We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4194U GMA Resources PLC 20 January 2004 For Immediate Release 20th January 2004 GMA Resources Plc Quarterly Report Year End 31 December 2003 GMA Resources Plc, the gold mining company, has produced a quarterly report outlining all developments up to the year end 31 December 2003. Highlights * Gold shipments exceed budget * Mill throughput at design rates * Plant availability above budget * Gold recovery above budget * RC Drilling programme commenced with 13,000 metres drilled in the quarter * The Company's shares were admitted for trading on Frankfurt's Deutsche Boerse * The Company's Loan Stock was converted to equity, significantly improving the Company's balance sheet The Company plans to produce a quarterly activity report for release to the market the month after the quarter end. The report will provide shareholders and stakeholders with a summary of production, development and corporate activities of the Company. The Company will continue to disclose information in relation to the performance and activities of the Company in accordance with it's obligations under the Alternative Investment Market rules. 1.0 Summary GMA Resources Plc, the gold mining company, owns a 52% controlling interest in the promising Tirek Gold mine and exploration project in Algeria. The company's shares and warrants are listed on the London Stock Exchange Alternative Investment Market (AIM) code GMA and on the Frankfurt Deutsche Boerse in Germany. The Company raised #4 million upon listing in May 2003 and raised a further #3.25 million in October 2003. The Board's strategy is to complete a development plan for the substantial Tirek and Amesmessa gold deposits with a view to significantly expand the existing gold mining operation. To that end a major exploration drilling programme commenced during the quarter and work was carried out on preliminary geological resource models, mine plans and schedules. A processing plant option study was also commissioned, in order to finalise the development plan and more detailed mining and engineering studies are expected to commence early next quarter. During the quarter the company continued to operate and optimise the existing pilot plant operation at the Tirek minesite. Gold shipments exceeded budget for the quarter, totaling 5,949 oz This was achieved despite slightly lower than budgeted mill throughput rates and ore grades. Plant availability was higher than budget. Plant recovery remained high throughout the quarter and averaged 96.4%. The company has prepared a drilling program, consisting of approximately 18,000 metres of reverse circulation (RC) drilling and 2200 metres of diamond drilling, aimed at: * improving existing resource estimates, enabling mine design and reserve estimates for the major gold bearing quartz veins; and * increasing the resource base by exploring other gold bearing quartz veins at Tirek, Amesmessa and the 60 km long zone between them known as "ZITA". The RC drilling component of the program commenced with the mobilisation of two RC drilling rigs from Mauritania, which arrived on site at Tirek on 16 October. Drilling commenced on 24 October and is expected to be completed by February 2004. Of the 246 holes planned, approximately 114 are pre-collar holes which will be extended by diamond drilling to obtain core samples of the mineralised zone. The diamond drilling is being performed by the Algerian government agency Office National de la Recherche Geologique et Miniere (ORGM), who commenced drilling the diamond hole tails in November. ORGM have currently two diamond rigs operating at site and will provide a third rig in January 2004. The company has embarked on an aggressive improvement and optimisation plan, which has resulted in the recruitment of highly experienced expatriate mining personnel in the key roles of:- Operations Manager, Exploration Manager, Exploration Geologist, Maintenance Manager, Maintenance Supervisor, Processing Manager, Supply Manager and Safety & Environmental (NOSA) Manager. The establishment of a Government certified explosives magazine at Tirek (October), and the resolution of security and permitting issues relating to the use of explosives at site (December), has removed one of the major production bottlenecks which has affected production in previous months. Regular explosives deliveries and improved waste blasting and mining techniques are expected to rapidly increase mine productivity. A major procurement campaign, which has identified critical plant and mining equipment spares, consumables and parts required for improving operational performance has been largely implemented. 2.0 Operations 2.1 Mining Mining continued at Amesmessa earlier in the quarter, from shallow open cut trenches on veins 12, 15 and 18. All mining was free dig, with no explosives being available. Restrictions on the supply and use of explosives has resulted in lower than budgeted mine production, particularly from Tirek where the majority of the free dig ore has been previously exploited. The mining fleet was moved back to Tirek on the 25 October 2003 and mining recommenced on veins XI, XIV and XV. Approval was received for the commissioning of the explosives magazine at Tirek and the first shipment arrived 22 October 2003. Despite this the use of explosives remained restricted whilst final negotiations were held with the military personnel responsible for the security at the mine site. This was resolved in early December 2003 and consequently waste removal was substantially increased towards the end of the quarter, peaking in December with 107,586 tonnes being mined, out of a total of 272,056 tonnes for the quarter. Total ore mined for the quarter was 9,596 tonnes. The actual mined grade exceeded budget, being 12.77 gAu/tonne. Ore on stockpile at the end of the quarter totaled 15,915 tonnes at a grade of 8.17 gAu/tonne. 