Pearl Gold AG / Pearl Gold AG / Release of an announcement according to
Article 37x of the WpHG [the German Securities Trading Act]
20.11.2012 11:12
Interim report according to Article 37x of the WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Status Report Pearl Gold AG, November 19, 2012
* Due to the fact that production at Wassoul'O SA only commenced in 2012,
no noteworthy turnover to date for Pearl Gold AG.
* Great progress with Wassoul'Or SA's commencement of production for the
Kodiéran project
* Very extensive exploration programme in other parts of the concession
area by Wassoul'Or
On September 25, 2012, Pearl Gold AG was admitted to the General Standard
of the Frankfurt Stock Exchange. Thus, the company was prematurely able to
achieve its ambitious goal by entering the regulated market in the current
business year. Pearl Gold AG's changeover into the General Standard was the
most outstanding occurrence in the third quarter of 2012. This relisting
followed the publication of an extensive prospectus, which was approved by
the Federal Agency for Financial Market Supervision (Bundesanstalt für
Finanzdienstleistungsaufsicht) on September 14, 2012. Both Pearl Gold AG's
figures as per August 31, 2012 as well as Wassoul'Or SA's balance sheets as
per December 31, 2011, which were established pursuant to international
accounting standards, were provided in detail in the prospectus. No
substantial changes have occurred in the asset, financial or profit
situation of Pearl Gold AG since August 31, 2012.
The progress in the commencement of production in the Kodiéran project by
Wassoul'Or SA is of great importance for Pearl Gold AG's further
development. In the meantime, a production capacity of 10,000 tons per day
has been reached. Nevertheless, the production capacity of some parts of
the process requires optimisation in order to attain a complete process
flow at a level of 10,000 tons. At the moment, intermediate products of
some areas are stored before these are re-introduced into the process at a
later stage. Such optimisation requirements are, however, considered to be
normal in the commissioning of industrial plants. In order to attain an
optimisation of the process, Wassoul'Or is assisted by internationally
esteemed companies and is confident that a speedy solution will be reached.
Members of Pearl Gold AG's Supervisory and Management Boards visit Mali on
a regular basis in order to view and supervise progress.
The company is currently not concerned that the political situation in Mali
will adversely affect the fundamentals of the project. However, the
involvement of international consultants was partially complicated by
undifferentiated travel warnings, which in turn led to a delay in the
commencement of production, Wassoul'Or SA receives strong support from the
Malian government. The government's support for the Kodiéran project was
not only demonstrated by the Mining Minister Sy's presence at the listing
in the General Standard and his two-day visit to the mine in November this
year but is also underlined by the close relationship between Wassoul'Or,
Pearl Gold AG and the minister.
Wassoul'Or has achieved further progress in the area of expansion and
mining of other mineralised occurrences during the reporting period. Up to
the end of September of this year, more than 20,000 metres of RC drilling
in more than 300 holes was carried out around the current pit. Furthermore,
a total of more than 8,900 metres of RC-drilling in nearly 400 holes was
carried out in a further concession area (Traoréla).
These drillings are currently being evaluated and reportable results are
expected within the next months. The aim is to determine the reserves
according to the Canadian standard 43-101 for both areas and, thus, to
achieve a notable expansion of the reserves.
Frankfurt, November 2012
Pearl Gold AG
Management Board
For Inquiries:
MSL Financial
Press@pearlgoldag.com
Tel: +49 (0) 69 6612456 8394
20.11.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Pearl Gold AG
An der Welle 4
60322 Frankfurt
Germany
Internet: www.pearlgoldag.com
End of Announcement DGAP News-Service
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DGAP-IRE: Pearl Gold AG: Second half year 2012 announcement according to Article 37x of the WpHG [the German Securities Trading Act]
| Source: EQS Group AG