Kryso Resources lockt mit Gold aus Tajikistan

http://www.kryso.com/notes/...20Research%20-%20March%202008-04-30.pdf

Kryso’s share capital consists of 79.239 million ordinary shares and 2.72 million share options and warrants outstanding. Those holding more than 3% of the current issued share capital are:

Name % Holding
Directors 27.07
Great Basin Gold 15.03
Simon Cawkwell 3.76
SPGP (Societe Privee Gestion De Patrimoine) 3.16


Significant Shareholdings

The company’s most recent results covered the six months to 30th June 2007 and showed an increased loss of $0.315 million, up from $0.104 million in the first half of 2006. The basic and diluted loss per share amounted to 0.47 cents per share, up from 0.19 cents. The increased loss was attributable to a decrease in foreign exchange gains during the period and an increase in corporate costs. During the period $0.991 million of site expenditure was capitalized, which included drilling, trenching and underground development work. The financial position of the company reflected the continued exploration and development activity at its Pakrut prime asset. The company’s net asset base increased during the period to $10.637 million, up from $9.279 million 12 months previously. The company reported a net cash position of US$1.12 million at the period end. During the reporting period, the company continued its feasibility study and ongoing resource development programme at the Pakrut gold project and with initial exploration of the Hukas nickel-copper project. In October 2007 the company raised an additional £1.46 million in a placing at 11.5p.


Strategy

Kryso’s stated objective is to develop and bring the Pakrut Gold Deposit into production by the end of 2009, whilst continuing to explore the 63 square kilometres of the Pakrut Ore Field. Mineralization remains open to the north, north-east and east of the Pakrut Gold deposit where the presence of three mineralized systems within five kilometres of the Pakrut gold deposit provide further exploration upside for new discoveries of  ommercial gold deposits. The Rufigar prospects, the Eastern Pakrut gold prospect and the Sulfidnoye gold and silver prospect provide an exciting opportunity for Kryso to increase and upgrade the resource base at Pakrut and extend the mine life of the project. As we noted above, an extension to 10 years would have a massive impact on the NPV of the project.


Valuation, Forecasts and Conclusion

This is a company which is likely to be loss making until 2010, but which could be generating free operational cashflow of $40 million per annum thereafter. The current market capitalisation is, on a fully diluted basis, less than £13 million which cannot discount the potential for future cashflows from Pakrut. Our base case valuation of Kryso stems from a 6-year net present valuation model of the Pakrut gold project using
a 10% discount factor. The parameters of the model assume a minimum life of 6 years processing 1.46 Mt of ore per annum with production start-up in the last quarter of 2009. A production of 4,000 tpd total from both the pit and underground mining was adopted in the model in line with the company’s pre-feasibility study. 2010 is set to be the first full year of production for Pakrut with an estimated 130,000 oz gold per annum produced. In our model we have made an allowance for initial production delays, factoring a 100,000 oz gold for 2010, increasing to 130,000 p.a. in the following five years. Gold prices included in the model are consistent with the gold price (Au/oz) forecasts used in Kryso’s feasibility study, which are based on average predictions of seven major investment banking institutions.

These are $868.54 (2008), $876.83 (2009), $920.60 (2010), $1,033.50 (2011), $997.50 (2012) and $650 (2013-2015). With gold now trading at $950 oz we believe our assumptions to be conservative. Our forecast of operating costs, using the average $291/oz produced estimated costs, come to $225.525 million over a 6-year life mine, whilst we estimate the company to incur about $5.6 million finance costs during the life of the mine.
We expect the company to finance the $65 million start-up capital requirement through a combination of equity/debt fundraising undertaken this year. In our model, we assume that the company raises $20 million in equity at around 20p per share, with the remaining $45 million being raised through debt. Our model expects the debt to be
repaid within 3 years of operations, leaving substantial free cashflow in the region of $30-US$40 million per annum for the remainder of the six-year minimum mine life. Taking into consideration royalties on gross revenues of 5% and corporation tax of 25%, our net present value using a 10% discount factor for the Pakrut gold project based on
the existing 1 million oz gold resource is $128.71 million or 49.5p per share on a fully diluted basis (around 133.24 million shares).

