GPM GOLD TO RAISE ORE RECOVERY AND CONCENTRATING THRICE OVER COMING YEARS

ArmInfo
2009-12-01 21:33:00

ArmInfo. GeoProMining Group is going to ore recovery and concentrating
thrice over the coming years i.e. from the present 45,000 tins to
150,000 tons monthly, GeoProMining President Roman Khudoliy told
ArmInfo after signing a strategic cooperation and partnership agreement
with South Caucasus Railway (SCR).

"We are not going to reconstruct the existing concentrating plant,
we will build a new plant in Ararat. The agreement with the SCR is
the first foundation stone in the strategy of the company," he said. R.

Khudoliy said that earlier in 2008 to transport some 25,000 tons of
ore the company often faced problems, whereas transportation scales
have been considerably increased now thanks to the agreement with the
SCR. The company recovered and concentrated 21473 tons of ore in the
first month of reactivation of the plant in Ararat (Nov 2008), later
in December the recovery and concentrating grew to 30410 tons and to
31285 tons already in January 2009 and 38000 tons in February 2009. At
present the company produces 30000-40000 ounces of gold annually.

R. Khudoliy said GeoProMining is negotiating with the design institutes
for construction and reconstruction of the concentrating plant in
Ararat. "A new system and the best technologies of gold-bearing ore
concentration will be introduced at the plant. We suppose that we
will boost our production in a few years," he said

GeoProMining is an international privately-owned diversified metals
resource holding company with a portfolio of quality exploration and
mining projects. The company was founded in 2001 and is focusing on
gold, silver, copper, silver, molybdenum, antimony and other metals.

GeoProMining Ltd owns two world class gold companies: Quartzite in
Georgia and GeoProMining Gold Ltd in Armenia. Company’s production is
gold in the form of "Dore", as well as copper, molybdenum and antimony
concentrates. The group of companies are engaged in metal mining in
Russia, Armenia and Georgia. Company’s main assets in Armenia are:
GPM GOLD and Agarak Copper-Molybdenum Combine.