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Market Wire (press release)
Nov 17 2006
Global Gold Increases Production at Tukhmanuk Mine in Armenia and
Exceeds Drilling Targets
GREENWICH, CT -- (MARKET WIRE) -- November 17, 2006 -- Global Gold
Corporation (OTCBB: GBGD) (www.globalgoldcorp.com) today announced
the increase in production and continuous operation of its wholly
owned Tukhmanuk mine in Armenia. The Company anticipated increased
production at Tukhmanuk in September 2006. Operational factors
delayed the increase in production until the end of October 2006.
Currently, the Company has been mining at a rate of approximately 750
mt per day on a 24 hours operating basis while milling is operating
at a rate of approximately 400 mt per day on a 24 hours operating
basis. The present mine plan is expected to produce approximately
1,000 troy ounces of gold in the form of final concentrates per
month.
The Company further anticipates that it will exceed the previously
anticipated 11,000 meter target for exploration and development
drilling at Tukhmanuk, though as the region moves into the winter
season, final figures will be largely weather dependent. Drilling of
the C1/C2 resource continues with a program planned to confirm the
resource and carry out a western standard reserve/resource
calculation as well as begin development of the underground mine.
The Tukhmanuk property consists of over 4,100 hectares in the Aparan
region. The property hosts numerous quartz veins with gold and
polymetallic mineralization. The presence of the mineralized zones
suggested by the existing maps have been confirmed by field mapping
in the 1st quarter of this year and detailed mapping is ongoing to
define and surface sample the mineralized zones to 1:10,000 scale.
Historical GKZ (State Committee on Reserves) records in the P1, C1
and C2 categories indicate 12.1 Million tonnes of mineralization,
averaging 6.74 g/t gold and 30.79 g/t silver, including 2.6 million
oz/gold and 11.9 million oz./silver. Confirmation of these estimates
is not complete.
Highlighted Links
The MacReport.Net
Global Gold Corp.
At Tukhmanuk, the existing gravity concentration plant has been
serviced and upgraded to full capacity with the addition of a new
drive motor for the 2nd mill, installation of cyclones to improve
size control and to optimize the grinding circuit capacity, and an
additional tails recirculation line to improve recovery. A Falcon
Concentrator (centrifugal separator) has been ordered to enhance the
final recovery and is expected to be operational early 2007. A fully
functional sample preparation and chemical analysis laboratories have
been installed with modern western standard equipment including AAS
analysis. The laboratories shall support the optimization of the
plant capacity, allow for control analysis of drilling and mining
programs which provides the flexibility to rapidly modify short-term
operational plans, and provide the desired control to optimize the
milling and recovery circuits adjusting to variations in ore type and
grade. Consistent with its company Code of Business Conduct and
Ethics for all operations, the Tukhmanuk property is being developed
according to best practices for safety and environmental matters.
To date, Global Gold has focused it activities at Tukhmanuk, Hankavan
and surrounding areas in the North Central Armenian belt. Global is
also conducting exploration at it Marjan and Getik properties, and
also holds joint venture interests with Iberian Resources at the
southern Armenian Litchkvaz project and a twenty percent
participation right in any new exploration undertaken in Armenia by
Sterlite Gold Limited or its successors. Recently, Vedanta Resources
announced that it has taken control of Sterlite.
To the extent that statements in this press release are not strictly
historical, including statements as to revenue projections, business
strategy, outlook, objectives, future milestones, plans, intentions,
goals, future financial conditions, future collaboration agreements,
the success of the Company's development, events conditioned on
stockholder or other approval, or otherwise as to future events, such
statements are forward-looking, and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. The forward-looking statements contained in this release are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the statements made. Former Soviet
country estimations are presented for historical reporting and to
provide a basis for assessing Global Gold's choices for its business
activities and not to be understood as indicating the existence of
reserves or resources.
Global Gold Corporation is an international gold mining, development
and exploration company with mining properties in Chile and Armenia.
Global Gold Corporation is located at 45 East Putnam Avenue,
Greenwich, CT 06830. The main phone number is 203-422-2300. More
information can be found at www.globalgoldcorp.com.
Contacts:
Van Z. Krikorian
President
or
Michael Mason
Chief Operating Officer
[email protected]
SOURCE: Global Gold Corp.