The political sensitivities in Tajikistan and the wider region cause us to be cautious and as a result we apply an additional 25% risk factor to account for these uncertainties and that leaves a base case valuation of 37p on a fully
diluted basis.

However it must be stressed that this is a base case valuation. We have attributed no value at this stage to the promising but very early stage Nickel-Copper deposit at Hukas. More critically we have also assumed only a six-year mine life at Pakrut. The core strike zone remains open in three directions and there are numerous other prospects within the licence area. Thus it is perfectly plausible to believe that Pakrut could operate at the same level of output and with a similar cost structure but without the needs for significant additional capital expenditure for well in excess
of six years. A longer mine life and/or increased output would have a material impact on our estimates of the NPV of this project.

We have prepared a separate model where we assumed that the company could increase its resource base to 1.5 million oz, a feasible prospect, given the deposit size indicated in the GeoLogix model, which has a mine life of some 12 years and an average daily mining rate of some 3,000 tpd. Our 10-year model, using similar assumptions to our
six-year model of Pakrut, estimates a net present value of $192.18 million or 74p on a fully diluted basis and the 25% risk weighted valuation is $144.14 million or 55p per share on a fully diluted basis. Whilst we continue to recognize that the company faces a number of hurdles before developing the Pakrut gold project into an asset ready to go into production, notably its ability to source additional finance, the completion of the PFS and the imminent completion of a BFS are important milestones for Kryso. At 14.25p, we initiate our coverage of Kryso Resources with a speculative buy recommendation and a base case target price of 37p.  

Kryso Resources confident of adding ounces at Pakrut
Friday, June 27, 2008, 03:19 PM
Kryso Resources (AIM: KYS), the gold and nickel exploration and development company, said that it was still confident of increasing on the resource at its Pakrut Gold Project in Tajikistan before year end.

The company has been relatively quiet of late, as it focuses on completing a bankable feasibility study before year end on the 1 million ounce Pakrut Gold Project. The company has also seen delays on the turnaround of assays from ongoing drilling. On the drilling front, Kryso did say that is was continuing to cut through encouraging intersections of gold mineralisation, particularly at Ore Zone 1.

Meanwhile at Hukas, a nickel sulphide prospect, a 1,500 metre diamond drill program has commenced in recent weeks. Previous exploration done before Kryso optioned the project has highlighted the potential for nickel, copper, cobalt and platinum group metals.



http://www.proactiveinvestors.co.uk/blog/...?entry=entry080627-151941

http://www.proactiveinvestors.co.uk/  

Kryso Resources plc


(`Kryso' or `the Company')
AIM: KYS
Positive Drilling Report - Pakrut Gold Project

# Another exceptional intersection attained from Ore Zone 1 - 123.7m @ 6.14 g/t Au

# First hole into a new zone intersects mineralization

Kryso Resources plc, the mineral exploration and development Company with gold and nickel-copper projects in Tajikistan, is pleased to announce that further exceptional assay results have been received from diamond core drilling at its 100 per cent owned Pakrut gold project. The assays were carried out by an internationally accredited laboratory in South Africa.

Highlights of drilling in Ore Zone 1 include an intersection of

123.7m @ 6.14g/t Au (including 86m @ 8.48g/t).

This result, from drilling between 100-200m below the existing adit level, further supports the interpreted trend of the mineralization, which is still open at depth and to the east and north. The results from this drill hole demonstrate that the grade and width of the resource is increasing with depth. These results announced today will be used to update the existing 1.05Moz JORC-compliant resource later this year.

In addition, a new zone (Ore Zone 7) to the south-east of Ore Zone 1 has been identified with the completion of the first drill hole at this location. Further drilling from surface will test the extent of this new zone over the coming months.

Kryso has now successfully completed the geotechnical drilling programme designed to test the proposed open pit and tailings dam. The Company's drill rigs will now be utilised to test the deeper extensions of the Pakrut mineralisation and these results will be announced over the coming months.

Kryso Resources' Managing Director, Vassilios Carellas comments:

"This is an outstanding intersection that suggests that the Pakrut ore body now has a width of approximately 70m at this location. `I am very excited by these results which demonstrate that the grades and widths of the Pakrut resource are increasing at depth which bodes well for bulk tonnage mining potential. The current drilling programme will now test the extent of this mineralization at depth and to the east. This is an exciting phase for Kryso as we continue to add significant value to the Pakrut project."

