Kolar Gold Limited Funding Approved at GMSI EGM (5799D)
07 7월 2016 - 9:40PM
UK Regulatory
TIDMKGLD
RNS Number : 5799D
Kolar Gold Limited
07 July 2016
7 July 2016
This announcement contains inside information
Kolar Gold Limited
Funding for further drilling and completion of economic
feasibility study by GMSI approved at EGM
Further to the announcement issued by Kolar Gold Limited (the
"Company") on 6th July 2016 regarding the proposed US$2.4 million
investment by Thriveni Earthmovers Private Limited into Geomysore
Mining Services (India) Private Limited ("GMSI"), the Company is
pleased to confirm that GMSI shareholders approved the transaction
at an extraordinary general meeting held earlier today and that all
conditions relating to this transaction have now been
satisfied.
For further information please contact:
Kolar Gold Limited
Harvinder Hungin
+44 1481 702 400
N+1 Singer (Nomad and Broker)
James Maxwell / Jen Boorer
+44 20 7496 3000
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 in India, GMSI, and is
also itself pursuing a gold project in the Kolar region in India,
the privatisation of BGML. The company's shares are traded on the
AIM market (Ticker: KGLD).
GMSI has a significant portfolio of gold permits and rights
across India. It 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, Madhya
Pradesh and Tamil Nadu. GMSI has a granted gold mining lease at
Jonnagiri, Andhra Pradesh.
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 had
produced 25 million ounces of gold 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
considered comparable to the Archaean Greenstone Belts of South
Africa, Canada and Western Australia in geology, structure and
style of mineralisation.
-ENDS-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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July 07, 2016 08:40 ET (12:40 GMT)
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