8th Dec 2009 11:58
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AIM: GMA |
8 December 2009 |
GMA Resources plc
("GMA" or the "Company")
Production Update for November 2009
GMA announces that in November 2009, the Amesmessa gold mine in Algeria produced 2,252 ounces of gold and 447 ounces of silver. Accordingly, the mine produced a total of 30,987 ounces of gold in the first eleven months of 2009 compared with 18,619 ounces in the first eleven months of 2008.
Although production this month continues to fall short of internal budgets, there has been a modest production improvement on last month due to the arrival of certain spare parts and equipment. The Company anticipates that it may be two further months before all supplies currently ordered are received.
From January 2010 onwards, in anticipation that the worst of the supply difficulties will have been addressed, production updates will be announced on a quarterly basis. In addition, details of the Company's exploration prospects will be announced as the programme develops during 2010.
Douglas Perkins, Chief Executive of GMA, commented:
'A small improvement in November's production is positive proof that some of the many steps taken by GMA's management to resolve supply chain difficulties are beginning to take effect and we anticipate that they should bear further fruit in the coming months.'
Enquiries:
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GMA Resources Plc |
Douglas Perkins |
+1 514 806 6788 |
|
Merchant John East Securities Limited |
Bidhi Bhoma |
+44 (0) 20 7628 2200 |
Notes to Editors:
GMA owns a controlling 52% stake in ENOR spa ("ENOR"), the Algerian based operating company for the Tirek-Amesmessa project, with the remainder owned by Sonatrach, the Algerian state-owned oil and gas company.
ENOR holds the exploitation authorisation to the Tirek-Amesmessa property, an area of some 1,417 km2, located approximately 450km south west of the city, 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 centrally 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 quickly expand upon resources outside of the major 80km Tirek-Amesmessa fault north/south of the concession.
GMA's shares are traded on the AIM market of the London Stock Exchange (AIM: GMA).
For further information on the Company, please visit: www.gmaresources.co.uk
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