G-Resources starts stockpiling ore from Purnama prospect
Tuesday, March 27 2012 - 10:51 AM WIB
Hong Kong Listed gold miner G-Resources claimed that mining at Purnama prospect at Martabe gold and silver project in Batangtoru, North Sumatra has advanced to the stage of operating on two shifts and to date over 100,000 tons of ore at a grade of 2.3 g/t has been stockpiled.
The company said on its statement today that it is progressing with the processing plant construction which currently has the concrete pouring essentially complete and steel erection being over 80 percent done, and that current construction activities are focused on piping and electrical cable installation.
The Martabe project is located on the western side of the Indonesian island of Sumatra in the Province of North Sumatra, in the Batangtoru sub-district. The project is established under a sixth generation Contract of Work (COW) which was signed in April 1997. The COW defines all of the terms, conditions and obligations of both G-Resources and the Government of Indonesia for the life of the COW.
Martabe, with a resource base of 7.86 million ounces of gold and 73.48 million ounces of silver, is G-Resources Group's core starter asset, around which a globally competitive, Asia-Pacific focused gold company will be built. Martabe is expected to commence production at the Purnama pit in 2012 at a rate of 250,000 ounces per annum of gold and 2-3 million ounces per annum of silver at an anticipated life of mine cash cost in the lowest quartile for global gold producers.
G-Resources is expecting to rapidly grow production to more than one million ounces of gold annually through exploration of the large and highly prospective COW area and through acquisition of other quality gold assets.
Editing by David Mustakim