Operations Update
September 10 2010 - 2:00AM
UK Regulatory
TIDMCAN
RNS Number : 4634S
Central African Gold PLC
10 September 2010
Central African Gold Plc / Ticker: CAN / Market: AIM / Sub-sector: Gold Mining
10 September 2010
Central African Gold Plc ('CAG' or 'the Company')
Operational Update
Central African Gold Plc, the AIM quoted gold mining and exploration company, is
pleased to announce that, in early August 2010, the Company resumed gold
production at both the Old Nic and the Dalny mines in Zimbabwe, which were
previously on a care and maintenance programme.
The Old Nic mine
The Old Nic mine, which is part of Olympus Mines Limited, a wholly owned
subsidiary of the Company, currently employs 197 people and since production
resumed on 2 August 2010, it has produced 110 ounces of gold (110 ounces
attributable to CAG).
The Dalny mine complex
The Dalny mine complex, which is part of Falcon Gold Zimbabwe Limited, an 84.7%
controlled subsidiary of the Company, employs 232 people and since production
resumed on 2 August 2010, it has produced 124 ounces of gold (105 ounces
attributable to CAG).
The Dalny mine complex has a strike length of over 15 kilometres. Historical
production at the Dalny mine complex, up to 2006, was 2.44 million ounces of
gold from 10.2 million tonnes of mineralised material grading approximately 7.42
g/t. The board of CAG ('the Board') believes that there is the opportunity to
develop a number of open-pit, medium-grade bulk mining operations within the
greater Dalny shear zone. Accordingly, the Board believes that this asset is
currently under-explored and offers a substantial medium to long-term
development opportunity.
* * ENDS * *
For further information please visit www.centralafricangold.comor contact:
+-------------+------------------------+---------------------+
| Roy | Central African Gold | Tel: +44(0)77 9390 |
| Pitchford | Plc | 9985 |
+-------------+------------------------+---------------------+
| Stuart | Strand Hanson Limited | Tel: +44(0)20 7409 |
| Faulkner / | | 3494 |
| James | | |
| Spinney | | |
+-------------+------------------------+---------------------+
| Hugo de | St Brides Media and | Tel: +44(0)20 7236 |
| Salis / | Finance Ltd | 1177 |
| Felicity | | |
| Edwards | | |
+-------------+------------------------+---------------------+
Notes to Editors
CAG
Central African Gold Plc is a gold mining company with a portfolio of
production, development and exploration assets in Zimbabwe, where the Company
operates through two subsidiaries, Falcon Gold Zimbabwe Limited (84.7 per cent.
owned) and Olympus Gold Mines Limited (100 per cent. owned). Through these
subsidiaries, CAG has four main gold mines, the Dalny, Old Nic, Golden Quarry
and Camperdown mines, which arelocated in the highly prospective Kadoma,
Shurugwi and Bulawayo gold regions in Zimbabwe.
NDM
The Company's 88.68% shareholder is TSX listed New Dawn Mining Corp., a gold
company with a broad portfolio of production and exploration assets also in
Zimbabwe. NDM owns and operates the Turk and Angelus Mines in the upper
southwest area of Zimbabwe, which it believes have the potential to produce an
estimated 35,000 to 50,000 ounces of gold per annum. It is NDM's objective to
orchestrate the development of CAG's mining operations and exploration
portfolio, as well as its own, to become a mid-tier gold producer focussed in
Zimbabwe, with a consolidated annualised gold production to between 50,000 and
60,000 ounces within the next 18 to 24 months, increasing to 100,000 ounces by
2014, and then ultimately to 200,000 to 250,000 ounces.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCDMGGLMLVGGZZ
Canal+ S.a (LSE:CAN)
Historical Stock Chart
From Nov 2024 to Dec 2024
Canal+ S.a (LSE:CAN)
Historical Stock Chart
From Dec 2023 to Dec 2024