Business
Andash Mine Update
Andash Mine Update.
About this update from Shearwater Group Plc
[{"type":"text","content":"\n Aurum Mining PLC\n19 April 2007\n\n\nFor immediate release 19 April 2007\n\n AURUM MINING PLC\n ('Aurum' or 'the Company')\n\n Andash Mine Construction Update\n Directorate Change\n Further re Deferred Consideration\n\n\nAurum Mining plc (AIM: AUR), the gold-mining company focussed on the Former\nSoviet Union, is pleased to announce that, following its recent £30 million\nplacing to fund the development of an open-cast mine at Andash Zone 1 in the\nKyrgyz Republic, it has recently appointed additional key members of the\noperations team to lead the construction and commissioning of the mine. The\ndetailed design study is progressing and it is expected that construction work\nwill begin imminently with the production of gold and copper anticipated in\nearly 2008, thereby completing Aurum's transition from gold explorer to\nproducer.\n\nThe operational management team, comprising Operations Director Jeff Geissmann,\nFinancial Controller Andrew Howson, and Project Manager Norman Livingston, has\nsignificant combined international experience in the successful delivery of\nmining and other projects, including projects in the FSU, and will augment the\nexisting Andash Mining Company team, which has been managing Aurum's activities\nin the Kyrgyz Republic.\n\nThe new team members will work with Andash Mining Company's General Director,\nOleg Kim, and Deputy General Director Erkinbek Kazakbaev, who will remain\nresponsible for all legal and procedural activities.\n\nAs Aurum is now in the development stage, John Webster, a Non-Executive Director\nof the Company, has agreed to be contracted directly to supply consulting and\nengineering services to the Company and as such he is expected to play a key\nrole in the construction of the Andash mine. In order to allow Mr Webster to\nfulfil this role he will step down from the Board of the Company with effect\nfrom 1 May 2007.\n\nThe proven and probable reserve at Andash Zone 1 contains gold and gold\nequivalent in copper of more than 1.2 million ozs. As a result of the\nsignificant extent of the resource, and as announced on 19 December 2006, the\nmaximum deferred consideration of $5 million is payable under the terms of\nAurum's acquisition in 2005 of the Andash project from Kaldora Company Limited,\nwhose wholly owned subsidiary Andash Mining Company holds a licence over the\nAndash pro...