19th Jun 2008 07:00
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Press Release |
19 June 2008 |
Aricom plc
("Aricom", "the Company", or "the Group")
Aricom achieves first revenue from Kuranakh project
Aricom plc (LSE:ORE, OREW), the Anglo-Russian developer of mineral resources, announces that it has completed the first sales from its Kuranakh deposit in the Amur Region, in Russia's Far East. The shipment represents a milestone in the progress of the Group from developer to producer.
The shipped product is an iron ore concentrate that was mined and processed from the Kuranakh deposit from the Group's new facilities at Olekma. This is an initial sale and is being delivered by rail. Aricom commenced mining operations at Kuranakh in October 2007. The Kuranakh crushing and screening plant, the first stage of ore beneficiation, is currently in a pre-commissioning phase and is expected to reach target throughput during the third quarter of 2008.
Jay Hambro, Chief Executive of Aricom, commented:
"Yesterday I was very pleased to witness the first shipment of ore from our Kuranakh project leave the railway loading facilities. With our first revenue from iron ore sales, Aricom has taken another major step from developer to producer.
Although Aricom still faces a number of key challenges in fully commissioning the plants, achieving a revenue stream is a critical stage in the evolution of the Group."
For further information:
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Aricom plc |
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Charlie Gordon, Investor Relations Officer |
Tel: +44 (0) 20 7201 8939 |
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www.aricom.plc.uk |
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Abchurch |
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Charlie Jack/ George Parker |
Tel: +44 (0) 20 7398 7700 |
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www.abchurch-group.com |
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