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

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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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.
          


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Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

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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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