Company Announcement: G-Resources Releases Martabe Gold Mine Fourth Quarter Update
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G-Resources Group Limited released its fourth quarter report, highlighting higher-than-expected production of gold in the final three months of 2012 at its Martabe gold and silver mine in North Sumatra, Indonesia. Output of gold in the final quarter of 2012 reached 34,624 ounces, exceeding guidance by more than 10%. Silver production amounted to 134,877 ounces during the quarter. All project construction activities for the mine, processing plant and associated infrastructure were completed while ramp-up proceeded on pace and according to schedule. G-Resources continues to enjoy the full support of nearby communities.
Previous issues related to the company’s clean water pipeline have been resolved, with the quality of clean water at the site bettering all relevant standards.
G-Resources said that full production capacity on a continuous basis was expected to be achieved in the second quarter of 2013. Gold output was expected to reach 250,000 ounces for the full 2013 calendar year while silver production would total 2,200,000 ounces. Cash costs are expected to be US$450 per ounce of gold. Commenting on the quarterly update, G-Resources Chief Executive Officer Mr. Peter Albert said: “We were delighted to beat gold production guidance in the last quarter.
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