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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: GDP
Latest Price: 11.50p  (-1.12% Descending)
52-week High: 15.38p
52-week Low: 10.00p
Market Cap: 19.31M
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Goldplat
www.goldplat.com
Goldplat plc is an AIM-listed gold company with production and advanced exploration assets across Africa. Its strategy is to consolidate its position as a gold producer in Africa and build itself into a mid-tier gold company.
Full Goldplat profile here
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Goldplat's first gold pour is significant milestone, says Edison

20th Jan 2012, 1:42 pm by Giles Gwinnett This week, the firm revealed that the first bullion bar had been smelted after the successful commissioning of the elution plant, enabling the mine to produce gold on an ongoing basis

Goldplat's (LON:GDP) first gold pour from its Kilimapesa mine in Kenya is a "significant milestone" towards forecast production of 3,829 ounces of gold in the first year, and 10,000 ounces per year thereafter, says Edison investment research.

This week, the firm revealed that the first bullion bar had been smelted after the successful commissioning of the elution plant, enabling the mine to produce gold on an ongoing basis.

Edison analyst Charles Gibson said the focus for Goldplat's Kilimapesa mine was to increase the JORC resource at the project towards 500,000 ounces of gold and also increase the plant capacity to 3,000 tonnes per month.

This, he said, should be a significant catalyst for value generation for the company.

Using a long term gold price of US$1.350 per ounce, and assuming stockpiles are not renewed, Edison values Goldplat at 18.2 pence.

Analyst Gibson added that Goldplat's shares were trading at a small discount to net asset value and at one of the lowest P/ (price/earnings) multiples in the sector compared to the FTSE/JSE Africa Gold Mining Index’s multiple of 17.3 times.

As well as the Kilimapesa mine, Goldplat has two brownfield gold development projects in Ghana and Burkina Faso with near term potential for resource upgrade and production.

The company aims to have delineated more than 1 million ounces of resources from the three gold mining development projects by the first half of 2012.

Gibson noted there was a potential uplift in valuation if Goldplat achieving its exploration targets at Kilimapesa and at the Banka Gold project in Ghana.

"If Goldplat increases its JORC-compliant resource to 500,000 oz at Kilimapesa, it would manifest between 3.5-8.1p per share in value. If Goldplat also defines a JORC resource of 250,000oz at Banka, it would crystallise between 1.9-3.8p/share on an attributable basis."

Goldplat shares are today trading up 1.10 per cent at 11.50 pence per share.

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