December 8, 2014
Bisha Mining Update on Bisha Operations
Bisha Mining Share Company (BMSC or the Company) reports an update on operations at the Bisha Mine in Eritrea. Over the past week the Bisha process plant has had power supply issues with its third party power plant, causing a temporary halt in concentrate production. Mining operations continue at full capacity and Bisha continues to truck and export stockpiled concentrates. The Company has already achieved its annual production guidance and the plant interruption does not have a negative impact on the Company’s 2014 financial results as we will draw down and sell from stockpiled concentrate inventories.
Bisha’s diesel power plant is provided by Aggreko Power Systems. Recently, Aggreko replaced nine of the 27 generators as part of scheduled maintenance of the plant. The fix of the power interruption was initially thought to be a short-term issue however the power facility has been unable to reliably restart and Aggreko has mobilized to the Bisha site appropriate resources and technical personnel to assess and correct the problem in a timely manner. BMSC will provide an update on when the plant is expected back online.
Forward Looking Statements
The above contains forward-looking statements the Company’s mine operations and plant operations. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimated,” “potential,” “possible” and similar expressions, or statements that events, conditions or results “will,” “may,” “could” or “should” occur or be achieved. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors. The Company’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and the Company assumes no obligation to update such forward-looking statements in the future.
Bisha Mining Share Company
“Cliff T. Davis”
Cliff T. Davis