G-Resources unveils preliminary Q1 results of Martabe mine

Hong Kong-listed G-Resources Group Limited unveiled Friday, its preliminary operations results for the first quarter of 2015.

The following are summary quarterly statistics for the Martabe gold and silver mining operation in North Sumatra:
? Tons milled 1,063,000 tons
? Gold grade 2.96 g/t
? Gold recovery 83.7%
? Gold ounces poured 84,220 ounces
? Gold ounces sold 87,346 ounces
? Silver ounces sold 719,211 ounces
? World Gold Council all-in sustaining costs (AISC) $471/oz sold

These preliminary results for the first quarter of 2015 are the best quarterly results achieved by the Martabe mine to date, G-Resources said in a statement.

A full quarterly report of the Martabe Mine will be released before the end of April 2015 including revised guidance for the full year 2015. Early indications for 2015 guidance are that gold ounces will be 10-15 percent better than prior guidance of 250,000 ounces and AISC will be commensurately lower.

Martabe, with a resource base of 7.4 million ounces of gold and 70 million ounces of silver, is G-Resources Group?s core starter asset. Martabe?s operating capacity is to mine and mill the equivalent of 4.5 mtpa ore to produce some 250,000 ounces gold and 2 million ounces silver per annum. Costs are competitive when compared to global gold producers.

Editing by Reiner Simanjuntak