14th Jul 2010 07:00
FRONTIER MINING LTD
("Frontier" or the "Company")
Gold Production Update
Frontier Mining Ltd (AIM: FML), the AIM listed gold and copper exploration and development company focused on Kazakhstan, announces that the Company has commenced 2010 gold production at its Koskuduk deposit.
FML Kazakhstan LLP ("FMLK") has of today, shipped Dore containing 289 ounces Gold (Au) and 1,890 ounces Silver (Ag) to Metalor A.G. in Switzerland.
This consists of 113 ounces of gold and 341 ounces of silver from Koskuduk ore with the balance being from 2009 Naimanjal stockpiles. All Dore was produced at the Koskuduk production facility.
Erlan Sagadiev, CEO of Frontier, commented: "The first gold pour at Koskuduk confirms the excellent work that our FMLK team has already achieved at this deposit. To build the plant and achieve gold production within six months, during one of the harshest winters in recent times, is an exceptional performance and also reinforces management's decision to reevaluate the Company's strategy and shift focus from Naimanjal to Koskuduk."
Enquiries:
Frontier Mining Ltd |
George Cole |
+44 (0)20 7898 9019
|
Libertas Capital |
Sandy Jamieson |
+44 (0)20 7569 9695
|
Walbrook PR |
Bob Huxford / Leah Kramer |
+44 (0)20 7933 8780 |
Notes to Editors:
About Frontier Mining Ltd:
Frontier Mining Ltd. is a mineral exploration and development Company that was incorporated in the state of Delaware, USA, on 5 August 1998 for the purpose of exploring and developing gold and copper deposits in the Republic of Kazakhstan. Through its subsidiaries and affiliates, Frontier locates, evaluates, acquires, explores and develops mineral properties.
Frontier currently owns two licenses in Kazakhstan. They are the Naimanjal exploration and mining licence, held by FML Kazakhstan, and, 50% of U.S. Megatech BVI which holds the Benkala licence. FML Kazakhstan is a wholly-owned subsidiary of Frontier Mining Ltd. Frontier has one producing gold mine, Naimanjal; one pre-feasibility stage gold project, Koskuduk; and the recently acquired 50% interest in the Benkala copper mine.
Frontier also has a potential copper porphyry deposit with associated gold and molybdenum, Baitimir; and several copper/gold prospects along a 25-km trend including both VMS and porphyry types. Metallurgical tests on its Beschoku and Yubileiny copper projects confirm the oxide copper ore is amenable to extraction using low cost SX-EW technology.
Frontier owns a 50% interest in KazCopper LLP, the joint venture company that owns the Benkala copper-molybdenum-gold deposit located in north-western Kazakhstan within the Urals gold/copper ore belt.
A Competent Persons Report ("CPR") valuation report on the oxide section of the Benkala project completed by Wardell Armstrong International ("WAI") in June 2010 has resulted in an NPV of $190 million based on 0.5% diluted copper grade, 63% recovery and 185 000 ton of contained metal and 6,000 USD per tonne copper price. The oxide copper project represents development of approximately 10% of the total resource at Benkala and Frontier will use the production platform of the SX-EW project to finance further evaluation and technical studies required to advancedevelopment of the significant Benkala sulphide resource.
Issued Share Capital
Frontier Mining's shares are traded on the AIM market of the London Stock Exchange.
Frontier now has 917,336,219 issued and 21,812,009 reserved options giving 939,148,228 fully diluted ordinary shares.
For further information please visit; www.frontiermining.com
Related Shares:
FML.L