Goldplat plc
06 September 2007
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
6 September 2007
Goldplat plc ('Goldplat' or 'the Company')
Progress Report on Ghana Operations
The directors of Goldplat plc are pleased to announce that further progress has
been made towards bringing the new recovery plant in Ghana, operated by the
wholly owned subsidiary Gold Recovery Ghana Limited ('GRG'), into full
production.
Plant Construction
Phase two of the construction of the new gold recovery plant at the free port of
Tema, Ghana is progressing well. The ball mill, feed conveyor, gravity
concentrators, water reticulation, lighting to allow 24 hour operation and the
tailings stock dam are now complete, giving GRG the facilities to process
surface materials with grades of 10-12 g/t gold that are amenable to gravity
concentration. At the end of August 2007, 1200 tonnes of this material,
purchased from the small miners in Ghana, was on site and 100 tonnes had been
processed producing a gravity concentrate. Carbon in leach ('CIL') tanks are now
being installed to further improve the overall recovery of gold from the small
miners' surface material and remove surface materials from the environment. In
line with expectations, the plant is expected to be fully operational in the
first half of 2008.
A total of 11 Ghanaians are now employed at GRG under the leadership of an
administration officer, procurement officer and a production supervisor.
Processing and Raw Materials
Gold production at the mill has commenced and raw materials are being secured.
Production from the liners and fine carbon has been consistent and is expected
to continue. Liners are now being collected from Golden Star's Wassa mine and
Central African Gold's Bibiani mine.
Significant savings have been achieved through the negotiation of lower purchase
prices of raw material for the mill as well as transport costs. This has allowed
access to lower grade stocks and/or stocks further away from Tema such as the
Obuasi region.
Offers for a further 4000 tonnes have been accepted and transporters are
preparing to transport this material. Arrangements have been made to process on
a 24 hour basis as soon as the new team has been trained.
Following further site visits the directors believe that significant gold is
available for purchase at substantial margins. As a result GRG will invest in a
furnace to melt gold produced by the small miners before purchase as this
improves the accuracy of the sample and assay. This gold will be exported to its
strategic partner Rand Refinery Limited ('Rand').
Additionally, in South Africa the Company's partnership with Rand has been
further strengthened through an agreement to purchase carbon middlings, a
by-product from Rand's spiral plant, which pre-treats the feed to its fluidized
bed carbon incinerator. This agreement highlights the synergies between the two
companies and their ability to support each other when applicable.
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For further information visit www.goldplat.com or contact:
Demetri Manolis, CEO Goldplat plc Tel: +27 11 423 1203
James Joyce WH Ireland Limited Tel: 020 7220 1666
Isabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477
This information is provided by RNS
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