GeoProMining Announces 2011 Production Results

Posted on Mar 5, 2012 in Company news, News and Press releases

GeoProMining Announces 2011 Production Results

5 March 2012, Moscow

GeoProMining (“GPM” or “the Company”), a diversified international mining group, announces operating results for the year ended 31 December 2011. In 2011, the GPM produced 145.7 thousand ounces of gold, 12,362 tonnes of copper*, 6,348 tonnes of antimony*, 299.6 tonnes of molybdenum* and 180.6 thousand ounces of silver.

GPM Group 12M 2011 operating highlights

Production Units 2011 2010 Change, %
Gold Koz 145.7 154.0 (5.4%)
Copper* t 12,362 12,836 (3.7%)
Antimony* t 6,348 6,039 5.1%
Molybdenum* t 299.6 230.5 30.0%
Silver Koz 180.6 158.5 13.9%

* amount of metal in concentrate

Commenting on the 2011 operating results, GPM CEO Roman Khudoliy said:

“Overall we are quite pleased with GPM’s 2011 operating results. Our investments in upgrading our Armenian production units are showing results, having enabled GPM Gold to significantly increase output. At a group level this largely compensated for lower production at GPM’s Georgian business. The main operational event of 2011 was the start of construction of the new ore processing line using the unique Albion technology, which will significantly increase the capacity of GPM Gold’s Ararat processing plant. It is also worth noting that in 2011 we undertook a large-scale modernisation of the Agarak Copper-Molybdenum Mine Complex, installing modern flotation equipment in a new building at the beneficiation plant, which has also created new jobs”.

Press contacts:

Natalia Yanborisova

Tel: +7 (495) 232 6120

Email: ny@geopromining.com

About GPM:

GeoProMining, founded in 2001, is an international, privately held company with a diversified base of gold and other metals assets. GeoProMining engages in mining activities in Armenia, Georgia and the Russian Federation.