Goldplat plc Operational Update
24 October 2017 - 5:30PM
UK Regulatory
TIDMGDP
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
24 October 2017
Goldplat plc ('Goldplat' or 'the Company')
Operational Update
Goldplat plc, the AIM quoted gold producer, with international gold
recovery operations located in South Africa and Ghana and a gold mine in
Kenya, is pleased to announce an operational update for the three months
ended 30 September 2017 (the 'Quarter').
Overview
-- 95% increase on the same period in 2016 in gold equivalent ounces sold
and transferred during the Quarter to 14,374 (30 September 2016: 7,382
ounces)
-- All operations were profitable during the Quarter at an operational level
-- 133% increase on the same period in 2016 in gold equivalent ounces
produced at Kilimapesa Gold Mine to 1,449 (30 September 2016: 623 ounces)
- on track to produce in excess of 5,800oz targeted during FY 2018
-- Good progress was made in areas of strategic focus including:
-- Sourcing sufficient suitable material for the carbon in leach
('CIL') circuits at Goldplat Recovery (Pty) Ltd in South Africa
('GPL')
-- Ensuring that sufficient ore is sourced from the underground mine
for processing through Plant 2 at Kilimapesa
-- Sourcing sufficient by-product material to keep Gold Recovery
Ghana Limited ('GRG') operating to capacity.
-- The erection of an elution plant at GRG during the Quarter
Goldplat Plc Year Year
Consolidated 1st Qtr 1st Qtr 1st Qtr 1st Qtr ending ending
Sep-17 Sep-17 Sep-16 Sep-16 Jun-17 Jun-17
Equivalent Equivalent Equivalent Equivalent Equivalent Equivalent
Gold Gold Gold Gold Gold Gold
Kg Oz kg oz kg oz
Gold
Equivalent
Production
Goldplat
Recovery 236 7,588 169 5,418 915 29,418
Gold Recovery
Ghana 37 1,190 96 3,088 312 10,031
Kilimapesa
Gold 45 1,449 19 623 106 3 408
Total 318 10,227 284 9,129 1,333 42,857
Gold
Equivalent
Sold
Goldplat
Recovery 285 9,170 133 4,280 702 22,570
Gold Recovery
Ghana 81 2,604 42 1,349 259 8,327
Kilimapesa
Gold 38 1,224 18 574 100 3,215
Total 404 12,998 193 6,203 1,061 34,112
Gold
Equivalent
Transferred
Goldplat
Recovery 43 1,376 37 1,179 192 6,173
Total 43 1,376 37 1,179 192 6,173
Gold
Equivalent
Sold and
Transferred
Goldplat
Recovery 328 10,546 170 5,459 894 28,743
Gold Recovery
Ghana 81 2,604 42 1,349 259 8,327
Kilimapesa
Gold 38 1,224 18 574 100 3,215
Total 447 14,374 230 7,382 1,253 40,285
Goldplat Recovery (Pty) Ltd ('GPL'), South Africa
-- 40% increase year on year ('YoY') of gold and gold equivalents produced
during the Quarter to 7,588 ounces (Q1 2016: 5,418 ounces)
-- 93% increase YoY of gold sold and transferred to 10,546 ounces during the
Quarter (Q1 2016: 5,459 ounces)
-- Good progress has been made in sourcing material for processing through
the CIL circuits with more than 12 months of material available - work
continues to optimise recoveries from this material
-- Legal proceedings with regards to the Rand Refinery dispute continue
-- Good progress is being made in securing a pit for later tailings
deposition; the Department of Mineral Resources has advised the best
route and we are monitoring progress from all stakeholders
Gold Recovery Ghana Limited ('GRG'), Ghana
-- GRG produced 1,190 ounces of gold and gold equivalents, with 2,604 ounces
of gold being sold on GRG's own account during the Quarter
-- The erection of a 3-tonne elution plant is progressing well with
commissioning scheduled to begin towards the end of December 2017
-- Discussions continue with the Ghanaian Government regarding a project to
clean-up and process contaminated artisanal tailings and the construction
of a mobile gold concentrator pilot plant in South Africa progressed
well. The plant is expected to be commissioned in Ghana during November
2017
-- Good progress has been made during the Quarter to increase the
operational footprint and sourcing of material from outside of Ghana -
targeting shipments from elsewhere in Africa and South America, with
regular and sustainable shipments now being received from both areas.
-- Approximately 80% of the on-site tailings material has now been removed
from the Ghana plant site, freeing up significant land for expansion and
significantly reducing environmental liabilities.
Kilimapesa Gold ('KPG'), Kenya
-- KPG produced 1,449 ounces of gold and gold equivalents, with 1,224 ounces
of gold sold on KPG's own account during the Quarter
-- Planned production rates at Plant 2 are now being achieved on a regular
basis and plant optimisation and cost cutting is now in progress
-- Production build-up from Kilimapesa mine is progressing well to meet the
requirements of Plant 2
-- Permission has been granted to export gravity concentrates quarterly
(previously only authorised to export once per year), which should
improve inventory turnaround
-- National elections caused modest production disruptions during the
Quarter (with employees having to take time off to vote), and the ongoing
uncertainty surrounding further presidential elections continues to
impact the reliability of deliveries to the mine
-- All agreements with land owners and the local community have been
successfully renegotiated in anticipation of the eventual closure of
Plant 1.
-- We are pleased to note the appointment of a Kenyan national as Plant
Manager at Plant 2, replacing the South African expatriate who has
completed his contract at KPG
Anumso Gold Project ('Anumso')
-- Shortly following the end of the Quarter, Ashanti Gold Corp announced
encouraging progress on exploration work undertaken at Anumso
Gerard Kisbey-Green, CEO of Goldplat, commented:
"With operational profitability achieved at all operations and good
progress being made on our strategic objectives, I am very pleased with
the results for the Quarter. With production rates at Kilimapesa now
sustainable at planned levels for Stage 2, focus will be on cost
reduction. At GRG good progress is being made in our efforts to grow
production through sourcing material from West Africa and South America,
and we expect commissioning of the elution plant scheduled to begin
towards the end of December 2017."
** ENDS **
For further information, visit www.goldplat.com, follow on Twitter
@GoldPlatPlc or contact:
Gerard Kisbey-Green CEO Goldplat plc Tel: +27 (71) 8915775
Colin Aaronson / Jen Grant Thornton UK LLP Tel: +44 (0) 20 7383 5100
Clarke/ Daniel Bush (Nominated Adviser)
Andrew Raca / Justin VSA Capital Limited Tel: +44 (0) 20 3005 5000
McKeegan (Broker)
Charlotte Page / Susie St Brides Partners Ltd Tel: +44 (0) 20 7236 1177
Geliher (Financial PR)
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this announcement,
this inside information is now considered to be in the public domain.
About Goldplat
Goldplat plc, is an AIM quoted gold recovery services company with two
market leading operations in South Africa and Ghana. The Company's
strategy is focussed on utilising its cash flow generated from flagship
gold recovery operations in Africa to self-fund sustainable growth and
expansion of niche gold recovery business model. The Company also has a
small gold mining and exploration portfolio in Kenya, Burkina Faso and
Ghana and is evaluating various opportunities to create value or
monetise these assets.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Goldplat plc via Globenewswire
(END) Dow Jones Newswires
October 24, 2017 02:30 ET (06:30 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Goldplat (LSE:GDP)
Historical Stock Chart
From Apr 2024 to May 2024
Goldplat (LSE:GDP)
Historical Stock Chart
From May 2023 to May 2024