Business
Conclusion of payment to IGE for Kilimapesa Gold
Conclusion of payment to IGE for Kilimapesa Gold.
About this update from Goldplat Plc
[{"type":"text","content":"\n \n\n\n\n\n Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration\n 12 May 2011\n Goldplat plc ('Goldplat' or 'the Company')\n Conclusion of payment to IGE for Kilimapesa Gold\n\nGoldplat plc, the AIM quoted gold producer, announces that it has agreed a final\none off payment of US$800,000 to its former Joint Venture partner International\nGold Exploration IGE AB ('IGE') for final settlement of IGE's 50% shareholding\nin Kilimapesa Gold Ltd, the holding company for Goldplat's wholly owned\nKilimapesa Gold Project in Kenya.  This final payment agreement translates into\na reduction of US$700,000 in the announced acquisition consideration to\nUS$2,000,000 (see news release 17 June 2009 and 24 September 2009).\n\nGoldplat's strategy with regard to the Kilimapesa Gold Project, located in the\nhistorically producing Migori Archaean Greenstone Belt in western Kenya, remains\nto advance this highly prospective site by recommencing mining, and expanding\nthe current JORC-compliant resource of 1.65Mt at 2.44 g/t Au for 129,000 oz of\ngold at a cut-off grade of 1 g/t of gold for all categories, to a targeted level\nin excess of 500,000 oz Au. In line with this, the Company has implemented a\ndefined development strategy, results of which will be published in due course.\n\nGoldplat CEO Demetri Manolis said, \"This is excellent news for shareholders and\nrepresents a significant reduction of the originally agreed consideration. The\ndevelopment of the Kilimapesa Gold Project is part of the Company's strategy of\nbuilding and advancing a portfolio of brownfield gold projects in known\nmineralised zones with production history. The Company has additional projects\nthat are being advanced in Ghana and Burkina Faso which it believes through\nexploration and development will lead to a significant increase in Goldplat's\noverall resource base. Updates on these developments are expected in the near\nterm, as well as from the gold recovery operations in South Africa and Ghana\nwhich continue to perform strongly; and we look forward to updating shareholders\nwith our progress in realising Goldplat's inherent value.\"\n\n * * ENDS * *\n\nFor further information visit www.goldplat.com or contact:\n\nDemetri Manolis, CEO Goldplat plc Tel: +27 (0) 11 423 1203\n\nJames Joyce WH Ireland Limi...