DGAP-News: Pearl Gold AG: Construction work at Plant at Kodieran Gold Mine completed
(firmenpresse) - DGAP-News: Pearl Gold AG / Key word(s): Miscellaneous
Pearl Gold AG: Construction work at Plant at Kodieran Gold Mine
completed
16.12.2011 / 13:33
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Pearl Gold AG: Construction work at Plant at Kodieran Gold Mine completed
- Progress of Pearl Gold's first investment, Wassoul'Or S.A. in Mali
- All construction work at Kodieran gold mine completed
- Signing of management contract for concentrator
- Commissioning to start immediately after year-end holidays
- First gold outcome expected during the month of January
Frankfurt, 16 December 2011 - Pearl Gold AG (02P:GR) announced the
completion of the construction work necessary for the start of
commissioning and the implementation of the first partial test runs at the
Kodieran gold mine in Mali. The Frankfurt based holding company Pearl Gold
holds a 25 percent stake in Wassoul'Or S.A. which operates the Kodieran
gold mine. As a production break for the upcoming holiday season would
cause a considerable organisational effort and additional expenditures,
the start of commissioning at the gold mine is scheduled right afterwards
at the beginning of the year 2012. Robert F. Goninon, Chairman of Pearl
Gold and member of the Technical Oversight Committee of the operations,
reports: 'To date, the construction of the plant has been completed by the
international teams and the cabling on site has been successfully
accomplished. Initial tests will be run until the end of the year and we
can confirm that the commissioning at Kodieran will start in the first week
of January 2012. We then expect the first output of gold shortly
afterwards.' For the operation of the plants' concentrator, a management
contract with the Canadian company, Bumigème Inc. that ensures an
efficient production, has been finally negotiated and will be signed in the
very next days..
The Kodieran gold mine is designed as an open pit mine allowing low-cost
production and has a daily production capacity of 11,000 tons raw material
which will lead to an average output of around 630 ounces of gold per day.
A doubling of the production capacity in at least two years is considered
as realistic by Pearl Gold. Overall, the gold deposit in Kodieran is
expected to contain at least 1.75 million ounces of recoverable gold, which
will be exploited over the next six years. However, the possible inclusion
of further reserves indicates that an extension of the mine life is
realistic. Wassoul'Or holds the 30 years mining rights over a 100 square
kilometres sized concession, whereof the operation about to commence in
Kodieran is only one of five potential mining sites.
Pearl Gold AG
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.
For Inquires:
MSL Financial
Steffi Fahjen
Email: steffi.fahjen(at)mslgroup.com
Tel: +49 (0) 69 6612456 8394
End of Corporate News
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150095 16.12.2011
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Datum: 16.12.2011 - 13:33 Uhr
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