Goldplat Targets a Million Ounces of Gold Resources

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Goldplat plc (LSE:GDP), an AIM-listed gold producing and exploration company, released operational updates today reflecting positive developments in its’ mining projects and processing plants in Africa.

Speaking on behalf of the company, CEO Demetri Manolis expects to increase the total mining resource from three mining projects to be “in excess of 1 million ounces of (gold) resources this year.”

Reported earlier, Goldplat has sold 399 ounces of gold from its’ Kilimapesa mine. The company expects to raise around 10,000 ounces of gold by the end of 2012.

Drilling operations and underground development are ongoing to achieve the target.

Kilimapesa Mine

Goldplat holds a 21-year mining lease through its’ wholly-owned subsidiary Kilimapesa Gold Limited. The mine is located in the Migori Archaean Greenstone Belt north of the Lake Victoria Goldfields. The area has been historically known to hold major gold deposits.

Assay results from 21 holes drilled south of the Kilimapesa hill was “very encouraging”, according to the statement.

Developments in Other Projects

Goldplat also commenced drilling operations in its’ Anumso project in Ghana as well as the Nyieme licence in Burkina Faso.

The Anumso mine is a 29 square kilometre lease with resource estimates of 207,341 ounces of gold at an average grade of 2.95 g/t.

The Nyieme licence has a resource of 1.4 million tonnes at 2.06 g/t of gold for 92,589 ounces. Goldplat is in discussions for a joint venture operation in the 246 square kilometer project. Gold production in the Ghanian and South African plants are expected to exceed last year’s production of about 9,995 ounces of gold for 2012.

CEO Comments

CEO Manolis expects to exceed the 28,185 ounces of gold Goldplat produced last year.  He is very confident of the position of the company for 2012 saying,

“Goldplat is in a fantastic position to build its value. With three gold producing operations, a strong treasury, and two additional high grade projects being advanced towards production, we look forward to a highly exciting 2012.”

Goldplat prides itself as being debt-free with a cash balance in excess of £4.59 million as against its market capitalisation of £19 million.

Goldplat shares are trading at 13.125 pence, 14.1% higher than the previous close at a volume of 3.16 million as of 3:45 PM GMT.

Company Spotlight

Goldplat is an AIM-listed gold producer and exploration company with operational focus in Africa. The company has three gold mining projects and two recovery plants:

  1. Burkina Faso – Nyieme Gold Project
  2. Ghana – Anumso Gold Exploration Project (formerly Banka Gold Project)
  3. Kenya – Kilimapesa Gold Project
  4. South Africa – gold recovery plant
  5. Ghana – gold recovery plant

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