London, England — MININGREVIEW.COM — 23 June – The Amesmessa gold project in Algeria – majority owned and controlled by AIM-listed GMA Resources plc – is in a strong and stable position with installation of mining equipment, crushing operations, extended exploration and provision of funding all in place and on schedule.
A media statement releasing the company’s final results for the year ended 31 December 2007 revealed that post year-end highlights had included completion of the delivery and installation of all mining equipment, as well as the commencement of crushing operations and the stacking of ore onto heap leach pads.
Furthermore, an extended exploration programme for the Tirek-Amesmessa concession had been approved, and would involve 20 000m of RC drilling, it added. The statement went on to state that successful fundraising of just under £10 million (more than R150 million) had been achieved through the issue of new shares and loan stock, for the completion of construction at Amesmessa
GMA chief executive officer Douglas Perkins commented: “The year 2007 was a significant one for GMA Resources as the company moved from being an exploration company to a gold producer, with production commencing in January 2008. We now have a balanced portfolio of a producing gold mine, as well as considerable exploration potential elsewhere on the concession, as noted by some analysts during 2007.”
Perkins went on to say that GMA’s priorities over the coming months included implementation of improved safety programmes; recruitment of qualified Algerian and expatriate staff; execution of the company’s extended exploration programme; and identification of new growth opportunities for GMA.
“GMA believes it is sowing the seeds for development of a strong mining industry in Algeria,” Perkins added. “The high level of interest being shown in new mining concessions offered by the Algerian Government is evidence that the global mining industry has taken note of the ground-breaking work GMA has done at Amesmessa/Tirek,” he concluded.