All exploration results have been approved for release by Dr Trevor Davenport B.Sc, M.Sc, Ph.D, MIMM, C.Eng, Chairman of Kryso Resources plc. Trevor has more than 35 years experience in the mining industry and has consented to the inclusion of the material in the form and context in which it appears.

For further information, please contact:

Vassilios Carellas/Craig Brown, Kryso Resources plc. Tel: 020 7371 0600

Brett Miller, Ruegg & Co Ltd. Tel: 020 7584 3663

Richard Hail, Fox-Davies Capital Limited. Tel: 020 7936 5200

Christian Dennis, Orbis Equity Partners Limited. Tel: 020 3178 3977

-

Table 1

Kryso Resources plc - Pakrut gold project

Assay results from SGS Lakefield laboratory, South Africa


BHID From To Interval Grade
(m) (m) (m) (g/t Au)
Ore Zone 1
PKDD-78 104.5 228.2 123.7 6.14 (incl. from 142.2, 86m @ 8.48 g/t Au)
Ore Zone 3
PKDD-79 32.9 40 7.10 0.79
Ore Zone 7
PKDD-80 92.8 115.3 22.5 0.92

END  

da bleiben jetzt viele interessante Threads unbearbeitet:

http://www.ariva.de/...schaftskassen_hat_sich_selbst_gesperrt_t338757

Schade, ein stets netter User mit informativen Postings!

Kryso Resources plc
('Kryso' or 'the Company')
AIM: KYS
Proposed Financing

# Conditional placing of new ordinary shares to raise approximately £2.56 million before expenses

# Mandatorily convertible loan of £500,000 to provide funding in the period to completion of the placing

# Issue of warrants conditional on the placing

# Proceeds to be deployed to complete the bankable feasibility study for the Pakrut gold project, to expand the Pakrut project resource and reserve base and to continue exploration at the Hukas nickel-copper project

Kryso Resources plc, the mineral exploration and development company with gold and nickel-copper projects in Tajikistan, is pleased to announce that on 13 February 2009 it entered into a conditional subscription agreement (the 'Subscription Agreement') with Naveen Holdings Limited ('Naveen Holdings'), a company beneficially wholly owned by Stanislav V. Kotov. Further information on Naveen Holdings is set out in the paragraph headed 'Background Information on Naveen Holdings and Vertex Mining' and further information on Mr. Kotov is set out at the end of this announcement,

Pursuant to the Subscription Agreement, Naveen Holdings will subscribe for 29,157,925 new ordinary shares at 8.78 pence per share to raise approximately £ 2.56 million before expenses (the 'Placing').

On 13 February 2009, the Company also entered into a mandatorily convertible loan agreement (the 'Convertible Loan Agreement'), pursuant to which Naveen Holdings has advanced £500,000 to the Company (the 'Convertible Loan'). The Convertible Loan will automatically convert into 9,090,909 new ordinary shares of the Company.

Upon completion of the Placing and conversion of the Convertible Loan, Naveen Holdings will own 38,248,834 ordinary shares (29.99% of the enlarged issued share capital of the Company).

At completion of the Placing, Naveen Holdings will also be issued with warrants (the 'Warrants') to subscribe for such number of new ordinary shares in the capital of the Company which, following exercise of the Warrants, will result in Naveen Holdings owning up 51 per cent. of the enlarged issued share capital of the Company. Further information on the terms of the Warrants is set out in the paragraph below headed 'Warrants' and a summary of the implications under the City Code on Takeovers and Mergers (the 'City Code') of any exercise of the Warrants is set out in the paragraph below headed 'Rule 9 Whitewash'.

Vassilios Carellas, Managing Director of Kryso Resources, comments:

"Kryso is pleased to have entered into a relationship with a team with a strong track record for the successful exploration and development of natural resources projects. Our new partners are supportive of Kryso's aim to take the Pakrut field to commercial production at the earliest opportunity."

Background on Naveen Holdings and Vertex Mining

Mr Kotov is the sole beneficial shareholder of Naveen Holdings, a company registered in Cyprus. Naveen Holdings was incorporated in October 2008 and has never traded. It is expected that Naveen Holdings will change its name to Vertex Mining International (Cyprus) Limited prior to completion of the Placing.

