Progress Report on Ghana Operations
Goldplat plc, the AIM listed gold producer, is pleased to announce that its gold recovery plant in Ghana, operated by its wholly owned subsidiary Gold Recovery Ghana Limited ("GRG"), has extended its agreement with Anglogold Ashanti ('Anglogold') to acquire stockpiles of fine carbon on an open-ended basis. Additionally an agreement has been made with other parties to purchase three large surface stockpiles totalling 37,000 tonnes of material estimated to contain up to 7,465 oz of gold based on assays of representative samples. Operations at the plant are progressing well with the carbon in leach circuit ("CIL") processing surface material at full capacity and new equipment has been purchased to reduce costs and improve the efficiency of material handling.
Goldplat CEO Demetri Manolis said, "We have made excellent progress with the development of our gold recovery operation in Ghana and secured a significant supply of materials to process in the future. The success of our recovery businesses in South Africa and Ghana are key to our strategy of creating a mid-tier mining-house focused on gold production. With revenues increasing at both recovery operations, we are ideally placed to advance our gold production project in Kenya and explore new acquisition opportunities throughout Africa ."
The Company has extended its on-going agreement with Anglogold, which was due to expire at the end of April 2008, for the recovery of gold from fine carbon materials and mill liners from the mining process on an open-ended basis. A 30 day notice period has been incorporated into the contract. In addition, GRG has signed an agreement with another party to purchase a further three large surface stockpiles providing approximately an extra 37,000 tonnes of material estimated to contain up to 7,716 oz of gold based on assays of representative samples. GRG now has 89,000 tonnes of artisanal tailings stockpiled estimated to contain up to 35,365 oz, based on representative samples of gold, which exceeds nine years of current production capability.
In addition, the supply of mill liners and fine carbon material continues to be robust as Goldplat establishes new relationships with mining houses in Ghana and neighbouring countries, evaluating all stockpiles offered to determine their economic value.
GRG's operating facility continues to perform buoyantly processing the surface material through the gravity concentration circuit and the CIL circuit on a 24-hour, three shift, six days per week operation. The first batch of loaded carbon was removed from the CIL circuit and sent to its strategic partner, Rand Refinery Ltd, for gold recovery.
The Company has also purchased a forklift truck and a small front end loader to improve the efficiency of material handling at its Ghanaian operations and, subsequently, reduced costs.
GRG is ordering a new incinerator for the processing of the fine carbon, which should be operational by the end of the year. This will reduce processing costs and ensure that the Company is competitive when bidding for future fine carbon contracts.
Relationships with the Authorities and Clients
GRG is committed to building relationships with both national and local authorities as well as mining companies in order to expand its supplier base in Ghana and West Africa. To this end, the Company is in discussions with various relevant parties from neighbouring states including Mali and Guinea.
For further information visit www.goldplat.com or contact:
Demetri Manolis, CEO Goldplat plc, Tel: +27 11 423 1203, Mob: +27 82 454 7392
James Joyce WH Ireland Limited, Tel: +44 (0)20 7220 1666
Isabel Crossley St Brides Media & Finance Ltd, Tel: +44 (0)20 7242 4477
Goldplat plc is an AIM-listed gold producer with operations in Africa . Its strategy is to create a mid-tier mining house focused on gold production leveraged through revenue generated from its gold recovery businesses.
The Company has two recovery business based in South African and Ghana, which, by safely disposing of mining by-products, fulfil an important aspect of the mines' environmental management programmes. The South African plant is located near the centre of the East Rand Goldfield and raw material feedstocks are sourced from many of the major South African mining companies including Anglogold Ashanti, Goldfields, Harmony, DRD Gold and other smaller producers,. The Ghana plant, located in the free port of Tema, provides access to raw materials from mines in Mali , Guinea , Burkina Faso , Benin , Cote D'Ivorie, Senegal , the DRC and Mauritania , as well as Ghana .
Goldplat is expanding into gold mining through the acquisition of known deposits with targets of between 200,000 and one million ounces of ore contained. To this end, in a 50/50 JV, it is developing the potential of the highly prospective 213 sq km Lolgorien licence area located in the historically producing Migori Archaean Greenstone Belt in western Kenya , with a view of establishing a mining operation in the short term. A number of other potential projects across Africa are under review.
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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