Business
Operational Update H1 2014
Operational Update H1 2014.
About this update from Altyngold Plc
[{"type":"text","content":"\n \nRNS Number : 4546P GoldBridges Global Resources PLC 19 August 2014 \n\n19 August 2014\n \nGoldBridges Global Resources Plc\n(\"GoldBridges\" or the \"Company\")\n \nH1 2014 Operational Update\n \nGoldbridges is pleased to provide the following H1 2014 operational update for its 100 per cent owned Sekisovskoye gold mine in Kazakhstan (\"Sekisovskoye\").\n \nHighlights\n \n• H1 2014 total gold production from Sekisovskoye of 12,694 ounces (\"oz\") slightly higher than comparable period of 2013\n• Gold processing plant expansion from 0.85 million tonnes per annum (\"Mtpa\") to 1.0 Mtpa underway\n• Significant progress has been made in underground development work which would permit greater access to higher grade areas \n• Completion of the independent Competent Person's Report (\"CPR\") for Sekisovskoye's underground development project expected by end of Q3 2014\n• Appointment of Ken Crichton (currently a Non-Executive Director) to the role of Chief Technical Officer and an Executive Director\nAidar Assaubayev, CEO of Goldbridges, commented \"During H1 2014, we have worked hard in preparing the underground mine to access higher grade ore and upgrading the processing plant for increased production. We look forward to higher output in H2 2014 and remain confident that we will meet our production targets for the year. Finally, I look forward to working with Ken on a day-to-day basis as we embark on our expansion plans, starting with the development of the Sekisovskoye underground mine\". \n \nH1 2014 Gold Production\n \nTotal gold production for the six months ended 30 June 2014 was 12,694 oz, which was in line with Company expectations. \n \nGoldBridges continues to reallocate mining resources to the underground development project and to reduce production in the open pit. Underground ore production rose considerably when compared to H1 2013 production and now comprises c. 8 per cent of total ore mined (up from 1.5% in H1 2013). This production comes from selected development ore that will eventually be replaced by higher grade primary ore from the production stopes once they are fully developed. \n \nThe gold grade during the period remained almost unch...