Nov 17 2006
Global Gold Increases Production at Tukhmanuk Mine in Armenia and
Exceeds Drilling Targets
GREENWICH, CT -- (MARKET WIRE) -- November 17, 2006 -- Global Gold
Corporation (OTCBB: GBGD) (www.globalgoldcorp.com) today announced
the increase in production and continuous operation of its wholly
owned Tukhmanuk mine in Armenia. The Company anticipated increased
production at Tukhmanuk in September 2006. Operational factors
delayed the increase in production until the end of October 2006.
Currently, the Company has been mining at a rate of approximately 750
mt per day on a 24 hours operating basis while milling is operating
at a rate of approximately 400 mt per day on a 24 hours operating
basis. The present mine plan is expected to produce approximately
1,000 troy ounces of gold in the form of final concentrates per
month.
The Company further anticipates that it will exceed the previously
anticipated 11,000 meter target for exploration and development
drilling at Tukhmanuk, though as the region moves into the winter
season, final figures will be largely weather dependent. Drilling of
the C1/C2 resource continues with a program planned to confirm the
resource and carry out a western standard reserve/resource
calculation as well as begin development of the underground mine.
The Tukhmanuk property consists of over 4,100 hectares in the Aparan
region. The property hosts numerous quartz veins with gold and
polymetallic mineralization. The presence of the mineralized zones
suggested by the existing maps have been confirmed by field mapping
in the 1st quarter of this year and detailed mapping is ongoing to
define and surface sample the mineralized zones to 1:10,000 scale.
Historical GKZ (State Committee on Reserves) records in the P1, C1
and C2 categories indicate 12.1 Million tonnes of mineralization,
averaging 6.74 g/t gold and 30.79 g/t silver, including 2.6 million
oz/gold and 11.9 million oz./silver. Confirmation of these estimates
is not complete.
Highlighted Links
The MacReport.Net
Global Gold Corp.
At Tukhmanuk, the existing gravity concentration plant has been
serviced and upgraded to full capacity with the addition of a new
drive motor for the 2nd mill, installation of cyclones to improve
size control and to optimize the grinding circuit capacity, and an
additional tails recirculation line to improve recovery. A Falcon
Concentrator (centrifugal separator) has been ordered to enhance the
final recovery and is expected to be operational early 2007. A fully
functional sample preparation and chemical analysis laboratories have
been installed with modern western standard equipment including AAS
analysis. The laboratories shall support the optimization of the
plant capacity, allow for control analysis of drilling and mining
programs which provides the flexibility to rapidly modify short-term
operational plans, and provide the desired control to optimize the
milling and recovery circuits adjusting to variations in ore type and
grade. Consistent with its company Code of Business Conduct and
Ethics for all operations, the Tukhmanuk property is being developed
according to best practices for safety and environmental matters.
To date, Global Gold has focused it activities at Tukhmanuk, Hankavan
and surrounding areas in the North Central Armenian belt. Global is
also conducting exploration at it Marjan and Getik properties, and
also holds joint venture interests with Iberian Resources at the
southern Armenian Litchkvaz project and a twenty percent
participation right in any new exploration undertaken in Armenia by
Sterlite Gold Limited or its successors. Recently, Vedanta Resources
announced that it has taken control of Sterlite.
To the extent that statements in this press release are not strictly
historical, including statements as to revenue projections, business
strategy, outlook, objectives, future milestones, plans, intentions,
goals, future financial conditions, future collaboration agreements,
the success of the Company's development, events conditioned on
stockholder or other approval, or otherwise as to future events, such
statements are forward-looking, and are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of
1995. The forward-looking statements contained in this release are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the statements made. Former Soviet
country estimations are presented for historical reporting and to
provide a basis for assessing Global Gold's choices for its business
activities and not to be understood as indicating the existence of
reserves or resources.
Global Gold Corporation is an international gold mining, development
and exploration company with mining properties in Chile and Armenia.
Global Gold Corporation is located at 45 East Putnam Avenue,
Greenwich, CT 06830. The main phone number is 203-422-2300. More
information can be found at www.globalgoldcorp.com.
Contacts:
Van Z. Krikorian
President
or
Michael Mason
Chief Operating Officer
[email protected]
SOURCE: Global Gold Corp.