Mr Kotov is also a director and shareholder of Vertex Mining Company CJSC ('Vertex Mining'), a private company registered in the Russian Federation. Vertex Mining was incorporated in 2005 and its principal business is geological exploration and the mining of solid minerals. Vertex Mining currently has exploration or mining operations in several locations throughout the Russian Federation. Further information on Vertex Mining will be included in a circular to shareholders, which is expected to be issued by the Company in April 2009.

Whilst no agreement has been reached between Vertex Mining and Naveen Holdings, it is currently anticipated that Naveen Holdings, or the Placing Shares and the Warrants, will be transferred to the ownership of Vertex Mining following the completion of the Placing.

Use of Proceeds

Kryso intends to utilise the net funds raised by way of the Placing and the Convertible Loan to complete the bankable feasibility study for the Pakrut gold project, define additional resources and reserves at Pakrut and to continue exploration at the Hukas nickel-copper project. The proceeds will also be used to repay the outstanding convertible loan from Great Basin Gold.

Warrants

On completion of the Placing, Naveen Holdings will be granted Warrants to subscribe for such number of new ordinary shares in the capital of the Company which, following exercise of the Warrants, will result in Naveen Holdings owning up 51 per cent. of the enlarged issued share capital of the Company. The Warrants will be exercisable at a price of 8 pence per new ordinary share. A summary of the implications under the City Code of any exercise of the Warrants is set out in the paragraph below headed 'Rule 9 Whitewash'.

The Warrants may be exercised in whole or in part from the date falling six calendar months after the date on which they are granted until the fifth anniversary of that date.

Convertible Loan Agreement

Pursuant the Convertible Loan Agreement, Naveen Holdings has advanced to the Company a zero coupon madatorily Convertible Loan of £500,000. The Convertible Loan is unsecured and will automatically convert into 9,090,909 ordinary shares upon completion of the Placing or the Subscription Agreement being terminated.

New Directors

Under the Agreement, Naveen Holdings will have the right, subject to completion of the Placing, to appoint three directors (the 'New Directors') to the board of Kryso. At the same time, three existing directors of Kryso will retire. The identity of the retiring directors is not yet known. The appointment of the New Directors will be proposed to shareholders at a general meeting (the 'General Meeting') to be held shortly before the completion of the Placing. The New Directors will, if appointed, be subject to retirement in the normal way under the Company's articles of association.

Further information on the New Directors is available at the end of this announcement.

Conditions

The Placing is subject to a number of conditions, including:

# Shareholders passing resolutions approving: the waiver of Rule 9 of the City Code on Takeovers and Mergers (see the paragraph below headed 'Rule 9 Whitewash'); an increase in the Company's authorised share capital; the appointment of the New Directors; the proposed allotment of shares; the waiver of statutory pre-emption rights; and certain amendments to the Company's articles of association.

# Admission ('Admission') to trading on AIM of the shares issued to Naveen Holdings under the Placing.

# No material adverse effect or material breach of warranty having occurred prior to 9 March 2009.

# No insolvency event, revocation of any existing exploration licence or unlifted suspension of the Company's shares from trading having occurred prior to Admission.

The Agreement contains warranties given by the Company to Naveen Holdings as to, inter alia, the organisation, good standing, mineral rights, assets and other matters relating to the Company and its business.

Rule 9 Whitewash

If (as a result of the exercise of any Warrants or the acquisition of ordinary shares in the Company) Naveen Holdings and/or Vertex Mining (if the shares of Naveen Holdings or the Placing Shares and Warrants are transferred to Vertex Mining) become interested in 30 per cent. or more of the voting rights of the Company then, absent a waiver being approved by the independent shareholders of the Company, under Rule 9 of the City Code either or both of them will be required to make a mandatory offer for the entire share capital of Kryso. Accordingly, the Company has agreed to use all reasonable endeavours to obtain agreement from the UK Panel on Takeovers and Mergers (the 'Panel') to allow a waiver of the application of Rule 9 in respect of the exercise of the Warrants, subject to the approval by the independent shareholders at the General Meeting.

