Business
Sekisovskoye Underground Mine Development and C...
Sekisovskoye Underground Mine Development and C....
About this update from Altyngold Plc
[{"type":"text","content":"\n \n \n Sekisovskoye Underground Mine Development and Capital Expenditure Update\n \n \n\n \n Goldbridges Gbl Res\n \n \n\n \n \n \n GoldBridges Global Resources Plc\n \n \n (\"GoldBridges\" or the \"Company\")\n \n \n Sekisovskoye Underground Mine Development and \n Capital Expenditure Update\n \n \n Highlights:\n \n \n \n Significant progress in decline construction;\n \n \n Total expansion capital expenditure estimated at US$42 million;\n \n \n Estimated external funding requirement for total expansion of \n between US$20 million and US$30 million depending on gold price;\n \n \n Mining consultancy group, Mining Plus, has undertaken technical \n studies, with positive results, including:\n\n \n \n Potential to selectively mine the deposit at a higher gold \n grade than the Venmyn Deloitte JORC compliant probable reserve \n suggested, giving the company operational flexibility;\n \n \n Optimal mining methods proposed;\n \n \n US$100 million NPV enhancement potential.\n \n \n \n \n \n Decline construction update\n \n \n As previously announced, GoldBridges has already commenced development \n of the haulage decline, enabling access to its significant deeper gold \n reserves. Development of the decline is to be conducted in two stages. \n Initially, this will involve development of the route up from the 250m \n above sea level (masl) towards the open pit. The second stage of \n development will be from the open pit towards the intersection with the \n first route.\n \n \n In H2 2015, approximately 50% of the initial stage work was completed \n and a total of 570m of decline development work has been undertaken to \n date. Construction of the portal, which forms part of the second stage \n development, has already commenced, and developing this part of the \n decline from the open pit will commence in March 2016 when the open pit \n mine will be depleted. As part of the preparation of the underground \n mine for more extensive mining in 2016, the Company has concluded ore \n handling/ancillary equipment contracts totaling US$8 million, with three \n 25 tonne underground trucks, a load-haul-dumper, and a drilling rig \n already commissioned for underground works.\n \n \n By completing the second stage of decline development in May 2016, the \n Company expects to reduce the current haulage distance from 3km to 1.2km \n and to incr...