Amara Mining plc: Q3 2013 UPDATE
20.11.2013 | Marketwired
LONDON -- (Marketwired - Nov 20, 2013) - Amara Mining plc (AIM: AMA) (TSX: AMZ) ("Amara" or "the Company")Q3 2013 UPDATE
Amara Mining plc, the AIM-listed West African focused gold mining company, is pleased to announce an update for the quarter ended 30September 2013 ("Q3 2013").
HIGHLIGHTS
- Partnership with long-term strategic investor, RDV Corporation the US-based wealth management company), to bolster Amara through a share purchase agreement with Amlib Holdings plc ("Amlib") and underpin the development projects within the enlarged group. Completion expected on or around 26 November 2013
- Optimisation work for Baomahun Gold Project ("Baomahun") continues to progress - update expected to be delivered in January 2014
- Metallurgical testwork confirms Yaoure Gold Project ("Yaoure") mineralisation is simple, non-refractory and amenable to a variety of processing methods - results received in Q3 2013 demonstrate robust recoveries for low grade samples
- Further Yaoure Mineral Resource update expected in Q4 2013, with Preliminary Economic Assessment ("PEA") in Q1 2014
- Successful integration of Kalsaka Gold Mine ("Kalsaka") and Sega Gold Project ("Sega") completed - ramp up continues with 56,000 ounces annualised production rate achieved since the start of November 2013
- Q3 2013 gold production from Kalsaka of 8,008 ounces reflecting cessation of operations - full year 2013 production is expected to be approximately 40,000 ounces
- Production is anticipated to strengthen significantly in 2014 due to the impact of the higher grade Sega ore - 2014 production from Kalsaka/Sega is expected to be 60,000-70,000 ounces
- Cost cutting measures taking effect, with a 29% decrease in corporate G&A in 9M 2013 on 9M 2012 and a 28% decrease in exploration expenditure in 9M 2013 on 9M 2012
- Cash and liquid assets of US$11.7 million at 30 September 2013, prior to US$10 million cash injection from RDV
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