Kolar Gold Limited Statement re. Press Comment (1635Z)
15 September 2015 - 6:55PM
UK Regulatory
TIDMKGLD
RNS Number : 1635Z
Kolar Gold Limited
15 September 2015
15 September 2015
Kolar Gold Limited
Statement re. media reports
Kolar Gold Limited (AIM: KGLD) ("Kolar" or "the Company"), the
Indian focused gold exploration and mine development company, notes
media reports regarding an Indian Ministry of Mines interview in
which it is reported that the Ministry intends to auction licences
for gold lease areas across the country in the near-term. Some
media reports specifically refer to the BGML Mine located in the
Kolar Gold Fields in the state of Karnataka, India.
Kolar continues to pursue its proposed acquisition, jointly with
the BGML Mine ex-employee united unions, to revive the historic
BGML Gold Mine as previously communicated.
To date the Company has not received any communication from the
Indian Ministry of Mines in relation to the media reports. Kolar
will provide updates to shareholders in line with formal statements
from the Indian Ministry of Mines as appropriate.
For further information please contact:
Kolar Gold Limited
Nick Spencer / Chris +614 1487 4491 / +614
Clowes 1719 7288
N+1 Singer (Nomad and Joint Broker)
James Maxwell / Jen
Boorer +44 20 7496 3000
Pareto Securities (Joint Broker)
Will Slack +44 20 7786 4370
Tavistock
Ed Portman / Nuala
Gallagher +44 20 7920 3150
About Kolar Gold Limited:
Kolar Gold is a partner and investor in an Indian gold
exploration and mine development company and is also pursuing a
number of gold projects in India. The company is traded on the AIM
market (Ticker: KGLD) and has an experienced international board
and management and strong local partners.
Kolar Gold is an investor in GMSI, an Indian gold exploration
and development company with a significant portfolio of gold
permits and rights across India. GMSI has rights to 32 known gold
mineralised project areas including 22 granted Reconnaissance
Permits, 2 Prospecting Licences and 1 mining lease area covering a
total of 12,568 square kilometres in the states of Andhra Pradesh,
Karnataka. Madra Pradesh and Tamil Nadu. The main gold asset is the
gold mining lease at Jonnagiri which was granted in October 2013
and has a 710,000 ounce JORC gold resource defined to date.
Kolar Gold is also jointly pursuing, with the BGML mine employee
unions, the acquisition and revival of the historic BGML gold mine
in the Kolar Goldfields in Karnataka. The BGML gold mine has
produced 25 million ounces of gold at 15.9 grams per tonne over 120
years until its closure in 2001. The Kolar Goldfields is one of the
most prospective underdeveloped Archaean Greenstone Belts in the
world and is regarded by Mr Andrew J Vigar of Mining Associates
Limited, the Competent Person, as comparable to the Archaean
Greenstone Belts of South Africa, Canada and Western Australia
which have similar geology, structure and style of
mineralisation.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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