REG-Completion of Elution Plant in Ghana

GoldplatAnnouncement

29/03/2018 07:05

      
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
29 March 2018
Goldplat plc ('Goldplat' or 'the Company')
Completion of Elution Plant in Ghana
          
Goldplat, the AIM quoted gold producer with international gold recovery operations based in South Africa and Ghana and a gold mine in Kenya, is pleased to announce that its subsidiary Gold Recovery Ghana ('GRG') has completed the installation and commissioning of an elution plant and all associated ancillary equipment at its site in Tema, Ghana. 
    
When GRG's Ghanaian licence to purchase and deal in gold was renewed in December 2016, one of the requirements of the renewal was that an elution plant be installed and brought into production by 30 June 2018 (see announcement of 20 December 2016).  In line with the announcement made on 30 January 2018, elutions are now ongoing and the first gold was poured during March 2018. An official opening of the plant will be scheduled as soon as the necessary arrangements can be made with The Ministry of Mines.
    
Having the infrastructure to elute and to smelt on-site in Ghana not only fulfils the requirements set out in the licence renewal but it makes economic sense for GRG, Goldplat and the local community, as with further beneficiation to gold Dore bars being carried out in-country, additional employment opportunities are created and cost savings are achieved for GRG. Furthermore, the addition of this infrastructure adds to the ability to expand Goldplat's recovery operations using GRG as a hub and is in line with Goldplat's strategic growth objectives. 
    
Gerard Kisbey-Green, CEO of Goldplat commented: "I am very pleased to be able to report that Goldplat has completed this capital project three months ahead of the initial deadline and within our initial budget. Completing this project internally is yet another example of the benefits of having an experienced in-house engineering team. I would like to take this opportunity to congratulate the engineering teams as well as the GRG production teams on another job well done!"
    
 ** ENDS **
    
For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:
                                                       
   Gerard Kisbey-Green   
   Goldplat plc
(CEO)      
   Tel: +27 (71) 8915775   
   Colin Aaronson / Jen Clarke   
   Grant Thornton UK LLP (Nominated Adviser)   
   Tel: +44 (0) 20 7383 5100   
   James Joyce / Jessica Cave    
   WH Ireland Limited
   (Broker)    
   Tel: +44 (0) 207 220 1666    
   Charlotte Page / Susie Geliher   
   St Brides Partners Ltd 
(Financial PR)      
   Tel: +44 (0) 20 7236 1177   
    
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
    
About Goldplat                                                                                                
Goldplat plc is an AIM quoted gold producer with two market leading recovery operations in South Africa and Ghana and an operational gold mine in Kenya.   The Company produced 42,857 ounces of gold during FY 2017, with 40,285 gold equivalent ounces sold and transferred, resulting in an operating profit from continuing operations of £2.9m for the year.  This result does not benefit from the increased processing capacity that was achieved at the Kilimapesa Gold Mine towards the end of FY 2017, with operational profitability achieved during last two months of FY 2017.  Accordingly, the Company believes it is well placed to build upon production and profitability during FY 2018.
      
The Company's strategy is focussed on utilising cash flow generated from its flagship gold recovery and mining operations to self-fund the sustainable growth and expansion of its niche gold recovery business model internationally. The Company is also committed to increasing its primary mining production output through acquisition / gaining interests in producing or near-production assets, preferably in Africa.  Goldplat retains exposure to a small exploration project in Ghana, in which Ashanti Gold Corp. is earning an interest via an earn-in option agreement. 
       


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Source: Goldplat plc via Globenewswire