Market Wire
January 11, 2008 Friday 10:24 AM GMT
Global Gold Announces Plant Commissioning and Gold Production in
Armenia at Toukhmanuk
GREENWICH, CT; Jan 11, 2008
Global Gold Corporation (OTCBB: GBGD) is pleased to announce that it
commissioned its upgraded gold processing plant in Toukhmanuk,
Armenia on December 20, 2007, and has continued production from ore
stockpiles since, just as gold prices have undergone epochal changes.
The Toukhmanuk property is located in the North Central Armenian
Belt.
In December, an offtake agreement for the plant’s gold production was
concluded with the Sagamar Company, and the first delivery of 53
tonnes of concentrate was made before year end. Production had
initially commenced in 2006, but was terminated because of the need
to upgrade the plant substantially, including a new flotation
circuit. A new tailings dam was also constructed in 2007. Current
plant capacity is 100,000 tonnes per year. Current throughput is
approximately 6,000 tonnes per month with gold grades between 2 – 3
grams per ton.
In addition, the Company is pleased to announce that it has received
international, ISO, certification for its laboratory at the
Toukhmanuk site. Over the last two years, the Company has drilled
over 15,000 meters to confirm the historic GKZ resource at Toukhmanuk
of over 2 million ounces of gold and approximately 12 million ounces
of silver. Even with control checks in labs outside Armenia, results
were inconsistent, and a re-assaying program was undertaken with the
new lab. Based on preliminary analysis, it is anticipated that
Toukhmanuk may include a wider zone of mineralization to be bulk
mined, rather than a higher grade narrow vein underground operation
as the initial reports indicated. As small scale production continues
from the upgraded plant in 2008, Global Gold is preparing mining and
processing plans to substantially increase production.
Global Gold Corporation, an international gold mining, development
and exploration company with properties in Armenia, Chile and Canada,
is committed to building shareholder value and maintaining social and
environmental responsibilities. Minera Global Chile Limitada is a
subsidiary through which Global Gold does all of its business in
Chile. Global Gold Mining LLC operates in Armenia as a subsidiary of
Global Gold Corporation.
Global Gold Uranium LLC, a wholly owned subsidiary of Global Gold
Corporation, is engaged in the exploration for and development of
uranium deposits in the province of Newfoundland and Labrador.
More information can be found at
To the extent that statements in this press release are not strictly
historical, including statements as to revenue projections, business
strategy, outlook, objectives, future milestones, plans, intentions,
goals, future financial conditions, future collaboration agreements,
the success of the Company’s development, events conditioned on
stockholder or other approval, or otherwise as to future events, such
statements are forward looking, and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. The forward-looking statements contained in this release are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the statements made. Gosudarstvenny
Komitet Zapasam (GKZ) or former Soviet country state committee on
reserves are presented for historical reporting and to provide a
basis for assessing Global Gold’s choices for its business activities
and not to be understood as indicating the existence of reserves or
resources.
Contact Information:
Andrew Barwicki
Investor Relations
203-422-2320
From: Emil Lazarian | Ararat NewsPress