2.2 Processing The processing plant performed steadily throughout the quarter, with high availabilities (greater than 90%). Mill throughput, however, was restricted to 7tph (design 8tph) due to maintenance problems with the ball mill drive assembly. Excessive wear on the drive friction rings had previously led to the mechanical failure of the ball mill drive gearbox in late August 2003. A replacement gearbox was purchased and installed on 25 September 2003, along with a partially refurbished drive assembly. A new drive assembly was procured and delivered to site in early December 2003. Subsequently, the mill throughput has increased to 8tph from 18 December 2003. Total ore processed for the quarter was 15,354 tonnes versus a budget of 15,898 tonnes. The actual processed grade was just under budget, being 11.59 gAu/tonne. Gold shipments exceeded budget for the quarter, totaling 5,949 oz. Plant recovery remained high throughout the quarter and averaged 96.4%. 2.3 Administration Recruitment of critical staff continued through the period, following on from the appointment of Philip Davies (Operations Manager, and ex Ashanti), Jan van Graan (Exploration Manager) and Michel Labourie (Exploration Geologist). A significant procurement program was instigated during the quarter, under the supervision of a specialized procurement manager appointed on a six month contract. Critical plant and mining equipment spares, consumables and parts have been identified and ordered 3.0 Development 3.1 Exploration The company has prepared a drilling program, consisting of approximately 18,000 metres of reverse circulation (RC) drilling and 2200 metres of diamond drilling, aimed at: * improving existing resource estimates, enabling mine design and reserve estimates for the major gold bearing quartz veins; and * increasing the resource base by exploring other gold bearing quartz veins at Tirek, Amesmessa and the 60 km long zone between them known as "ZITA". The RC drilling component of the program commenced with the mobilisation of two RC drilling rigs from Mauritania, which arrived on site at Tirek on 16 October. Drilling commenced on 24 October and is expected to be completed by February 2004. Of the 246 holes planned, approximately 114 are pre-collar holes which will be extended by diamond drilling to obtain core samples of the mineralised zone. The diamond drilling is being performed by the Algerian government agency Office National de la Recherche Geologique et Miniere (ORGM), who commenced drilling the diamond hole tails in November. ORGM have currently two diamond rigs operating at site and will provide a third rig in January 2004. Prior to the RC drilling team demobilising for a mid-programme Christmas break, over 13,000 metres of reverse circulation drilling had been completed The diamond rigs have continued through this period and have completed 354 metres by December 31 2003. A contract was awarded for an aeromagnetic survey to be conducted over the entire ENOR concession. A number of formalities remain to be completed before the survey can be flown, in particular the permitting of the airstrip at the Tirek mine site. It is expected that the survey will be conducted towards the end of the first quarter of 2004. 3.2 Projects The historical exploration data for Tirek and Amesmessa, previously established by the Algerian government agency Office National de la Recherche Geologique et Miniere (ORGM), has been transferred into geological databases and subsequently independently validated. Work on the Intermediate Zone ('ZITA') database is in progress, and will be completed once UTM survey grids are established, expected to be early in the new year. Initial geological resource modelling has been conducted using the validated databases and the models generated have assisted in planning the current exploration drilling programme. Mine design and scheduling work was also carried out during the quarter, using the preliminary geological models. As the results of the drilling programme become available during the first quarter of 2004 these models will be updated, and the mine designs and schedules will be finalised. A conceptual study of development options for Tirek and Amesmessa commenced during the quarter, based on the preliminary mine schedules. The options study is expected to be finalised in January 2004 and after consideration by management, a preferred development option will be taken to a more detailed engineering and costing study level during the first quarter of 2004. Geological modelling and mine planning software for the mine site has been selected but not yet procured pending recruitment of professional mining and geology personnel, procurement of suitable computer hardware and other related issues. 4.0 Corporate 4.1 Loan Stock Early Conversion The Company benefited from the early conversion of the #4.0 million Convertible Loans Stock through interest cost savings and an improved balance sheet. 4.2 Share Placement The Company placed of 13 million new ordinary shares of in the Company at a price of 25p per share in October 2003. The #3.25million proceeds are being used for working capital and will increase the proportion of the Company's shares in public hands. 4.3 Frankfurt Listing The admission of the Company's shares for trading on the Frankfurt's Deutsche Boerse occurred on 10 November 2003. The listing of the Company's shares in Germany should provide a wider shareholder base and the opportunity for European institutional and retail investors to invest in the Company's shares. 5.0 Key Statistics Key Performance Indicator Units Quarter Ending December 2003 Mine Performance Ore Mined Tonnes 9,596 Grade Au g/t 12.77 Waste Mined Tonnes 272,056 Strip Ratio Waste:Ore 28 Plant Performance Ore Milled Tonnes 15,354 Grade Au g/t 11.59 Gold Poured Oz 5,949 Gold Recovery % 96.4 Exploration RC Drilling metres 13,699 Diamond Drilling metres 354 ENDS For further information, please contact: GMA Resources Plc Colin Ikin, Chief Executive Tel: +33 (0)678 389 762 Binns & Co PR Ltd Peter Binns Tel: +44 (0)20 7786 9600 This information is provided by RNS The company news service from the London Stock Exchange END MSCSEDFSSSLSEDF
1 Year Gma Resources Chart |
1 Month Gma Resources Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions