PEARL Gold AG

Earnings Release • Mar 14, 2013

News Details

Ad-hoc | 14 March 2013 14:19

Pearl Gold AG: Production figures for February 2013 after inspection by the board

Pearl Gold AG / Key word(s): Monthly Figures

14.03.2013 14:19

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Ad-hoc News

Pearl Gold AG: Production figures for February 2013 after inspection by the
board

• Lower output due to commissioning tests

• Decision to audit mine by international specialists

• Mr. Robert Goninon appointed as head of Wassoul'or audit exercise

• Production figures for February 2013

Frankfurt, 14.03.2013. Pearl Gold AG (ISIN: DE000A0AFGF3). During the month
of February, Wassoul'Or has been engaged in carrying out tests of a
commissioning nature aimed at improving the recovery from run-of-mine ore.
For this exercise, low grade ore (where the gold was mostly fine) was
selected. Due to the experimental nature of work being carried out, and
some unrelated logistical reasons, during February the plant was only
partially operational on 17 days. A total of 53,000 tons of ore was
provided for treatment during the month, but a significant portion of this
(13,000 tons of mainly coarse material and quartz veins averaging 0.9
gm/ton) was diverted to an interim stockpile (which has been developed
since the commencement of commissioning) for later crushing, grinding and
extraction of gold contained therein. The grade of material delivered to
tailings was, in the view of Wassoul'Or, far too high and thus confirmed
the low recuperation.

Several technical issues which have resulted in throughput rates below
schedule, and incomplete extraction of the gold contained within said
throughput, have resulted in Wassoul'Or taking a decision, which is
strongly supported by Pearl Gold, to consult with international
specialists, whose team should arrive on site well before the end of March,
to carry out an audit of the entire milling operation, as well as some
other forward-looking aspects of the operation, and make recommendations
with a view to lifting the performance of the whole project into its design
range.

A total of 5.6 kg of gold was recovered from the partial treatment applied
to the low-grade ore treated, and 14.45 tons of untreated concentrate
remains for ILR (In-Leach-Reactor) treatment. In view of the incomplete
nature of extraction, and the existence of interim stockpiles, it is
misleading to attempt any calculations of so-called recovery rates, and
will be so until the partly-treated interim stockpiles are finally
exhausted.

Mr. Robert Goninon, Chairman of the Supervisory Board of Pearl Gold AG and
member of the Board of Wassoul'Or SA will head the Wassoul'Or side of the
forthcoming audit exercise. Mr. Goninon is a geologist with more than 40
years' experience in mining and processing of mineral deposits.

Summary of production figures for February 2013

• Processed raw material: 53,000 tons

• Gold content at the beginning of the production process: 0.56 gm/ton

• Gold content in waste material: 0.20 gm/ton

• Sum of extracted gold: 5,600 gm

Information:

• A total of 13 tons of interim stockpile with a gold content of approx.
  0.9 gm/ton has not yet been finally treated

• 14.45 tons of concentrate with a gold content of approx. 303.57 gm/ton
  remains for ILR treatment

Pearl Gold AG
Pearl Gold AG is a project developer and active investor listed in the
General Standard of the Frankfurt Stock Exchange, based in Frankfurt. The
company focuses on investments in West African exploration and mining
corporations, especially in the field of gold and other precious metals.
The first investment of Pearl Gold is the Malian mining company Wassoul'Or,
in which Pearl Gold has a stake of 25 per cent. Wassoul'Or concentrates on
the exploration and production of gold and runs the Kodiéran gold mine in
the South of Mali. For further information as well as the securities
prospectus visit http://www.pearlgoldag.com

For Inquiries:

MSL Financial
Press@pearlgoldag.com
Tel: +49 (0) 69 6612456 8394

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information
included in this news release constitutes 'forward-looking statements'. The
words 'expect', 'plan', 'will', 'intend', 'estimate' and similar
expressions identify forward-looking statements. Forward-looking statements
are necessarily based upon a number of estimates and assumptions that,
while considered reasonable by management, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. The Pearl Gold AG cautions the reader that such
forward-looking statements involve known and unknown risks, uncertainties
and other factors that may cause the actual results, performance or
achievements of the Company to be materially different from the Company's
estimated future results, performance or achievements expressed or implied
by those forward-looking statements and the forward-looking statements are
not guarantees of future performance. These risks, uncertainties and other
factors include, but are not limited to, risks associated with the mining
industry such as government regulation, environmental and reclamation
risks, title disputes or claims, success of mining activities, future
commodity prices, costs of production, possible variation in mineral
reserves, mineral resources, grade or recovery rates, failure of plant,
equipment or processes to operate as anticipated, accidents, labour
disputes, the timing of estimated future production, capital expenditures,
financial market fluctuations, requirements for additional capital,
conclusions of economic evaluations, limitations on insurance coverage,
risks associated with using third-party contractors and inflation. The
Company disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise, except as required by applicable law.

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Language: English
Company: Pearl Gold AG
An der Welle 4
60322 Frankfurt
Germany
Phone: +49 (0) 69 7593 8587
Fax: +49 (0) 69 7593 8200
E-mail: info@pearlgoldag.com
Internet: www.pearlgoldag.com
ISIN: DE000A0AFGF3
WKN: A0AFGF
Listed: Regulierter Markt in Frankfurt (General Standard)

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