If the Panel agrees to the waiver, the notice of the General Meeting will seek a resolution of the members of the Company that the provisions of Rule 9 of the City Code will not apply to any exercise of the Warrants by Naveen Holdings or Vertex Mining. If the Panel does not agree to the waiver being put to shareholders, the notice of the General Meeting will not include a resolution relating to the Rule 9 waiver.

It is currently anticipated that a circular to shareholders containing further information about the proposed transaction and containing a notice convening the General Meeting will be despatched to shareholders during April 2009.

For further information, please contact:

Vassilios Carellas/Craig Brown, Kryso Resources plc

Tel: 020 7371 0600

Brett Miller/Roxane Marffy, Ruegg & Co Ltd.

Tel: 020 7584 3663

Jason Bahnsen, Fox-Davies Capital Ltd.

Tel: 020 7936 5200

Christian Dennis, Orbis Equity Partners Ltd.

Tel: 020 3178 3977

Biographies of the New Directors

Mark A. Gyetvay - Proposed Non-Executive Chairman

Mark Gyetvay studied at Arizona State University (Bachelor of Science, Accounting, 1981) and later at Pace University, New York (Graduate Studies in Strategic Management, 1995). He moved to Moscow in 1995 in order to lead the Coopers & Lybrand oil and gas practice and was admitted as a partner in July 1996. After the merger and foundation of PricewaterhouseCoopers in 1998, he assumed the role as a client service engagement partner in PwC's Global Energy, Utilities and Mining practice based in Moscow.

As a Certified Public Accountant, a member of American Institute of CPA, an associate member of the Society of Petroleum Engineers, and a former member of PwC's Petroleum Thought Leadership Council, Mr. Gyetvay is a recognized expert in the oil and gas industry and a frequent speaker at industry conferences. He has published numerous articles on various oil and gas industry topics, including articles in leading international industry magazine Oil and Gas Journal. Mr. Gyetvay joined NOVATEK in June 2003 as Chief Financial Officer and Deputy Chairman of the Board.

Gennadiy F Tolmachev - Proposed Managing Director

Gennadiy Tolmachev graduated in 1973 from Irkutsk Polytechnic University as a Mining Engineer. He began his career as a drilling foreman and progressed to become the Head of Production and Engineering in the SevVostGeology State Company. From 1992, Mr. Tolmachev served as CEO of Geozoloto Closed JSC and as CEO of Omsukchansk Mining Company JSC (a joint venture with Bema Gold Corporation).

In November 1998, Mr. Tolmachev was appointed as a Deputy Governor of Russia's Magadan Region and served as Head of the Regional Department of Industry. In November 1999, Mr. Tolmachev accepted the position of CEO of Yamal Mining Company and moved to the Yamalo-Nenets Region, Western Siberia. He combined this role with positions as CEO of YamalZoloto JSC and SeverChrom LLC, subsidiaries of Yamal Mining Company, was elected as Chairman of KongorChrom LLC and served as the Head of Regional Mining and Exploration Projects for Peter Hambro Mining JSC in the North Ural and Yamal Region. In November 2006, Mr. Tolmachev became Head Engineer of Vertex Mining and was elected as the Chairman of Hoozhir Enterprise LLC, Vertex Mining's subsidiary in Eastern Siberia.

Mr. Tolmachev played an active role in the discovery and evaluation of the Nyavlenginskoe, Lunnoe, Arylakhskoe, Julietta, Novogodnee-Monto gold deposits and the Zentralnoe and Zapadnoe chrome deposits. He has been involved in the development and mining of the Oirinskoe gold field (Kubaka), the Julietta gold field, the Zentralnoe chrome deposits and a number of alluvial gold deposits.

Stanislav V. Kotov - Proposed Non-Executive Director

Stanislav V. Kotov attained a Qualified Expert Certificate from the Russian Federal Commission on Securities and Capital Markets in 1998, and was awarded an MSc in Physics from Voronezh State University in 1994.

Mr Kotov is the sole beneficial owner of Naveen Holdings.

He is currently a shareholder and Non-Executive Director of Vertex Mining, was formerly Director of Investor Relations, Corporate Finance and International Projects at the London representative office of NOVATEK and prior to that served as Advisor to the Chairman of the Executive Board and Corporate Secretary to the Board of Directors for NOVATEK in Moscow.

