Gldbrg.Gbl.Res Share Discussion Threads

[chipperfrd] 23/9/2014 16:40

LFDKMP,

It certainly is taking an age.

It would make little sense to have promised this CPR for so long and then not provide details to the market when it finally becomes available - so I assume it will be made available when received by GBGR.

[lfdkmp] 22/9/2014 20:09

"During H1 2014, Venmyn Deloitte continued to advance the independent CPR on the Sekisovskoye underground mine resource. This is being completed according to the JORC Code (2012 Edition) standards and it is currently expected that the CPR will be finalised by the end of Q3 2014."

Tick Tock.

(Edit : Is "finalised" the same as published/made available? )

[sandeels] 19/9/2014 13:33

Cold spaghetti?

[lfdkmp] 17/9/2014 18:14

What's the opposite of a coiled spring?

[the_boy_plunger] 17/9/2014 10:39

chipperfrd

a credit

hats off....

[lfdkmp] 09/9/2014 07:18

It is my opinion, but only that, that the effect will be to reduce uncertainty, and accordingly will be significant for the share price

Any further considerations I suspect you are capable of drawing your own conclusions.

[pigeon1] 08/9/2014 20:12

Ok thank you for that

If we get a CPR along those lines what will be effect here?

[lfdkmp] 08/9/2014 18:32

pigeon1

----------------------------------------------------------------------------


RNS Number : 8654U

Hambledon Mining PLC

06 December 2013

06 December 2013

Hambledon Mining plc

("Hambledon" or the "Company")

Strategic Review of Mining Operations

Hambledon Mining plc (AIM: HMB), the gold mining and development company, today announces the results of its recent strategic review and details of its long-term mine development plan.

Following completion of the strategic review and in light of the operational improvements in the mining operations, the board of directors of Hambledon (the "Board") believes that the Company's prospects will be significantly improved by adopting a new Sekisovskoye mine development plan which is designed to better exploit existing infrastructure and the large resource base.

Key highlights

-- Significant increase in management's estimate of underground resources from 1.8 million ounces

("Moz") to approximately 6 Moz of gold with average grade of 5.34 grammes per tonne ("g/t"),

using a 3 g/t cut-off grade. This revised estimate results from an extensive underground drilling

programme of over 53,000 metres

o A full independent Competent Person's Report ("CPR") is currently being prepared by

Venmyn Deloitte with publication expected in early 2014

o The existing processing plant, surface and underground infrastructure together with an

underground operating transport decline combine to support a robust economic case for

the expansion of underground mining operations

-- 22 year Life of Mine ("LOM") with robust economics and projected to generate in the region of US$1

billion in free cash flow, according to management estimates

-- Expected gold production of 27,500 ounces ("oz") for the year ended 31 December 2013 which is

forecast by management to increase to more than 100,000 oz per year by 2017, a compound annual

growth rate of 35 per cent

-- Management's total LOM production cost forecast to be around $560/oz of which the cash cost is

anticipated to be around $500/oz - underpins the economic viability of the mine, even if gold prices

were to fall significantly

-- Estimated total remaining mine development capital expenditure of approximately US$130 million,

with the bulk of spend forecast to occur over the next three years. The majority of this capex is

forecast to be met through internally generated cash flow, with the balance to be funded through a

combination of debt and, if appropriate, equity.

Aidar Assaubayev, CEO of Hambledon Mining, commented:

"Following a process that began a year ago, the Board and senior management of Hambledon have developed a long-term plan with the goal of becoming Central Asia's leading gold miner in terms of both production and reserves."

Detailed summary of the strategic review and new mine development plan

Update on Resource Estimate and CPR timing

Following an extensive underground diamond drilling program, totalling over 53,000 metres, management has increased its internal resource estimate from 1.8 Moz to approximately 6 Moz of gold with an average gold grade of 5.34 g/t, using a 3 g/t cut-off grade. It is expected that an independent CPR, scheduled for release in early 2014, will convert a significant portion of this internal resource estimate into a JORC compliant resource category.

In total of 258 holes were drilled, comprising of:
-- 53,804 metres of underground exploration drilling from the +250mrl
-- Over 28,000 metres of underground exploration drilling is in progress from the 0mrl level to -400mrl

The maximum depth of the zone tested was 870 metres and drilling was generally conducted at intervals of 20 to 40 metres.

