HomeGoldAmesmessa gold output up 75% in 2009

Amesmessa gold output up 75% in 2009

GMA’s Amesmessa
gold project in
Algeria
 
London, England — MININGREVIEW.COM — 09 September 2009 – GMA Resources plc – incorporated in Australia and listed on the London Stock Exchange’s Alternative Investment Market – has announced that its Amesmessa gold mine in Algeria produced a total of 24 424 ounces of gold in the first eight months of 2009 “’ a 75% increase on the 13 914 ounces produced in the same period last year.

The company’s latest production update released here revealed that the mine had produced 2 902 ounces of gold and 621 ounces of silver in August.

The report added that production continued to fall short of forecast, while measures to resolve bureaucratic obstacles and shipping difficulties for key spares, such as crusher parts, continued.

It said that average cash costs of production as at 30 June 2009 were US$435 per oz., and average all-inclusive costs of production including, financing costs and depreciation, were US$535 per oz.

The report revealed that Sonatrach (RCH) and GMA had now agreed and approved a five-year plan for increasing the capacity of Amesmessa, starting with exploration, including converting resources to the Canadian 43-101 standard.

GMA chief executive Douglas Perkins commented: “We continue to pursue every option for the Amesmessa Gold Mine to reach its full production capability and overcome its more intractable supply issues. In the meantime, we are pleased that ENOR’s operations are now profitable on a cash basis, and we expect to release a financial update on 23 September 2009.”

GMA owns a controlling 52% stake in ENOR spa “’ the Algerian based operating company for the Amesmessa project.

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