Die BFS soll im Dezember kommen und der Umsatz an der LSE lässt auf eine gute Studie schließen. Vor kurzem waren noch knapp 2 Mio. Unzen Gold im Gespräch und jetzt sind es 2,8 Mio. Unzen. Es wird von einer gesamtmenge von 10 Mio. Unzen ausgegangen was in dem Gebiet schlummern soll. Bei einem Goldpreis von über 1000 $ sollte das Projekt auf jeden fall schnell zu Finanzieren sein. Was die Studie dazu sagt wissen wir in ein paar Wochen. Ich bin letzte Woche zu 0,075 - 0,085 Pound (GBP) Börse (LSE ) eingestiegen, Kurs derzeit 0,1025 (10,25 )

 

Increase of approximately 43% in Pakrut’s total JORC Code-compliant resources

http://www.kryso.com/content/pressfiles/...%20Resource%20Update_1.pdf

 

weitere + 9,8 %

Volumen 3 Mio.

Bin zufrieden

<a href="

 

http://www.investegate.co.uk/....aspx?id=20091208070000PDA04&fe=1  

http://www.kryso.com/content/pressfiles/...0Update%20-%20091209_1.pdf  

es ist Januar und die BFS sollte langsam Präsentiert werden.

Es warten 2,8 Mio. Unzen Gold, 100.000 Unzen im Jahr auf einen neuen Besitzer. Wenn die Studie gut ausfallen sollte wovon ich fest ausgehe dürfte auch gleich ein JV Partner anklopfen und dann wird gleich die Finanzierung in Angriff genommen, auch der Bau der Anlage und Straßenausbau wird dann in 2010 noch beginnen wenn Kryso Mitte / Ende 2011 Produzieren will. Ich finde es schon erstaunlich das Kryso von gewissen Anlegern Entdeckt wird nur die große Mehrheit wartet wieder bis 100 % vorbei gezogen sind. Vom derzeitigen Kurs sind nach veröffentlichung locker noch 300-400% drinnen und wer warten will bis 2011 das selbe nochmal.

Neben dem Hauptprojekt Pakrut wird auch gleich Hukas weiter geführt deren Vorkommen Nickel, Kupfer und Kobalt knapp unter der Oberfläche beginnen und somit leicht Abbaubar sind. Hukas liegt etwa 200 km von dem Hauptprojekt entfernt und wird sicher für weitere Überraschungen sorgen.

Ist doch ein Geiles Bild oder ? Da könnte ich mir gut vorstellen selbst mal 6 Monate zu verbringen und ein Loch in den Berg buddeln um an die Nuggets zu kommen, einfach Geil, ich stehe total auf sowas

ld/1.jpg

 

Kryso Resources* (AIM: KYS), mkt cap of £17m.
Its Pakrut Gold project based in Tajikistan contains
2.83Moz JORC compliant resources. Previously
touted as an open pit proposition, """ following a recent
site visit, we believe that the potential of this stock is
seriously misunderstood by the market.""" It appears
that Zones 1 and 2 are opening up at depth as well
as increasingly materially in grade. Together with
the nearby prospective Zone 7, this deposit clearly
has the potential to be a large tonnage, relatively
modest-grade, low-cost underground operation,
with the potential to double existing resources.

http://www.minesite.com/fileadmin/content/pdfs/...0January%202010.pdf  

Monday, January 18, 2010

Fox-Davies ups Kryso Resources target price to £0.28 (0,32 € )

Fox-Davies Capital has upped its target price for Tajikistan operating gold explorer Kryso Resources (AIM: KYS) to £0.28 from £0.25, as a result of higher gold prices and a weaker sterling exchange rate. The upgraded outlook comes notwithstanding the delay to the Pakrut bankable feasibility study, wich was announced in December.

Kryso shares climbed approximately 4% this morning to change hands at £0.1325 per share.

The delivery of the feasibility study was put back as the project’s JORC-compliant resource update, which lifted the total resource by 43%, to 2.83 million ounces of gold, fell behind schedule. The resource update was completed in November and the feasibility study is expected to be completed in the early part of 2010.

