Altyn PLC Result of AGM (4664J)
28 June 2017 - 11:55PM
UK Regulatory
TIDMALTN
RNS Number : 4664J
Altyn PLC
28 June 2017
28 June 2017
Altyn plc
('Altyn' or the 'Company')
Result of AGM
Altyn plc (LSE: ALTN), is pleased to announce that its Annual
Report and Accounts for the year ended 31 December 2016 were posted
to shareholders. The Annual Report and Accounts is also available
to view on the Company's website at www.altyn.uk.
The Company is also pleased to announce that all of the
resolutions put forward at its Annual General Meeting held on 28
June 2017 were passed.
Chairman's Statement
At the Annual General Meeting the Chairman, Kanat Assaubayev,
gave the following statement:
Ladies and gentlemen thank you for taking the time to attend the
Altyn AGM.
Let me give you a brief overview and update you on current
developments.
The project in relation to the Sekisovskoye mine is moving ahead
as planned, with access to the portal completed and the processing
plant operating with minor modifications, production is being
extracted from ore body 5. Ore bodies 2 and 10 are currently being
prepared for production to ensure a continuation of a reliable high
grade ore feed into the processing plant. The initial capex
requirement has been fulfilled but further capex and investment
will be required in the forthcoming year as the underground mine is
expanded.
In this regard, a great deal of work has been carried out in the
background, with the Directors actively marketing the Company to
obtain the necessary capital investment to take the project to the
next stage of development. The actual level of funding is estimated
based on current forecasted cash flows to be in the region of
US$30m.
The Company is currently in discussion with a number of parties
who have expressed an interest in financing the project. These
parties have been supplied with detailed information and analysis
in order to progress their appraisal of the project. We will of
course advise shareholders as the discussions progress, and will of
course move the investment forward on the most favourable terms
that we can negotiate.
The principle assumptions underlying our modelling in relation
to our current mine plan remain valid. The price of gold has
remained stable and we do not anticipate any significant changes
from the current price, however there are indications that the
demand and price of gold may increase in the future, but even at
current prices and our anticipated cash cost the project will
generate a very good return.
In relation to Karasuyskoye area, the validation of the acquired
geological data is continuing but the primary focus at the current
time remains on Seki. Initial work undertaken at this site is
encouraging, and I would remind shareholders this is a hidden gem
for the future growth of the Company.
I will conclude by thanking our shareholders for their support
and patience, and thanking our board and staff for their hard
work.
National Storage Mechanism
A copy of the resolutions approved at the Annual General Meeting
has been submitted to the National Storage Mechanism, and will
shortly be available for inspection at:
http://www.morningstar.co.uk/uk/NSM.
For further information please contact:
Altyn plc
Rajinder Basra
+44 (0) 207 932 2456
This information is provided by RNS
The company news service from the London Stock Exchange
END
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