Goldbridges Gbl Res Sekisovskoye Mine Award

 
TIDMGBGR 
 
 

GoldBridges Global Resources Plc

("GoldBridges" or the "Company")

Sekisovskoye Mine Award

GoldBridges is pleased to announce that its Kazakh operating subsidiary, Sekisovskoye, has received top rankings from the prestigious National Business Rating Agency. Amongst the companies reviewed, it has received first place in the East Kazakhstan region for profitability against a range of measures and second place for profitability against a range of measures for the whole of Kazakhstan. The Company is also among contenders for nomination for the Industry Leader Award, which will be held in a special ceremony on 11 March 2016 in Astana.

The Non-Commercial National Business Rating Agency is part of the Union of National Business Rating that incorporates similar bodies in Azerbaijan, Belarus, Georgia, Russia, Uzbekistan, and Ukraine. It was established in 2002 and circulates free, independent ratings.

The ratings are based on tax payment information from the Ministry of Finance and electronic financial statements that are supplied into the Kazakh Depository of Financial Statements. The ratings also pay significant attention to overall business conduct and in particular to a company's social responsibilities in terms of employees, social and environmental preservation. The results of current ratings are based on tax payment information and financial statements for 2013-2014 period.

For more information on these awards, please visit the website www.nbr.com.kz.

Aidar Assaubayev, CEO of GoldBridges, commented:

"We are delighted to have won first and second place in two of these prestigious Kazakh awards, which demonstrate the importance of our Sekisovskoye gold mine for all of our stakeholders."

For further information please contact:

GoldBridges Global Resources Plc

Louise Wrathall

[phone]

Cantor Fitzgerald Europe (Joint Broker)

Stewart Dickson / Jeremy Stephenson

[phone]

Information on the Company

GoldBridges is a gold mining, exploration and development group based in Kazakhstan. Whilst the Company was initially established to exclusively develop and operate the Sekisovskoye gold and silver mine in the East Kazakhstan Region, it is now actively targeting additional gold mining opportunities in Kazakhstan. This includes the adjacent prospective Karasuyskoye Ore Fields, on which GoldBridges was recently awarded the tender to perform further confirmatory testing in order to gain the sub-soil user licence.

The Company holds a 100 per cent shareholding in DTOO Gornorudnoe Predpriatie Sekisovskoye ("DGPS") which holds a subsoil use contract in relation to the Sekisovskoye deposit, covering a total area of 0.855km². The subsoil use contract for Sekisovskoye is valid until 2020 and the Company currently intends to seek to extend the contract in accordance with its terms. The Company also holds a 100 per cent shareholding in DTOO Altai Ken-Bayitu LLP which owns and operates the processing plant at the Sekisovskoye deposit. The Sekisovskoye deposit is located at the village of Sekisovka, approximately 40km north of the town of Ust-Kamenogorsk, the capital city of the East Kazakhstan Region. The current operation is focused on mining two open pits where the near-vertical deposits extend to the surface. The open pits are nearing their end of life in 2015, and the Company is developing an underground extension to exploit the deposits to depth.

The Company intends that the Sekisovskoye deposit shall become a selective-mining underground operation. As at 31 May 2014, the Company's proven and probable reserves consisted of 2.3Moz of gold and 3.0Moz of silver, and the Company's measured, indicated and inferred resources consisted of 5.1Moz of gold and 3.5Moz of silver, in each case as classified in accordance with JORC.

In the year ended 31 December 2014, the Company's consolidated revenue was US$35.2 million and its EBITDA was US$5.3 million.

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(END) Dow Jones Newswires

February 24, 2016 02:00 ET (07:00 GMT)