Goldplat plc Corporate & Operational Update

 
TIDMGDP 
 
   Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration 
 
   11 December 2017 
 
   Goldplat plc ('Goldplat' or 'the Company') 
 
   Corporate & Operational Update 
 
   Goldplat, the AIM quoted gold producer with international gold recovery 
operations located in South Africa and Ghana and a gold mine in Kenya, 
is pleased to provide a corporate and operational update. 
 
   Rand Refinery Dispute 
 
   Further to its announcements of 4 April 2017 and 11 September 2017, the 
Company is pleased to announce that both parties, being Rand Refinery 
and Goldplat Recovery Limited ('GPL') have formally agreed on an 
arbitration process for the recovery of the amounts owed to GPL, and 
have appointed a retired Appeal Court Judge to act as arbitrator.  The 
arbitration proceedings have been scheduled for 25-29 June 2018 and the 
Company will provide more information to shareholders regarding these 
proceedings when appropriate. 
 
   Operational Update 
 
   The Company is pleased to report that good progress is being made on all 
areas of strategic focus. At GPL, a strategic stockpile of in excess of 
a year of planned production through the carbon in leach ('CIL') 
circuits has been procured and metallurgical testwork is currently being 
undertaken to optimise metal recoveries from and profitability of this 
material. This has been an important initiative to de-risk the most 
profitable production stream at GPL and the Board is encouraged to note 
that this strategic objective has been reached within the first six 
months of the financial year. 
 
   At Gold Recovery Ghana ('GRG'), the elution plant construction is 
progressing according to plan, and commissioning is expected to begin 
before the end of December 2017.  This progress has recently been 
acknowledged very positively by the Ghanaian Ministry of Mines. A team 
is on the ground in Ghana to commission the tailings project pilot plant, 
with surveys of target material for the pilot testing ongoing. 
 
   At Kilimapesa Gold (Pty) Ltd, production remains on target for 5,800 
ounces of gold in FY2018 and profitability is being achieved on an 
operational level.  This has been achieved despite a number of days of 
lost production, caused by the election process which affected diesel 
supplies. 
 
   Gerard Kisbey-Green, CEO of Goldplat commented: "We are pleased to have 
finally made tangible progress towards settlement of the dispute with 
Rand Refinery after a protracted period of negotiations.  We remain 
confident that this arbitration process will result in the full recovery 
of the amounts owed to GPL and Company will keep shareholders informed 
of progress.  From an operational point of view, I am delighted to say 
that progress is being made across the board which positions us strongly 
for the remainder of the 2018 financial year, and I look forward to 
providing further detail on this in the New Year with the release of our 
quarterly operational updates and Interim Results." 
 
   ** ENDS ** 
 
   For further information visit www.goldplat.com, follow on Twitter 
@GoldPlatPlc or contact: 
 
 
 
 
Gerard Kisbey-Green        Goldplat plc              Tel: [phone] 
                            (CEO) 
Colin Aaronson / Jen       Grant Thornton UK LLP     Tel: [phone] 
Clarke/ Daniel Bush        (Nominated Adviser) 
Andrew Raca / Justin       VSA Capital Limited       Tel: [phone] 
McKeegan                    (Broker) 
Charlotte Page / Susie     St Brides Partners Ltd    Tel: [phone] 
Geliher                     (Financial PR) 
 
   About Goldplat 
 
 
   Goldplat plc is an AIM quoted gold producer with two market leading 
recovery operations in South Africa and Ghana and an operational gold 
mine in Kenya.   The Company produced 42,857 ounces of gold during FY 
2017, with 40,285 gold equivalent ounces sold and transferred, resulting 
in an operating profit from continuing operations of GBP2.9m for the 
year.  This result does not benefit from the increased processing 
capacity that was achieved at the Kilimapesa Gold Mine towards the end 
of FY 2017, with operational profitability achieved during last two 
months of FY 2017.  Accordingly, the Company believes it is well placed 
to build upon production and profitability during FY 2018. 
 
   The Company's strategy is focussed on utilising cash flow generated from 
its flagship gold recovery and mining operations to self-fund the 
sustainable growth and expansion of its niche gold recovery business 
model internationally. The Company is also committed to increasing its 
primary mining production output through acquisition / gaining interests 
in producing or near-production assets, preferably in Africa.  Goldplat 
retains exposure to a small exploration project in Ghana, in which 
Ashanti Gold Corp. is earning an interest via an earn-in option 
agreement. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Goldplat plc via Globenewswire 
 
 
 
 

(END) Dow Jones Newswires

December 11, 2017 02:00 ET (07:00 GMT)

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