By ? Significant progress in construction and installation work at the Martabe gold and silver project in Sumatra, Indonesia
? The operations management team in place for commissioning and start-up
(Hong Kong, 17 January 2012) G-Resources Group Limited
("G-Resources" or the "Company") (HKEx: 1051) today released
its quarterly activities report on its Martabe gold and
silver project in Indonesia to the Hong Kong Stock
Exchange.
The Asia-focused gold mining company made significant
progress on construction and installation work at Martabe in
the final three months of 2011:
? More than 80 per cent of concrete works are now
complete.
? The two large SAG and Ball grinding mills are
installed.
? All large process tanks are complete.
? Steel and piping installation is advancing.
? The first phase of the High Voltage power plant is now
commissioned.
The final capital cost estimate remains unchanged. At the end
of December, G- Resources had approximately US$150 million in
cash on hand and no debt. During the fourth quarter, the
Company arranged a US$100 million stand-by credit facility
with a consortium of international banks.
The operations management team is in place in readiness for
commissioning and start- up. Initial mining and stockpiling
of first gold ore has commenced. All key process materials
and supplies contracts are in place.
Exploration and drilling activities continue to extend the
known Martabe deposits, while field work and drilling have
now commenced on regional targets within the Company's
large and prospective tenement area.
Page 2 of 2
Commenting on the Quarterly release, Chief Executive Officer,
Mr. Peter Albert, said: "There was great progress made
at Martabe over this past quarter. All teams are working
flat-out now to complete construction and installation, to
start plant commissioning and to achieve first gold as soon
as we can."
Albert added: "Especially pleasing is the excellent safety
record under sometimes trying
conditions, which is a credit to all our employees and
contractors."
Mr. Owen Hegarty, Vice-Chairman, also commented: "With this
quarterly report, we are marking the first full calendar year
of continuous construction of Martabe. We are now just a few
short months away from first gold and silver production, an
important event for both Indonesia and G-Resources."
He added: "This year will be exciting for G-Resources
with starting gold production, achieving strong cash flow and
earnings, growing the Resource and Reserve base at Martabe
and growing value generally for all stakeholders".
G-Resources is a leading gold-mining corporation based in
Asia. The Company's core
starter asset is Martabe which has a resource base of 7.86
milli on ounces of gold and
73.48 million ounces of silver. Already in construction,
Martabe is targeting to commence production in 2012 at a rate
of 250,000 ounces per annum of gold and 2-3 million ounces
per annum of silver. For more information, please visit www.g- resources.com.
TLeonard@apcoworldwide.com
MPerry@apcoworldwide.com
| distribué par | Ce noodl a été diffusé par G-Resources Group Limited et initialement mise en ligne sur le site http://www.g-resources.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-18 03:02:52 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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