DGAP-News: Pearl Gold AG expects gold profits from Mali this year
(firmenpresse) - DGAP-News: Pearl Gold AG / Key word(s): Miscellaneous
Pearl Gold AG expects gold profits from Mali this year
24.06.2011 / 18:00
---------------------------------------------------------------------
Pearl Gold AG expects gold profits from Mali this year
- Promising development at Pearl Gold's first investment : Wassoul'Or
S.A. in Mali
- Investment- and pilot phase for gold mining nears completion, ramp-up
production until end of September
- Particularly favorable production conditions enable low production
costs
- Total production of 1,75 million ounces predicted for entire deposit
- Pearl Gold gets approval for a capital increase to undertake further
acquisitions in the African commodity sector
- Preparation for upgrade of Pearl Gold to General Standard (Frankfurt)
Frankfurt, 24 June 2011 - On the occasion of Pearl Gold AG's annual general
meeting on June 16 in Frankfurt, Jean Louis Dupuy, CEO of the Frankfurt
based holding company, which specializes in commodity investments in West
Africa, informed that the industrial-scale gold production in Koderian/Mali
will soon start. The design production capacity of 11.000 tons raw material
per day, from which an average of 1, 78 gram gold per ton should be
extracted, will be achieved for the first time in September. In two years
from start-up at the latest, a doubling of the production capacity is
realistic. Overall, the gold deposit in Kodieran is believed to contain
about 1,75 million ounces of recoverable gold, which will be exploited in a
little over six years. However, the possible inclusion of additional
reserves indicates that extraction at the site for a longer period is
considered as possible. The Kodieran mine in Mali is operated by Wassoul'Or
S.A., in which Pearl Gold holds a 25-percent stake. Wassoul'Or holds the 30
years mining rights over the 100 square kilometres sized area that
encompasses considerable additional (but as yet only partially quantified)
gold resources. The operation about to commence is only one of five
mineralised sites in Wassoul'Or's concession.
Due to the favourable topographic conditions at Kodieran and the proven
viability of the gravimetric production process chosen by Wassoul'Or, Dupuy
is expecting particularly favourable production conditions and
exceptionally low production costs of only 200 to 300 US-Dollars per
extracted ounce of gold. The exploitation of the known reserves of gold,
most of which is located from the surface down to a depth of 70 metres,
will be made by means of an open pit in an area where geological conditions
require the use of heavy earth-moving equipment only, with no need for
drilling and blasting. Most of the gold will be recovered through pure
gravimetric means, i.e. with the use of water, and the use of chemicals
will be dispensed with as far as possible.
Wassoul'Or S.A. is the first investment of Pearl Gold which has been listed
in the Open Market of the German stock exchange since December last year.
Dupuy states: 'The listing in the Open Market has been the first step in
the capital market. We are currently preparing an upgrade to the General
Standard that should be realised by the end of this year.' And he explains
the further strategy: 'The annual general meeting has cleared the way for a
capital increase that will be used for the financing of further
acquisitions and participations. The focus of our acquisition strategy willremain on exploration and mining companies in the field of gold, other
noble metals and precious natural resources.'
Robert F. Goninon, chairman of supervisory board of Pearl Gold, already now
judges the investment in Wassoul'Or as a great success: 'As the
construction of the production plant is already fully financed, production
can start soon. In this year, we will see the first profit distribution
from Wassoul'Or. From 2012 onwards, Wassoul'Or will pay out quarterly
dividends that will enable us to book regular profits as well. These
profits will be passed on to our shareholders in an above-average manner.'
The shareholders of Pearl Gold currently include primarily international
investors, with a focus in the United Arab Emirates, as well as SODINAF, an
African holding company that also holds shares in Wassoul'Or.
Pearl Gold AG
The Pearl Gold AG is a holding company listed on the Open Market of the
German stock exchange, based in Frankfurt. The company focuses on
investments in West African exploration and mining corporations, especially
in the field of gold and other noble metals. The first investment of Pearl
Gold is the Malian mining company Wassoul'Or, in which Pearl Gold holds 25
% of shares. Wassoul'Or concentrates on the exploration and production of
gold and runs the Kodieran gold mine in the south of Mali.
Pearl Gold AG: Company Data
- Founded 11 November 2008 in Frankfurt
- Since 17 December 2010, listed in the First Quotation board on the Open
Market of the German stock exchange
- 20.000.000 common stock with a par value of 1,00 Euro each
- Upgrading to General Standard currently planned
Pearl Gold AG: Entities of the Corporation
- Management Board: Jean Louis Dupuy, Lyon, France
- Chairman of the Supervisory Board: Robert Francis Goninon, Abu Dhabi,
UAE
Pearl Gold AG: Shareholder Structure
- ca. 65 % - Five Key Investors (each more than 5 %)
- ca. 35 % - Free Float
Project Wassoul'Or
- Mining concession spread over more than 100 square kilometres, with a
30-year validity (till 2027)
- Kodieran mine: Projected gold deposit of 1.75 million ounces of gold
- Kodieran: Open pit mine, up to a depth of 70 meters without the need
for drilling/blasting
- Start of gold production is planned for September 2011
For Inquires:
Pearl Gold AG
Lutz Hartmann
An der Welle 4
60322 Frankfurt am Main
Germany
Tel.: 0049 (0)69 971097-555
End of Corporate News
---------------------------------------------------------------------
24.06.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
129693 24.06.2011
Datum: 24.06.2011 - 18:00 Uhr
Sprache: Deutsch
News-ID 34462
Anzahl Zeichen: 0
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 259 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: Pearl Gold AG expects gold profits from Mali this year"
steht unter der journalistisch-redaktionellen Verantwortung von
Pearl Gold AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
