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Epic & Msn data
Epic GMA
Time: 16:30:03
Mid Price: 2.88
Change Today: 0.00
Change % Today: 0.00
Fifty Two Week High: 5.50
Fifty Two Week Low: 2.63
Market Capital: 13.48
Period & price data
Period Price
Now: 2.88
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.

Thursday, January 08, 2009

GMA Resources gold production rises as explosives delivery issue abates

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Algeria focused gold producer, GMA Resources (AIM: GMA) said it had delivered on its output target for the final quarter of 2008 after previous issues with the supply of explosives continued to dissipate.


GMA had been struggling previously as it could not secure regular shipments of explosive to the mine site, which in turn hampered gold production levels.  Today the company reported gold production figures for the final three months of 2008.  Production rose in each month.  October production was 1,205 ounces of gold and 233 ounces of silver, climbing to 1,550 ounces of gold and 293 ounces of silver in November and 2,537 ounces of gold and 465 ounces of silver in December.  GMA has a 52% interest in the Amesmessa Gold Mine.


Annual production for the mine was 21,156 ounces of gold and 3,748 ounces of silver.  GMA added that it had received three shipments of explosives in November and December and that is expected regular shipments to continue in 2009, which would allow it to continue ramping up production.


Douglas Perkins, Chief Executive Officer of GMA, commented:


'The production results at Amesmessa are ramping up as a result of explosives deliveries. We expect this to continue in 2009. We continue to work on supply chain issues and cash flow issues in Algeria however,  both are improving with production increases and we expect to reach steady state production and design capacity by the end of the first quarter in 2009. The ore continues to leach well and we are now able to mine more efficiently with the commercial quantities of explosives.'


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