GPM Gold to develop new investment program

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GPM Gold to develop new investment program

GeoProMining Gold (GPM Gold) holds talks with the concessionaires of Armenian railways- South Caucasus Railway on the increase of ore transportation volumes from Sotk Mine to Ararat plant in 2010.

Preliminary plans include expanding of Sotk-Vardenis-Hrazdan-Ararat branch line capacity for transportation of 1.5-2 million ton ore annually.

During the first month after re-commissioning of Ararat plant (November of 2008) the Company mined 21 473 ton ore, in December — 30 410, in January of 2009 mining volumes increased up to 31 285, and in February – up to 38 000 ton. Presently the company is mining and processing 45 000 ton ore monthly. In the result, the Company is producing 30-40 000 ounces of gold annually.

With a view to raise processing and recovery volumes GPM Gold is developing a new investment program, which suggests re-equipment of Ararat plant. In the result of such re-equipment, plant productivity will raise up to 80-100 000 ounces of gold annually.

Russian Company GeoProMining obtained 100% shares of Sterlite Gold Ltd. from International Vedanta Resources in September of 2007. Sterlite Gold was the sole owner of AGRC. Investments for acquisition of the package of Vedanta Resources, repayment of debts, redemption of stocks from minority shareholders, as well as maintenance of the project and staff during a year and a half and also re-equipment of plant have formed more than 160 million USD.

GeoProMining Group is an international private company of diversified metal resources, founded in 2001. Company’s production is gold in the form of “Dore”, as well as copper, molybdenum and antimony concentrates.

The group of companies are engaged in metal mining in Russia, Armenia and Georgia. Company’s main assets in Armenia are: GPM GOLD and Agarak Copper-Molybdenum Combine.
Source: News AM

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