DGAP-News: African Opportunities Investment Capital Ltd. (AOIC) - Primrose Gold resumes production
(firmenpresse) - DGAP-News: African Opportunities Investment Capital Ltd / Key word(s):
Miscellaneous
African Opportunities Investment Capital Ltd. (AOIC) - Primrose Gold
resumes production
21.07.2011 / 09:01
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Equity Story Press Release - AOIC 20th July 2011
African Opportunities Investment Capital Ltd. (AOIC) - Primrose Gold
resumes production.
AOIC is proud to report that its recent acquisition, Primrose Gold Mines
(Pty) Ltd has completed its refurbishment of the existing gold processing
plant, consisting of crushing, milling, free gold recovery circuit, cyanide
leaching, carbon in pulp facilities and smelting. Primrose has already
commenced production this week. It will start with a monthly production of
4 000 tons per month throughput which will ramp up over the next three
months to 8 000 tons per month delivering from 15 to 30 kilograms of gold
per month. The workforce of 100 employees is extremely excited that the
mine will be back into production after a delay of 14 months after the
anticipated sale transaction which failed due to non-performance of the
purchaser. Primrose Gold was in full production before the failed attempt
to acquire the mine 14 months ago, but came to a halt due to lack of
maintenance and upkeep of the facilities by the non performing purchaser.
The owner, Keith Hart has spent over R4m to refurbish the plant and put it
back into production. Primrose Gold has always had the potential to
operate profitably even at a low gold price.
Primrose Gold confirms it has an underground mineable resource of 3,9m tons
at an average recovered grade of 4.2 g/t and dump material on surface of
over 10 million tons at an average grade of 1.3 g/t. It's plant has a
capacity of 15 000 tons per month throughput once the refurbishment is
completed in 6 months. The gold smelter produces gold dorey bars, sold via
Rand Refinery at the ruling gold price. The Primrose plant is positioned
such that it will be the plant of choice for other surface material owners
in the area, with reserves of similar grade in excess of 10 million tons.
Primrose plans to quadruple its plant capacity over the next two years by
building new plant and processing facilities in the area which will
increase the output to 100,000 tons per month or 150 kilograms per month
or around 57,000 ounces of gold per annum.
AOIC is in the process of raising funds in order to meet its obligation in
respect of the cash portion of its investment in Primrose Gold. The balance
of the purchase price will be settled with AOIC shares and is subject to
profit targets being achieved by the mine. In light of the record breaking
gold price increasing without abatement this investment is certainly viewed
by AOIC as a high yielding investment.
AOIC prides itself on being a first to market, Emerging Market Private
Equity Portfolio, with a specific focus on selected market segments. For
more detail on the company and its activities please visit our website
(www.aoic.co.za) or follow us on LinkedIN.
Investors will also have the opportunity to attend AOIC's investor
presentations starting on 25th July 2011 in Frankfurt or request a
presentation via info(at)aoic.co.za.
End of Corporate News
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21.07.2011 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
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Media archive at www.dgap-medientreff.de and www.dgap.de
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132734 21.07.2011
Datum: 21.07.2011 - 09:01 Uhr
Sprache: Deutsch
News-ID 34655
Anzahl Zeichen: 0
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Kategorie:
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