Capital Expenditure Budget

The Board has approved a capital expenditure budget of approximately US$130 million for the underground mine development over the life of mine. The key areas of capital spend are:
- Construction of two shafts to a depth of 1,000 metres
- Main ore-handling and ancillary equipment
- Commercial discovery bonus, contingency reserve, and increased working capital requirement
The peak of capital expenditures is scheduled to occur in 2014-2015, with shaft construction to be completed by 2016 and the mine reaching its full design capacity by 2017. During the period of shaft construction, underground mining will continue with the existing transport decline used to deliver ore to surface.

Production Forecast

Production is forecast by management to increase from 22,470 oz in 2012 to over 100,000 oz per annum by 2017, after completion of the two shafts. Management is forecasting production for the year ended 31 December 2013 to be approximately 27,500 oz.

The presence of existing surface and underground infrastructure, a modern processing plant, operating transport decline, and a gold grade of approximately 5.34 g/t, significantly enhances the project economics.

Investor Presentation

An investor presentation which provides supplemental information regarding our capital expenditure budget and our long-term mine development plan, may be found on our website hxxp://www.hambledon-mining.com/ under the heading "Hambledon Mining: Growing Central Asia Gold Producer" link.

Review by Qualified Person

Oleg Leonidovich Gorozhanin, senior consultant, has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person under the AIM Rules. Mr. Gorozhanin holds a Ph.D. in geological and mineralogical sciences, is a member of the Association of Geological Organizations, is a member of the Russian Academy of Science (Geological and Mineralogical Division) and has over 40 years of relevant mining industry experience.

[pigeon1] 08/9/2014 14:10

What does the company say for estimates LFDKMP? And which asset does this report refer to?

I'm new here can someone summarise the bull case for me?

[lfdkmp] 04/9/2014 16:25

It would appear a very brief revisit to the 2s. A mere 100k has brought us back into the 3s.

If the Venmyn report confirms the company's own estimates, could see this moving strongly forward, imo.

[lfdkmp] 02/9/2014 13:15

well TimGW looks like you were right about 2s. Not sure you were right about the slowly bit! :-)

[lfdkmp] 02/9/2014 11:23

Maybe, maybe not.

Venmyn report within the next 4 weeks.

[timgw] 02/9/2014 11:18

Will be interesting to see the next set of proper financials. In the meantime the price is drifting slowly but surely back to the 2s.

[lfdkmp] 22/8/2014 11:54

Extract from 2013 annual report

"The Company at present has a lien over the assets of Akmola Gold LLP and will take all appropriate measures for enforcement of the court decision."

Could see no reference to this in the 1/2 year report

[loppylugs] 20/8/2014 09:18

sloppyg

The BoD have been confident from the outset that the Company would receive the relevant licence; albeit within a somewhat tighter timescale.

This confidence is underscored by the fact that they currently have c50 personnel working on the 5xcontainer loads of material (drill results,core samples etc) purchased.

It is understood that to carry out the survey work information purchased, if carried out today, would cost far in excess of the $27m paid. It would therefore seem probable that any other developer of the site would be very keen to get their hands on this material information at a price at least equal to the price paid by GBGR

[lfdkmp] 19/8/2014 20:56

Spangle, many thanks :-)

[sloppyg] 19/8/2014 20:52

Out of interest does anyone know whether obtaining a license for Kara is essentially a formality and if, in the unlikely event it was not granted, what happens with regards to the significant consideration paid over?

Whilst on this subject the same question goes for the situation where testing does not validate the resource.

Basically not sure how warranties are applied to the transaction given the sugnificant sums involved.

Thanks in advance.

[spangle93] 19/8/2014 18:48

LFDKMP - here's the text. The formatting as usual is carp, so another link to enable you to see the table is



19 August 2014

H1 2014 Operational Update

Goldbridges is pleased to provide the following H1 2014 operational update for its 100 per cent owned Sekisovskoye gold mine in Kazakhstan ("Sekisovskoye").



Highlights

• H1 2014 total gold production from Sekisovskoye of 12,694 ounces ("oz") slightly higher than comparable period of 2013

• Gold processing plant expansion from 0.85 million tonnes per annum ("Mtpa") to 1.0 Mtpa underway

• Significant progress has been made in underground development work which would permit greater access to higher grade areas

• Completion of the independent Competent Person's Report ("CPR") for Sekisovskoye's underground development project expected by end of Q3 2014

• Appointment of Ken Crichton (currently a Non-Executive Director) to the role of Chief Technical Officer and an Executive Director

Aidar Assaubayev, CEO of Goldbridges, commented "During H1 2014, we have worked hard in preparing the underground mine to access higher grade ore and upgrading the processing plant for increased production. We look forward to higher output in H2 2014 and remain confident that we will meet our production targets for the year. Finally, I look forward to working with Ken on a day-to-day basis as we embark on our expansion plans, starting with the development of the Sekisovskoye underground mine".


