Goldbridges Global Resources (GBGR:LSE)
The Sekisovskoye underground gold mine is progressing towards the medium term target of 100k oz Au per annum in 2019; ontime and within budget.
Ore bodies 3 and 8, accesible by the second decline are now able to deliver ore to the processing plant and are expected to deliver a significant increase in gold grade from the current 3.7 g/t Au. Ore body 5 is expected to be supplying ore to the processing plant from the second decline in November 2016. The fourth section of the tailings dam has been completed and will provide sufficient capacity to absorb the production from the underground mine.
Exploratory drilling in ore body 11 below the +200 masl revealed a 50%-70% increase in thickness. Management is currently redesigning the mine plan to extract the maximum amount of ore from this body. Work is ongoing to obtain the necessary permission to use a paste fill underground mine method; this will reduce ore dilution which will increase the gold grade in the mined ore and most of the tailings can be sent underground.
An exploration program is being implemented in the area of Karasuyskoye, the subsoil use contract was signed earlier this year. Exploration has targeted three prospective areas and Goldbridges is confident that development of this site would achieve a highly positive impact on future production levels and returns to shareholders.