Goldplat plc Update On Negotiation With Rand Refinery
January 12 2018 - 2:00AM
UK Regulatory
TIDMGDP
Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
12 January 2018
Goldplat plc ('Goldplat' or 'the Company')
Update on Negotiation with Rand Refinery
Goldplat, the AIM quoted gold producer with international gold recovery
operations located in South Africa and Ghana and a gold mine in Kenya,
is pleased to provide an update on its dispute with Rand Refinery.
Further to the operational update on 11 December, in which Goldplat
announced that Rand Refinery and Goldplat Recovery Limited ('GPL') had
formally agreed on an arbitration process for the settlement of the
dispute between the two parties, the Company is pleased to report that
the parties have signed a Memorandum of Understanding ('MOU') regarding
a proposed full and final Settlement Agreement. The MOU contains terms
agreed to for inclusion in a Settlement Agreement, including agreement
on an undisclosed amount to be paid by Rand Refinery to GPL in full and
final settlement of the dispute. It is intended that the settlement be
made the award in the ongoing arbitration process. Further details will
be provided once the Settlement Agreement has been signed.
Gerard Kisbey-Green, CEO of Goldplat commented: "We are very pleased to
have been able to progress discussions with Rand Refinery to this point
and to have agreed terms for a settlement of the dispute. While the
proposed amount is less than the full amount claimed by us, we believe
that the proposed settlement and expected consequent expeditious
conclusion of the arbitration process will not only alleviate the time
and costs of the agreed legal process and free up valuable management
time, but it also will allow business between the two parties to resume
on the basis of a fresh start with renewed energy and focus in all areas
to further strengthen and build the long standing relationship that
exists between the two companies."
** ENDS **
For further information visit www.goldplat.com, follow on Twitter
@GoldPlatPlc or contact:
Gerard Kisbey-Green Goldplat plc Tel: +27 (71) 8915775
(CEO)
Colin Aaronson / Jen Grant Thornton UK LLP Tel: +44 (0) 20 7383 5100
Clarke/ Daniel Bush (Nominated Adviser)
Andrew Raca / Justin VSA Capital Limited Tel: +44 (0) 20 3005 5000
McKeegan (Broker)
Charlotte Page / Susie St Brides Partners Ltd Tel: +44 (0) 20 7236 1177
Geliher (Financial PR)
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 GBP2.9m 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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
(END) Dow Jones Newswires
January 12, 2018 02:00 ET (07:00 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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