H1 2014 Gold Production

Total gold production for the six months ended 30 June 2014 was 12,694 oz, which was in line with Company expectations.

GoldBridges continues to reallocate mining resources to the underground development project and to reduce production in the open pit. Underground ore production rose considerably when compared to H1 2013 production and now comprises c. 8 per cent of total ore mined (up from 1.5% in H1 2013). This production comes from selected development ore that will eventually be replaced by higher grade primary ore from the production stopes once they are fully developed.

The gold grade during the period remained almost unchanged at 1.42 grams per tonne ("g/t"), with the underground gold grade averaging 2.97 g/t and the open pit gold grade averaging 1.26 g/t. Overall open pit gold grades fell as the Company moved from the north pit with richer grades, but which is now almost depleted, to the lower grade central pit.


H1 2014

Total ore mined, open pit (t)


317,085

Total ore mined, underground (t)


26,157

Total ore milled (t)


333,490

Open Pit gold grade (g/t)


1.26

Underground gold grade (g/t)


2.97

Average gold grade (g/t)


1.42

Average silver grade (g/t)


2.15

Gold Produced (oz)


12,694

Silver Produced (oz)


17,380





Sekisovskoye Underground Development Update and CPR

GoldBridges expects to commence the commissioning of new crushing equipment by the end of Q3 2014. In combination with a number of initiatives already underway to debottleneck the processing circuits, this new equipment should further increase the efficiency of the crushing and milling plant. It is expected that this will eventually increase ore throughput from 0.85 Mtpa to 1.0 Mtpa.

As previously announced on 11 August 2014, the Company's Sekisovskoye mine development project has been approved by the Ministry of Industry and New Technologies ("MINT") for inclusion in the State Program on Forced Industrial-Innovative Development ("SPFIID"). This now means that the Company has obtained all the necessary licenses and technical approvals required to develop the underground mine and remains pleased with the rate of underground development during the last six months as all internal targets have been achieved. The Company intends to carry out the majority of the underground development work itself, and will only engage specialist contractors as and when needed. This approach ensures that the Company has more flexibility and control over development progress thereby limiting the risk of budget overruns.

During H1 2014, Venmyn Deloitte continued to advance the independent CPR on the Sekisovskoye underground mine resource. This is being completed according to the JORC Code (2012 Edition) standards and it is currently expected that the CPR will be finalised by the end of Q3 2014.

The Board is pleased to announce it has appointed Mr. Ken Crichton (currently a Non-Executive Director) to the role of Chief Technical Officer and Executive Director so to better facilitate him assisting the management team in implementing GoldBridges growth plans in the coming years.

Mr. Crichton is a mining engineer with over 28 years of experience within the mining industry. After graduating from the University of New South Wales in 1985, a significant proportion of his career has involved working in developing countries and a considerable part in active mine production roles. In the previous 5 years, Mr. Crichton was the CEO of ASCOM Precious Metals Mining, S.A.E., an Egyptian-based minerals company with gold exploration and mining activities across Africa. Prior to that he worked for 15 years with BHP Billiton in both Australia and Indonesia. In addition, Mr. Crichton worked for four years with Leighton Holdings Group; a leading construction and mining contractor at Lihir Gold Mine, Papua New Guinea and in Australia. Mr. Crichton is also a Non-Executive Director of Kemin Resources PLC.


Karasuyskoye Ore Fields Update

The Group is currently in discussions with government authorities to obtain the necessary licenses and permits to exploit the site and conduct further testing to validate the initial resource estimates.

[lfdkmp] 19/8/2014 17:16

My ADVFN is playing up. Is there an update/RNS; if so can someone post it or at the least a link for it? Thanks

[sandeels] 19/8/2014 13:22

Re operational update, positive re Seki and the CPR but disappointing lack of inf re Kara. No mention of the CPR there just 'conduct further testing to validate the initial resource estimates'. What does 'further testing' mean and how long might that take?

[loppylugs] 15/8/2014 15:59

Absolutely!

[lfdkmp] 15/8/2014 09:11

Was expecting RNS by now.

[loppylugs] 12/8/2014 12:29

Dummy trades I have done over the last couple of days indicate that all the 3.3+ trades shown as 'sells' are in fact 'buys'. The result of the rather skewed 'ask price' indicated by mm's.