Business
Andash update
Andash update.
About this update from Shearwater Group Plc
[{"type":"text","content":"\n Aurum Mining PLC\n27 June 2007\n\n 27 June 2007\n\n AURUM MINING PLC\n ('Aurum' or 'the Company')\n\n Capital Expenditure Saving at Andash Zone 1 Mine\n\nAurum Mining plc (AIM: AUR), the gold-mining company focussed on the Former\nSoviet Union (FSU), is pleased to announce that, following detailed engineering\nand design study work, the Company has successfully identified significant\nsavings in the forecast capital expenditure at its Andash gold and copper\nproject.\n\nIt is now expected that capital expenditure on the Zone 1 mine will be in the\nregion of $48.5 million, compared with the Bankable Feasibility Study estimate\nof $55.5 million. Aurum have significantly reduced the costs of the process\nplant through the identification of local equipment, both new and second hand\nand it is anticipated that managing the build of the operation internally will\nalso keep costs down. The new estimate retains the contingency of the earlier\nestimate and has been calculated on the same basis.\n\nAurum continues to work closely with the Kyrgyz Government and other relevant\nauthorities to ensure production from the mine in the second half of next year.\nFull production is expected in 2009.\n\nMark Jones, Aurum Mining's Chief Executive, said: 'Following our successful\nfundraising earlier this year, we have worked hard towards delivering a reduced\ncapex forecast. By improving our efficiencies we should be able to deliver\ngreater returns to our stakeholders.'\n\n\nFor further information:\n\nAurum Mining plc Tel: 020 7478 9050\nMark Jones, Chief Executive Officer\nChris Eadie, Chief Financial Officer\n\nArbuthnot Securities Tel: 020 7012 2000\nNeil Kirton\nJohn Toll\n\nBuchanan Communications Tel: 020 7466 5000\nMark Court / Rebecca Skye Dietrich\n\n\nNotes to editors\n\nAurum Mining, which joined the AIM market of the London Stock Exchange in May\n2004, is a mining company focussed on gold opportunities in the Former Soviet\nUnion. Its principal asset is an exploration licence over the Andash gold and\ncopper project in the Kyrgyz Republic. A mining licence for Andash Zone 1 was\nawarded by the Kyrgyz authorities in 2006. The bankable feasibility study\ncompiled by Wardell Armstrong International, also in 2006, confirmed a measured\nand indicated resource base of 19.2 million tonnes at 1.1 grams per tonne of\ngold and 0.4% copper, w...