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KGL RESOURCES LIMITED — Capital/Financing Update 2012
May 15, 2012
65179_rns_2012-05-15_3bca604d-97d3-4698-ae55-742418ba83d1.pdf
Capital/Financing Update
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16 May 2012
Australian-based Kentor Gold Limited (ASX: KGL) is entering the ranks of operating gold mining companies in 2012. The Company is progressing a pipeline of advanced projects in Australia and the Kyrgyz Republic.
The Murchison Gold Project in Western Australia -scheduled to commence high grade gold mining at the Burnakura plant in mid-2012, with the potential to add goldcopper production from the neighbouring Gabanintha deposit.
The high grade, very low cost Andash Gold-Copper Project in the Kyrgyz Republic – development-ready, awaiting site access and targeting 2013 to commence production at 70,000 oz gold and 7,400 tonnes copper pa for an initial six years, with high potential for expansion.
The Jervois Copper-Silver-Gold Project in the Northern Territory – targeting 2014 startup following current studies into developing the high grade copper-silver resource with potential for gold, magnetite and other base metals.
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Murchison Gold Project Update
On schedule for mid-year start-up
Mining is well underway at the Murchison Gold Project. Drilling and blasting is progressing well and the mining productivity is increasing daily. The ore crushing circuit has been successfully commissioned and 3,000 tonnes of stockpiled underground ore have been crushed in preparation for commissioning of the grinding circuit. Commissioning of the grinding circuit will commence in June.
All tanks are now installed on site and top of tank steel work and remaining structural steel are being installed.
All major concrete work has been completed and the concrete contractor has now de-mobilised from the site. The elution circuit and gold room have been re-furbished and will be lifted in to place this week.
The electrical contractor has commenced work at site running new cabling and instrumentation throughout the plant. All underground mains cabling has been run in preparation for transformer installation next week.
The on-site sample preparation laboratory has been commissioned and will commence processing grade control samples this week.
Pipe welders are on site installing the tailings line from the plant to the Reward pit.
The project remains on budget and on schedule for a midyear start up.
For further information contact:
Issued capital:
106.2 million ordinary shares 2.7 million unlisted options
Market Capitalisation 15 May 2012: $95 million
Mr Simon Milroy Managing Director Phone: (07) 3071 9003 Email: [email protected]
Mr. David Waterhouse Investor Relations Phone (03) 9670 5008 Email: [email protected]
Kentor Gold Limited
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Figure 1 Blast hold drilling in Lewis pit May 2012
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Figure 2 Mining of ore and waste at the Reward pit May 2012
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Kentor Gold Limited
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Figure 3 Concrete Slab poured for Gold Room
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Figure 4 Erecting Structural Steel May 2012
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Kentor Gold Limited
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Figure 5 Installation of the Process Water Tank
Figure 6 Installation of the Carbon Screen Frame
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Figure 7 Lifting the Top of Tank Steelwork in to position
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Kentor Gold Limited
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Figure 8 Crushing Circuit during commissioning
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Figure 9 Crushing Circuit during commissioning
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16 May 2012