G-Resources reaches important momentum for Martabe project

G-Resources Group Ltd said it is on track to begin its Martabe gold and silver project on the island of Sumatera by the end of the first quarter 2012.

In its second quarter update, the company said all major contracts related with the mining site had been secured. The preparation for the plant site is almost completed.

The construction of infrastructure facilities is also well advanced. The completion of placing of 20 percent of the existing issued share capital, which generated funds of around US$ 213 million, ensures the company has sufficient funds to develop the project, it said.

?The momentum has increased substantially in recent weeks as construction works have opened up a number of work fronts. It is great to see some of the big components like mills and crushers being delivered to the site. We know that production not too far away,? said Peter Albert, Chief Executive Officer of G-Resources. (romel)