Goldbridges Gbl Res Directorate change

 
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GoldBridges Global Resources Plc

("GoldBridges" or the "Company")

Management Changes

GoldBridges is pleased to announce that it has strengthened its management team with the appointment of Eric Aripzhanov as the Company's Chief Operational Officer, to take control of the development of the underground mine at Sekisovskoye.

Mr. Aripzhanov has over 23 years' experience in the mining industry of Kazakhstan and during that time, he has been involved in all aspects of mine development to include the construction of process plants, daily operational management, and development projects on several large gold operations including Zhanan, Boldykol, Aksu, and Arkharly.

For the past seven years Eric Aripzhanov has been working for the London listed company Norgold. He led a technical team at the Suzdal sulphid gold mining operation in East Kazakhstan. Suzdal ore is extracted from an underground mine, and it operates a processing plant with crushing, grinding, flotation, BIOX, CCD and CIL circuits with an annual output of 79.3koz.

Eric Aripzhanov was pivotal in implementing and operating one of the most technologically advanced operations within Nordgold - the plant possesses the necessary technology to process refractory sulphide ore, and the BIOX processing circuit at the mine was the first in Eurasia.

This experience will be invaluable as he will be in charge of the development of the production facilities and day to day operational management at the underground mine at Sekisovskoye.

Biographical details of new Exploration Director:

Before joining GoldBridges management team Mr. Aripzhanov worked as Technical Director at Norgold's subsidiary FIC Alel. From 2002-2008, he worked at several large gold mining operations Arharly, Zhanan Boldykol. In 1993-2002, he held various positions within Balkhash group of goldminers and was involved into Ush Shoky mine field (650 kt ore), Altyn Sai (underground production of 400 kt), Myn Aral (sulphid ore underground production of 550 kt), Aksakal and Beskempir (underground 800 kt)

Mr. Aripzhanov holds an engineering degree from Novosibirsk University based in Russia.

At this time the board of GoldBridges and Bill Trew have agreed that he will step down as a Non-Executive Director of the company with immediate effect, to allow him to pursue other interests.

Aidar Assaubayev, CEO of GoldBridges commented:

"We are delighted Eric has agreed to join our Company. Eric has a wealth of experience and a great track record in managing and delivering on major underground mining operations that are similar to our own project at Sekisovskoye. He will be instrumental in delivering on our ambitious underground development programme to produce 100koz "

"We would also like to thank Bill for his valuable input during his tenure as a Non-Executive Director, and wish him success in his future plans."

For further information please contact:

GoldBridges Global Resources Plc

Rajinder Basra

[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 2015, the Company's consolidated revenue was US$24 million and its Net Assets were US$38.4 million.

www.goldbridgesplc.com

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(END) Dow Jones Newswires

July 14, 2016 08:00 ET (12:00 GMT)