Progress Report on Ghana Operations
The directors of Goldplat plc are pleased to announce that further progress has been made towards bringing the new recovery plant in Ghana , operated by the wholly owned subsidiary Gold Recovery Ghana Limited ("GRG"), into full production.
Phase two of the construction of the new gold recovery plant at the free port of Tema , Ghana is progressing well. The ball mill, feed conveyor, gravity concentrators, water reticulation, lighting to allow 24 hour operation and the tailings stock dam are now complete, giving GRG the facilities to process surface materials with grades of 10-12 g/t gold that are amenable to gravity concentration. At the end of August 2007, 1200 tonnes of this material, purchased from the small miners in Ghana , was on site and 100 tonnes had been processed producing a gravity concentrate. Carbon in leach ("CIL") tanks are now being installed to further improve the overall recovery of gold from the small miners' surface material and remove surface materials from the environment. In line with expectations, the plant is expected to be fully operational in the first half of 2008.
A total of 11 Ghanaians are now employed at GRG under the leadership of an administration officer, procurement officer and a production supervisor.
Processing and Raw Materials
Gold production at the mill has commenced and raw materials are being secured. Production from the liners and fine carbon has been consistent and is expected to continue. Liners are now being collected from Golden Star's Wassa mine and Central African Gold's Bibiani mine.
Significant savings have been achieved through the negotiation of lower purchase prices of raw material for the mill as well as transport costs. This has allowed access to lower grade stocks and/or stocks further away from Tema such as the Obuasi region.
Offers for a further 4000 tonnes have been accepted and transporters are preparing to transport this material. Arrangements have been made to process on a 24 hour basis as soon as the new team has been trained.
Following further site visits the directors believe that significant gold is available for purchase at substantial margins. As a result GRG will invest in a furnace to melt gold produced by the small miners before purchase as this improves the accuracy of the sample and assay. This gold will be exported to its strategic partner Rand Refinery Limited ('Rand').
Additionally, in South Africa the Company's partnership with Rand has been further strengthened through an agreement to purchase carbon middlings, a by-product from Rand 's spiral plant, which pre-treats the feed to its fluidized bed carbon incinerator. This agreement highlights the synergies between the two companies and their ability to support each other when applicable.
For further information visit www.goldplat.com or contact:
Demetri Manolis, CEO Goldplat plc, Tel: +27 11 423 1203, Mob: +27 82 454 7392
James Joyce WH Ireland Limited, Tel: +44 (0)20 7220 1666
Isabel Crossley St Brides Media & Finance Ltd, Tel: +44 (0)20 7242 4477
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