REG-Operational update: Completion of Resource estimate for the Tailings Storage Facility <Origin Href="QuoteRef">GLDP.L</Origin>

GoldplatAnnouncement

29/01/2016 07:10

Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration 
 29 January 2016 
 Goldplat plc ('Goldplat' or 'the Company') 
 
 Operational update: Completion of Resource estimate for the Tailings Storage
Facility 
 
 Goldplat plc, the AIM listed African gold producer, is pleased to announce
the completion of a JORC-compliant Resource Statement for the Tailings Storage
Facility ('TSF') at the Goldplat Recovery (Pty) Limited operations in South
Africa ('GPL'). 
 
 GPL has been depositing tailings onto this TSF since January 2003 with the
intention to eventually reprocess the material as it is known to contain
significant quantities of gold and other minerals. In order to be able to
accurately assess the economic viability of reprocessing the TSF it is
necessary to know the mineral content and distribution of value within the
TSF, and the metallurgy in order to design an appropriate processing facility
and production plan. 
 
 Applied Geology and Mining (Pty) Ltd, an independent geological and mining
consultancy based in South Africa, was engaged to drill and sample the TSF and
produce a JORC-compliant Resource Statement. This work was recently completed
and the JORC Resource report states that the TSF contains a total of 81,959
ounces of gold, 216,094 ounces of silver, and 193,276 pounds of uranium oxide.
The resource is separated into that contained in the TSF slimes (the 'slime
resource') and that contained in the soils beneath the TSF as a result of
leaching over the years (the 'Footwall Soil Resource'). The tables below show
the detail of the resource estimate.  A full copy of the report can be found
on Goldplat's website www.goldplat.com/downloads . 
 
  Slimes Resource                                                                                                                                                   
  Domain    Class                     Tonnes (Mil)                      Density    Au (g/t)    Au (Oz)      U 3 O 8 (g/t)    U 3 O 8 (lbs)    Ag (g/t)    Ag (Oz)   
  TSF       Measured                  0.74                              1.32       1.95         46,393     66.46            108,394          5.21        123,954   
  Indicated                   0.41                            1.38      1.89       24,914      65.08        58,809           5.16             68,018     
  Inferred                    0.05                            1.29      1.61       2,588       87.47          9,639         2.77             4,453      
  Grand Total                         1.20                              1.34       1.92        73,895       66.92            176,842          5.08        196,425   
  Footwall Soil Resource                                                                                                                                            
  Domain              Class                   Tonnes (Mil)              Density    Au (g/t)    Au (Oz)      U 3 O 8 (g/t)    U 3 O 8 (lbs)    Ag (g/t)    Ag (Oz)   
  TSF FootWall        Measured                0.13                      1.33       1.08          4,514     32.67            9,361            2.78        11,619    
  Indicated                   0.08            1.33            1.16      2,984      32.31       5,697        2.39             6,147           
  Inferred                    0.02            1.33            0.88      556        31.24       1,377        2.96             1,903           
  Grand Total                                 0.23                      1.33       1.09        8,060        32.43            16,435           2.66        19,670    
  Total Resource                                                                                                                                                    
  Domain                      Class           Tonnes (Mil)    Density              Au (g/t)    Au (Oz)      U 3 O 8 (g/t)    U 3 O 8 (lbs)    Ag (g/t)    Ag (Oz)   
  TOTAL RESOURCE              Measured        0.87            1.32                 1.82          50,907    61.41            117,754          4.85        135,573   
  Indicated           0.49    1.37            1.77            27,897    59.73      64,506      4.71         74,165          
  Inferred            0.07    1.30            1.4             3,154     71.40      11,016      2.82         6,356           
  Grand Total                                 1.43            1.34                 1.78        81,959       61.32            193,276          4.70        216,094   
 The estimated total gold content calculated by GPL using production figures
over the years was 87,907 ounces of gold, which compares favourably with the
total resource of 81,959 ounces of gold calculated from the drilling program.
Whereas the overall grades are less than expected; when the footwall soils are
included, tonnages are higher and the overall gold content correlates with
that expected from historical slimes deposition records. 
 
 The amount of silver and uranium oxide contained within the TSF, in addition
to the gold content, is particularly encouraging. Initial test work suggests
that conventional processing routes could result in gold recovery in the order
of 15-20% through the existing New Tailings Circuit. More detailed
metallurgical test work will now be undertaken, not only to determine the
optimal gold extraction process, but also to optimise the extraction of silver
and uranium oxide. This test work together with simultaneous processing and
plant optimisation will begin immediately to ascertain how best to monetise
the value contained in the TSF. At the same time, good progress is being made
on finalising a new final tailings deposition site with an estimated life span
in excess of 20 years. All studies as well as finalisation of a new tailings
deposition site are expected to be complete by end May 2016 after which
preparation for treatment of the TSF can begin. 
 
 Gerard Kisbey-Green, CEO of Goldplat commented: "This is a great result for
Goldplat - the amount of gold estimated is in the order of what we were hoping
for and the silver and uranium is an added bonus! This is a resource "sitting
on our doorstep" which has already been mined and processed and should
therefore be very cost-effective to process. 82,000 ounces of gold on our
property with minimal mining costs and relatively simple processing is a great
resource to have! Our next step will be to optimise the metallurgical
extraction of the gold and silver, and determine how best to monetise the
uranium resource." 
 
 The technical information contained in this announcement and the ore reserves
statement that relates to exploration results, mineral resources or ore
reserves is based on information compiled by Mark Austin of Applied Geology &
Mining (Pty) Ltd. Mark Austin has sufficient experience relevant to the style
of mineralisation and type of deposit under consideration and to the activity
which he is undertaking to qualify as a Competent Person as defined in the
2012 Edition of the "Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves" and as a "qualified person" as defined in
the Guidance Note for Mining, Oil And Gas Companies, June 2009, published by
the London Stock Exchange. [Mark Austin] has reviewed and approved the
technical information contained in this announcement and consents to the
inclusion of the ore reserves statement based on his information in the form
and context in which it appears. 
 
 ** ENDS ** 
 
 For further information visit www.goldplat.com or contact: 
 
  Gerard Kisbey-Green, CEO                   Goldplat plc                      Tel: +27 (71) 8915775       
  Ewan Leggat/Jeff Keating              SP Angel Corporate Finance LLP    Tel: +44 (0) 20 3470 0470   
  Andrew Raca/Justin McKeegan               VSA Capital                       Tel: + 44 (0)20 3005 5000   
  Felicity Winkles /Charlotte Heap           St Brides Partners Ltd            Tel: +44 (0) 20 7236 1177   
 Goldplat plc, is an AIM-listed gold recovery services company with two market
leading operations in South Africa and Ghana. The Company's strategy is
focussed on utilising its cash flow generated from flagship gold recovery
operations in Africa to self-fund sustainable growth and expansion of niche
gold recovery business model. The Company also has a small gold mining and
exploration portfolio in Kenya, Burkina Faso and Ghana and is evaluating
various opportunities to create value or monetise these assets. 
 

 This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf
of NASDAQ OMX Corporate Solutions clients. 
 The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein. 
 Source: Goldplat plc via Globenewswire 
 HUG#1982100