24 Apr 2014

  • Next step in optimising production levels at Bulyanhulu
  • Will generate additional production averaging 60koz per annum
  • First ore expected in 2014, minimal upfront capital required

ABG is pleased to announce that the Board has approved the next step in the optimisation of Bulyanhulu through the acceleration of mining of the Upper East Zone. The development of this area will require additional 2014 capital of approximately US$15 million, with initial production from the zone expected within 3 months. The area is expected to produce 1.7 million ounces of gold, averaging 60,000 ounces per annum over a life in excess of 25 years at all-in sustaining costs of below our target run rate for Bulyanhulu for year-end 2015 of US$900 per ounce.

Commenting on the news, CEO Brad Gordon said: "One of our key aims for this year is to demonstrate the potential that exists at Bulyanhulu and to ensure that the production base is more representative of the scale of the reserve base. We are in the process of commissioning the CIL Expansion at the mine, which together with the acceleration of the Upper East Zone and the mined grade improvement provides a clear path to increasing annualised production levels at Bulyanhulu to over 350,000 ounces per annum by the end of 2015."

Downloads Approval of Acceleration of Bulyanhulu Upper East Zone
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