GeoProMining Gold increases ore processing 12.8% for Q1 2010

April 21, 2010 - 15:26 AMT

PanARMENIAN.Net - GeoProMining Gold Company (owed by GeoProMining Group) increased ore processing by 12.8% for Q1 2010 to 120,348 tons against 106,657 tons for the same period of 2009, GeoProMining press office in Armenia reported.

Ore recovery reduced to 100,980 tons for the period under review against 106.062 tons for Q1 2009. Ore extraction decreased by 44.03% for Q1 2010 against 72.93% for Q1 2009. Overburden operations grew to 801,024 cu m against 539,829 cu m for Q1 2009. Export of gold decreased by 42.4% to 138,525 kg against 240,167 kg for Q1 2009.

Overburden operations were increased in 2010, but extraction percentage fell. The company explained that the Sotk deposit is rich but overburden ratio is very high and ore is difficult to process. There are antimony sulfide ores and non-oxide ores in the deposit that need multi-stage processing, which requires serious investments, technological and structural changes. Recovery of the given type of ores has reduced gold extraction ratio at Ararat Gold Recovery Plant. At present specialized institutes are exploring the Sotk deposit to find the necessary technologies to increase gold extraction ratio. Variety of ore types at the Sotk deposit requires a complex extraction technology. GeoProMining is working on an investment project of technical modernization of the Sotk deposit and underground extraction, as well as reconstruction of the concentrating plant in the town of Ararat. The project will be implemented within the coming 3-4 years.

GeoProMining Company acquired 100% shares of Sterlite Gold Ltd. from International Vedanta Resources in September 2007. Sterlite Gold was the sole owner of AGRC. Afterwards, AGRC was renamed into GPM Gold. GeoProMining Group is an international private company of diversified metal resources, founded in 2001.

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