ore reserves by \n preparing the forthcoming sublevel orebody no. 11 for production.\n \n \n Paste fill plant\n \n \n As previously identified, the most efficient mining method for \n Sekisovskoye appears to be long hole open stoping with paste fill, as \n this mining method allows for increased selectivity and therefore the \n potential to increase the grade of ore mined.\n \n \n In order for GoldBridges to utilise this mining method, a paste fill \n plant would need to be constructed on site, close to the existing \n processing plant. The paste fill plant would produce a paste fill from \n cement, water and inert material from Sekisovskoye mine tailings.\n \n \n The Company has now completed the draft plans for the paste fill plant \n construction project and has commenced the governmental permitt...

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