GoldBridges Global Resources plc announced a further update on the development of the Sekisovskoye underground gold mine. Underground ore production is now steadily increasing and reached 20,187 tonnes in October, this is planned to reach 25,000 tonnes a month by the end of the year. A recovery rate of 82% was achieved in October 2016. The ore stoped from ore bodies 3 and 8 was confirmed at 3.7 g/t, which was in line with the test results and which exceeded the initial planned targets. The analysis of the gold composition has revealed a significant amount of free gold – this will be extracted by gravity concentration, which is expected to significantly increase recoveries.

Moving into 2017 a production target of 42,000 tonnes per month is expected to be achieved in early 2017, in the medium term gold production is planned to rise to 100,000 Oz per annum. The company expects that the increase of production will be accompanied by a gradual reduction of total cash cost, targeted to reach c. $900 in 2019. A recovery rate of 82% was achieved in October, the Company is targeting to exceed this once the new gravity concentration equipment is installed during 2017. Production targets have been revised with targets being set at 40,000 Oz of gold production in 2017.

The company expects production targets planned to rise to 60,000 Oz in 2018 and to reach an annual run rate of 100,000 Oz during 2019.