4th Oct 2013 08:16
LONDON (Alliance News) - Shares in Premier Gold Resources PLC dropped Friday after it said that it had encountered resistance from factions of local gangs seeking to hold up the work programme at its Cholokkaindy mine, and that it as a result it will not be able to commence operations as originally intended.
The company said it will focus on resolving the situation to create a safe working environment so that work can resume, and whilst it may still be able to undertake a limited work programme prior to the end of the current year's weather window, it cannot be certain it will be able to safely achieve operation objectives earmarked for the 2013 field season.
Local gangs have sought to threaten and intimidate employees of the company and its Kyrgyz contractors, Premier said. The company has been informed that the deputy Prime Minister of the Kyrgyz Republic has been instructed by the Prime Minister to resolve the issue.
Shares in Premier Gold are down 28% at 0.162 pence Friday morning, the biggest faller on AIM.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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