The Pakrut gold project sits at the centre of a large licence area of some 6,300 hectares, alongside a number of other smaller mineralised systems, and astride the gold-prolific southern Tien Shan mineralised belt. It is approximately 112km northeast of the Tajik capital city Dushanbe.

According to November’s resource update, Pakrut’s total resource includes 1.33 million ounces of indicated and measured resource at an average grade of 2.44 grams per tonne with a further 1.5 million ounces in the inferred category. A further update to the resource is expected to be completed in the first half of 2010.
http://www.proactiveinvestors.co.uk/companies/...ce-to-028-12301.html  

 

Kryso gets Pakrut gold project mining license from Tajik government

AIM listed junior gold developer, Kryso Resources, has received its mining license for its Pakrut gold project from the Tajikistan government and can now proceed with underground mine development.

Author: Lawrence Williams
Posted:  Monday , 09 Jan 2012 

LONDON - 

After a long period proving up its Pakrut gold project in north eastern Tajikistan, AIM listed Kryso Resources (ticker: KYS) has now received a mining license for the project which would be an underground mining operation.  Company Managing Director, Craig Brown, says that Kryso hopes to be able to complete financing and proceed with full mine construction over the next 2-3 months.

The Pakrut Licence Area is located within the Tien-Shan Fold Belt, which stretches from Uzbekistan through to China and Mongolia and is said to contain the world's second largest known gold resources after the Witwatersrand in South Africa.

Pakrut approved reserves - on which the mining licence was issued - are put at a total of 1,257,454 oz gold at a cut off grade of 0.5 g/t (under the Russian classification system). (Under the JORC code, Measured and Indicated resources at the 0.5 g/t cutoff are put at 21.8 million tonnes at 2.4 g/t gold and 0.72 g/t silver for a contained 1,687,000 ounces of gold.)

An earlier bankable feasibility study on the Pakrut Gold deposit was completed by the Beijing General Research Institute of Mining & Metallurgy (BGRIMM). In completing the Pakrut project BFS, BGRIMM built on work previously completed by other consultants to Kryso including GeoLogix Mineral Resource Consultants (resources), GBM Minerals Engineering Consultants (metallurgical test work review and preliminary process design), Prime Resources (social and environmental), Scott Wilson Group (tailings dam design), SGS Group (metallurgical test work) and Turgis Mining Consultants (mining and infrastructure).  According to the BFS, project payback would be only 2.7 years at a gold price of $1,250 an ounce.  At current gold prices this should be even faster.

There is considerable further gold potential within three additional mineralized systems within five kilometres of the main Pakrut gold deposit. These are the Eastern Pakrut gold deposit, the Sulfidnoye gold and silver prospect and the Rufigar prospect which suggest that, assuming things run smoothly in a largely untested political environment as far as foreign-controlled mining companies are concerned, that Kryso, or a successor, could be mining in the area well beyond the initial Pakrut mine life.

In terms of relations with the Tajik government, Kryso's Chinese partner, China Nonferrous Metals International Mining Co Ltd, which holds 27% directly and another 73 million warrants exercisable at 21p a share, may prove to be a significant help. In addition, as part of its work to secure the mining license, Kryso issued 8.3 million shares to a local Tajik consulting company, Anbat Service, presumably to smooth dealings with the Tajik government. Total no. of shares in issue, according to the Kryso website -  is 267.2 million.

As London broker, Collins Stewart, has pointed out in a brief analysis of the project, underground mining in Tajikistan, where mining skills are lacking, could prove to be a major challenge for the company.

In its statement on the granting of the mining license, Kryso stated that "According to the terms of the licence, the amount of ore that can be mined is variable depending upon the mine plan. The plan submitted by Kryso envisages an initial processing capacity of 660,000 tons of ore per annum, increasing to 1,320,000 tons per annum from 2017. The mining licence is valid until 2 November 2030."  Initial gold output for the first four years has previously been put by the company at some 82,000 oz/year and total capital cost at $US 108 million.

The company also says it has started work on some key construction elements - notably on the access road and tailings dam and construction equipment has been ordered.  The time taken to bring the mine on stream will depend very much on the construction schedule and with the major Chinese involvement this may well be progressed faster than might be achieved for Western mining projects.

 

  http://www.mineweb.com/mineweb/view/mineweb/en/...tail&pid=102055