9th Mar 2009 07:00
9 March 2009 AIM: GMA
GMA Resources Plc
("GMA" or "the Company")
Production of 3,037 ounces of gold in February 2009
GMA announces that in February 2009, the Amesmessa Gold Mine in Algeria produced 3,037 ounces of gold and 590 ounces of silver. Whilst production in January 2009 was above management expectations of 3,000 ounces, the production for February 2009 was below expectations of approximately 4,000 ounces.
Low availability of spares for mining equipment, delays in receiving the spares from ports and certain operational issues with a new leach pad affected production results in February but the directors of the Company are confident that these issues have been resolved and, therefore, should not have a negative effect on this month's production.
Douglas Perkins, Chief Executive Officer of GMA, commented:
"In line with our previous announcement in January 2009 we will continue to report production on a monthly basis during Q1 2009 to keep shareholders informed of production on a timely basis. We are disappointed not to have increased monthly production for the fifth month in a row, even though it is hopefully a temporary situation. Supply chain continues to test our abilities to service the mine but the experienced team at site continues to quickly diagnose and resolve any problems that arise. We continue to receive commercial supplies of explosives on a timely basis and the water pipeline is exceeding expectations. We will continue to fine tune the operation to maximum efficiency as we gain more experience over the next couple of months."
Enquiries:
|
GMA Resources Plc Douglas Perkins |
Tel: +1 514 806 6788 |
|
John East & Partners Limited Bidhi Bhoma / David Worlidge |
Tel: +44 (0) 20 7628 2200 |
Notes to Editors:
GMA owns a controlling 52 per cent. stake in ENOR spa ("ENOR"), the Algerian based operating company for the Amesmessa project, with the remainder owned by Sonatrach, the Algerian state-owned oil and gas company.
ENOR holds the exploitation authorization to the Tirek-Amesmessa property, an area of some 1,417 km2, located approximately 450km south west of the city of Tamanrasset, in southern Algeria. Amesmessa is an open pit heap leach gold mine located in the extreme south of the permit area. The Tirek gold mine is located in the northern third of the exploration permit area, some 60 km north of Amesmessa. Research to date suggests that the Zita Zone, which lies between Tirek and Amesmessa, offers considerable potential for the development of additional prospects amenable to open-pit mining. GMA plans to expand upon resources outside of the major 80km north/south Tirek-Amesmessa fault and other exploration targets on the property.
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