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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gma Resources | LSE:GMA | London | Ordinary Share | GB0032875873 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.12 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
GMA Resources PLC 29 June 2006 28 June 2006 AIM: GMA GMA Resources Plc CONSTRUCTION UPDATE GMA Resources Plc ("GMA" or "the Company") is pleased to announce an update with regards to the construction of the Tirek / Amesmessa Gold Project ("Tirek / Amesmessa" or "the Project") in Algeria. GMA owns 52% of ENOR spa ("ENOR"), the Algerian operating company for Tirek / Amesmessa, with the remainder owned by Sonatrach, the Algerian state-owned oil and gas company. Major Equipment: All preparations for the delivery of the major equipment for Tirek / Amesmessa are well underway with orders currently in process. Equipment selection has been made with a view to acquiring modular, mobile equipment which will give mine management the flexibility to relocate machinery to new areas of the Project at a low cost, in order to respond to new sources of mineable ore as they are discovered. GMA has signed a comprehensive maintenance and service agreement with Caterpillar for the provision of this equipment. This contract will ensure that supplies and spares parts are offered to GMA at no cost for the period of one year, and will provide for two Caterpillar technicians to be on site on rotation four weeks on and fours weeks off for a period of 24 months. It will also ensure full training at the mine site of ENOR personnel on the operation of each type of equipment, as well as training of the ENOR mechanics on the maintenance of the equipment going forward. Processing Plant: Summit Valley Equipment & Engineering Inc. of Utah, USA has been selected as a supplier of the carbon adsorption, carbon regeneration and acid wash systems, as well as the electrowinning circuit and equipment for carbon handling and gold refining, whilst Roc-Impact of France has been selected as a supplier for the crushing and agglomeration equipment. Both companies have confirmed that their equipment is expected to become available for shipping to Algeria in mid November 2006. Assay Laboratory Unit Electrical Engineering Ltd of British Columbia, Canada will supply a fully equipped modular assay laboratory, again with quoted availability for shipping in mid November 2006. Pipeline A pipeline will be built to supply process water from the Tanzerouft well, approximately 45 km from the existing Tirek Mine. The Tirek Mine is located some 60km north of the Amesmessa site, which is in the extreme south of the exploitation permit area. The pipe will be supplied by AB Alvenius of Sweden and shipments from Alvenius' factory should begin in mid October, with the final shipments to be made in mid December 2006. Tirek Mine - Ball Mill With regards to the expansion of gold production at the existing Tirek Mine, GMA is pushing ahead with the objective to more than double existing processing capacity. A new ball mill for the Tirek Mine processing plant has been purchased from New Concepts Projects of South Africa. This is a 9ft x13ft, 525kW ball mill purchased from an existing mine and will be completely refurbished. The ball mill is currently in Perth, Australia, where engineering assessment is under way to evaluate the work required to bring the ball mill to a fully refurbished state. Delivery of this to site is expected in November 2006. Douglas Perkins, CEO of GMA, commented: "As announced in our recent final results, ENOR Spa is now firmly in construction mode at Amesmessa and this update demonstrates that all aspects are moving forward apace." Enquiries: Douglas Perkins GMA Resources +44 (0)20 7253 7670 Grant Thornton Philip Secrett +44 (0)20 7383 5100 Parkgreen Communications Cathy Malins / Annabel Leather +44 (0)20 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange END NRABRGDLUBDGGLI
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