Goldplat plc, the AIM listed gold producer, is holding its Annual General Meeting ('AGM') today at 11am at the Hilton Hotel, Seven Hills Road South, Cobham, Surrey KT11 1EW. The Company's CEO, Russell Lamming, will make the following statement at the AGM.
"Goldplat has had an excellent year delivering on its stated objective of building a cash generative, profitable, debt free gold producer in Africa. The year to 30 June 2012 concluded with Goldplat reporting record gold production of 31,354 ounces, all time high profits of £5.24 million, and a solid cash position of £4.57 million. With this in mind the Board is delighted to initiate the payment of an inaugural dividend of 0.6p per share, which will be submitted for formal approval at this AGM today, and if approved, we hope to adopt a progressive dividend policy going forward.
"In addition to a solid trading performance for the year, we have reached multiple milestones during the period, including the first gold pour at the new Kilimapesa gold mine in Kenya and delineating a JORC resource in excess of 650,000 ounces of gold at the project.
"At this juncture, we would like to note that the Kenyan Government has gazetted Legal Notice No. 118 under the Mining Act that seeks to mandate a 35% minimum local equity participation in mining licenses. Legal opinion taken by the Company indicates that this legal notice does not apply retrospectively to Kilimapesa's Special Mining Lease No. 27. Goldplat however has engaged with the Minister of the Environment and Mineral Resources to ensure that the planned plant expansion and associated ramp-up to 10,000 ounces per annum is not jeopardised. We continue to have strong relations with the Government of Kenya and are confident of a favourable outcome for all stakeholders.
"The Company has an experienced team with a track record of converting opportunity into profit and I am confident that Goldplat will develop into an Africa focussed profitable mid-tier gold recovery and mining company with a total resource base in excess of 1 million ounces by the end of 2012. We will continue to invest the Company's robust cashflows at our existing operations, consolidate our position as the market leading gold recovery company by expanding into gold rich Burkina Faso and increase our exposure to the strong gold price by increasing production at Kilimapesa and developing our brown-field gold projects in Ghana (Amunso) and Burkina Faso (Nyieme). The future looks very promising for Goldplat."
For further information visit http://www.goldplat.com or contact:
|Russell Lamming, CEO||Goldplat plc||Tel: +44 (0) 781 0870587|
|Ewan Leggat/Katy Birkin||SP Angel Corporate Finance LLP||Tel: +44 (0) 203 463 2260|
|Felicity Edwards/Charlotte Heap||St Brides Media & Finance Ltd||Tel: +44 (0) 20 7236 1177|
Goldplat plc, which has a market cap of circa £23 million, is an AIM-listed profitable, debt free gold producer and mine development company focused in Africa, which has a strong cash position of in excess of £4.57 million as at 30 June 2012. The Company has a solid portfolio of assets including two gold recovery operations in South Africa and Ghana, which recover precious metal from by-products of the mining process such as woodchips, fine carbon and waste grease. For the FY 2012 these operations produced circa 31,354 ounces of gold. Goldplat also has a producing gold mine in Kenya and two brownfield gold development projects in Ghana and Burkina Faso with near term resource upgrade potential from which it aims to delineate in excess of 1 million ounces of resources by H1 2012. In line with this, the Company has implemented defined exploration and development programmes across each of its projects with a view to developing multiple profitable mining operations in the near to medium term.
Goldplat is a profitable, African gold recovery services company . . .More info...
Goldplat has two profitable gold recovery businesses in South Africa and Ghana . . .More info...
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