GPM GOLD BOOSTS OUTPUT IN ARMENIA 7-FOLD IN 2009

Interfax
Feb 17 2010
Russia

The GeoProMining Group’s GPM Gold boosted output in Armenia nearly
7-fold in 2009 to 944,369 kilograms gold equivalent (30,362 oz),
from 135,893 kg (4,369 oz) in 2008, the company told Interfax.

The company produces gold in the form of Dore bullion, which is
refined in Canada.

GPM Gold removed 476,200 tonnes and processed 51,883 tonnes of ore,
however it only operated for two months in 2008, hence the sharp
increase last year.

The company is now mining and processing 35,000-40,000 tonnes of
ore per month on average but plans to increase throughput to 100,000
tonnes per month in 2012, when the mine has been refurbished and a
new beneficiation plant in Ararat has been built.

GPM Gold aims to mine and process 575,850 tonnes of ore and recover
1.19 tonnes (38,234 oz) gold equivalent in 2010 as it re-equips its
Sot (Zod) mine and converts the open pit into an underground mining
operation.

GeoProMining, a privately owned resources company set up in 2001,
produces gold in the form of Dore and copper, molybdenum and antimony
concentrates. It has mining operations in Russia, Armenia, Georgia and
Vietnam. The Armenia-based assets include the Agarak Copper-Molybdenum
Plant in addition to the Sot gold mine and Ararat gold recovery plant.