Pearl Gold AG

  • WKN: A0AFGF
  • ISIN: DE000A0AFGF3
  • Land: Deutschland

Nachricht vom 28.12.2012 | 15:03

Pearl Gold AG: First delivery of gold by Wassoul'Or SA despite delays


Pearl Gold AG  / Key word(s): Agreement

28.12.2012 15:03

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Pearl Gold AG: First delivery of gold by Wassoul'Or SA despite delays - Delivery of 1,800 ounces of gold from Wassoul'Or SA to Pearl Gold AG still in 2012 - No net income in 2012 due to delayed gold delivery - Medium-term planning remains unchanged, with additional securities contractually agreed - Exploration of the Traorela area remains on track Frankfurt, 28.12.2012. Pearl Gold AG has received the first gold delivery by Wassoul'Or SA this year. Due to delays while setting up the production at Kodiéran mine in Southern Mali, Wassoul'Or was only able to deliver 1,800 ounces of gold (approx. 3 million USD) to Pearl Gold AG. Subsequently Pearl Gold will not be able to report any net income for 2012. Despite the delay, the board is positive that the agreed deliveries for 2012 and 2013 amounting to a total of 48,000 ounces by the end of next year will be shipped gradually. The 1,800 ounces of gold that have been delivered now were produced in the last four weeks. Lutz Hartmann, CEO of Pearl Gold, had visited Mali in mid-December to inspect the progress at the mining site. The main reason for the delay in production is that international service providers operating at the mine had left the country due to the ongoing political unrest in Mali since March. Since then, Wassoul'Or has managed to replace three quarters of the necessary highly skilled experts. Most parts of the production line are technically already able to achieve the maximum capacity of 10,000 tons of raw material processed per day. However, after a thorough review of the production facility, the management of Wassoul'Or has decided not to pursue the utilization of the complete production capacity at this stage. Therefore, the system currently runs on a capacity of approximately 7,000 tons per day. Lutz Hartmann, CEO of Pearl Gold AG explains: 'I am confident that production will now be optimized by improving the individual production steps and will advance swiftly. An additional positive fact is that this month, for the first time, we have successfully completed a full production process at the Kodiéran mine without a single interruption. ' The exploration of the Traorela potential mining area continues to proceed according to plan, with comprehensive results expected in the next four to six weeks. To not jeopardize the production progress with liquidity constraints, Pearl Gold has approved several successive gold deliveries by Wassoul'Or. The mining company will therefore sell some of their gold production independently to cover working capital needs. In return, Pearl Gold has received securities from the Sodinaf SA, a 54% shareholder of Wassoul'Or. Moreover the management of Wassoul'Or SA and CEO of Pearl Gold AG also agreed that as of now the conditions for a monthly publication of the production figures are achieved. Corresponding information will be made available at least each month starting end of January. Pearl Gold AG Pearl Gold AG is a project developer and active investor listed in the General Standard of the Frankfurt Stock Exchange, based in Frankfurt. The company focuses on investments in West African exploration and mining corporations, especially in the field of gold and other precious metals. The first investment of Pearl Gold is the Malian mining company Wassoul'Or, in which Pearl Gold has a stake of 25 per cent. Wassoul'Or concentrates on the exploration and production of gold and runs the Kodiéran gold mine in the South of Mali. For further information as well as the securities prospectus visit http://www.pearlgoldag.com For Inquiries: MSL Financial Press@pearlgoldag.com Tel: +49 (0) 69 6612456 8394 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information included in this news release constitutes 'forward-looking statements'. The words 'expect', 'plan', 'will', 'intend', 'estimate' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Pearl Gold AG cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to, risks associated with the mining industry such as government regulation, environmental and reclamation risks, title disputes or claims, success of mining activities, future commodity prices, costs of production, possible variation in mineral reserves, mineral resources, grade or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, the timing of estimated future production, capital expenditures, financial market fluctuations, requirements for additional capital, conclusions of economic evaluations, limitations on insurance coverage, risks associated with using third-party contractors and inflation. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. 28.12.2012 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
Language: English Company: Pearl Gold AG An der Welle 4 60322 Frankfurt Germany Phone: +49 (0) 69 7593 8587 Fax: +49 (0) 69 7593 8200 E-mail: info@pearlgoldag.com Internet: www.pearlgoldag.com ISIN: DE000A0AFGF3 WKN: A0AFGF Listed: Regulierter Markt in Frankfurt (General Standard) End of Announcement DGAP News-Service

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