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KGL RESOURCES LIMITED — Capital/Financing Update 2011
Jul 7, 2011
65179_rns_2011-07-07_73d70cd4-ff5c-4004-8197-92232cfb7f3f.pdf
Capital/Financing Update
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----- Start of picture text ----- Kentor Gold LtdACN 082 658 080----- End of picture text -----
8 July 2011
Kentor Gold Limited (ASX: KGL) is an Australian-based company that is engaged primarily in the exploration and development of gold, base metals and geothermal energy in Central Asia where it has highly regarded, established local management. Kentor Gold owns 80% of the Andash Gold-Copper Project which is under development in the Kyrgyz Republic and is targeted to produce annually 70,000 oz gold and 7,400 tonnes copper in concentrate. Kentor Gold is also targeting early production at goldcopper projects in Western Australia and the Jervois multimetals project in the Northern Territory.
Kentor Decides not to take up Aktash Option
Kentor Gold Limited (Kentor or the Company) has decided not to take up the option to acquire the Aktash Gold-Copper deposit in the Kyrgyz Republic.
Announcing the decision today, Kentor Managing Director Simon Milroy said that the future of Aktash remained as a potential high grade satellite mine to feed Kentor’s nearby Andash Gold-Copper Project.
“However, Kentor currently has higher funding priorities than exploration at Aktash,” he said.
“In addition to the planned development of Andash, we are now targeting gold production in Australia within 12 months, commencing at Burnakura in Western Australia.”
“We are also engaged in exploration and pre-feasibility studies at Jervois in the Northern Territory with a view to undertaking significant copper-gold and lead-zinc production.”
“Taking account of these exciting opportunities, we have decided not to commit to spending additional shareholders funds that would be required for the exploration and exercising of the option to purchase the Aktash project.”
Aktash is located 8km from the proposed site for the Andash processing plant.
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Issued capital:
1,062.1 million ordinary shares 61.1 million unlisted options
Kentor has been able to recoup the cost of the initial option fee as well as funds spent to date on the project.
For further information contact:
Market Capitalisation
28 June. 2011: $100 million
Mr Simon Milroy Managing Director Phone: (07) 3121 3206 Email: [email protected]