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Epic & Msn data
Epic GMA
Time: 16:30:08
Mid Price: 3.13
Change Today: 0.00
Change % Today: 0.00
Fifty Two Week High: 5.50
Fifty Two Week Low: 2.63
Market Capital: 14.32
Period & price data
Period Price
Now: 3.13
3 Months ago:
6 Months ago:
1 Year ago:
Additional information
Additional Information
Market: AIM
Sector: General Mining - Gold
Epic: GMA
News: Latest news
Web Site: GMA Resources Plc
Other Articles: 14-01-201013-01-201008-12-2009

GMA Resources Plc

GMA Resources Plc owns a controlling 52% interest in the exciting 1,425 square kilometer Tirek-Amesmessa gold concession in Southern Algeria. The other 48% is a participating interest owned by the State owned Sonatrach AVAL, the Algerian Oil & Gas giant. The Company recently constructed a new heap leach facility at Amesmessa that is now in operation and has begun an extensive exploration program over the entire concession. The Company’s shares are listed on the London Stock Exchange Alternative market (AIM) with the code GMA.

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Tuesday, November 10, 2009

GMA Resources says problems persist at Amesmessa gold mine, but 10 months production up

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GMA Resources PLC (AIM: GMA) said its Amesmessa gold mine in Algeria produced 1,918 ounces of gold and 379 ounces of silver in October, and a total of a total of 28,645 ounces of gold in the first ten months of 2009 compared with 17,096 ounces in the first ten months of 2008.

In its monthly production update, the company said the mine’s production continues to fall short of forecasts due to long delays in the delivery of replacement parts to keep equipment running at design capacity. GMA has been addressing this issue in a number of ways, including increasing inventory on order and the appointment of a country manager with a particular focus on logistics process management.

GMA owns a controlling 52 percent stake in ENOR spa (ENOR), the Algerian based operating company for the Amesmessa gold mine, with the remainder held by the Algerian state-owned Sonatrach.

In its interim results statement at the end of September, it said it generated the first profit since its inception. GMA also reiterated its exploration plans for the area surrounding the Amesmessa mine. During the first half, it appointed a new head of exploration, Michel Cormier, who has been given a mandate to lead a five year exploration plan designed to increase the gold resource at Amesmessa to over 1 million ounces of gold.

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