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January 9, 2014

 

Bisha Mining Achieves Top End of 2013 Production Guidance

 

2013 HIGHLIGHTS

  • Exceeded 15 million hours without a lost time injury
  • Completed the copper expansion project on-time and under budget
  • Achieved commercial production of copper plant on schedule
  • Produced 48 million pounds of copper in concentrate against guidance of 30 to 50 million pounds
  • Produced 92,000 ounces of gold in dore plus 20,000 equivalent ounces in precious metals concentrate

 

Q4 2013 HIGHLIGHTS

  • Processed 401,000 tonnes of ore at a grade of 5.1% copper
  • Produced 36 million pounds of copper in copper concentrate
  • Shipped 32 million pounds of copper in copper concentrate
  • Achieved 80% metallurgical recovery of contained copper, with 84% in December
  • Annualised December production of 190 million pounds of copper at 32% copper in concentrate

 
Bisha Mining Share Company (BMSC) is pleased to announce strong production results of 48 million pounds of copper in the second half of 2013 with 36 million pounds produced in the fourth quarter ended December 31. Total gold production for 2013 was 92,000 ounces in dore and 20,000 equivalent ounces in precious metals concentrate.  The copper plant continues to ramp up with December annualised production of 190 million pounds of copper, recovery of 84% and copper concentrate grade of 32%.

A summary of the Company’s quarterly and full year operating results follow:

 

Q4 2013

Q3 2013

Q2 2013

Q1 2013

2013 Year

Mining

 

 

 

 

 

Ore mined, tonnes 1

533,000

559,000

425,000

475,000

1,992,000

Waste mined, tonnes

2,664,000

2,802,000

1,647,000

1,925,000

9,038,000

Strip ratio (calculated in BCM’s)

10.2

8.5

4.5

5.1

6.7

Milling

 

 

 

 

 

Ore milled, tonnes 2

401,000

366,000

455,000

432,000

1,654,000

Copper feed grade, % 3

5.1

2.5

-

-

3.9

Gold feed grade, g/t 4

-

-

2.75

4.14

3.43

Processing

 

 

 

 

 

Recovery % of copper 3

79.7

 59.5

-

-

73.5

Copper in concentrate, mlbs

36.0

12.0

-

-

48.0

Recovery % of gold 4

 

 

79.8

79.0

79.4

Gold poured in doré, ounces 5

1,500

13,300

34,900

42,300

92,000

1 Q4 mining tonnage, all from Bisha Main pit, includes oxide ore (15,000 tonnes), pyrite sand ore (63,000 tonnes), and supergene ore (455,000 tonnes)
2 Q4 milling tonnage was all supergene ore unlike Q3 which included mix of pyrite sand mixed and oxide ore followed by supergene ore
3 Q4 copper feed grade and recovery for supergene ore only unlike Q3 which included pyrite sands from mid-June to mid-July
4 Gold feed grade and recovery for oxide ore only
5 Q4 gold poured during final decommissioning of the CIL plant

 

Cliff Davis, BMSC’s Chairman, commented, “December demonstrated the capability of the newly commissioned copper plant to meet production expectations in 2014.  We look forward to realising significant cash flow in 2014 as we continue to process ultra-high grade supergene ore and look to monetize the various stockpiled precious metal materials.”

The mine performed well in the fourth quarter with 3,197,000 tonnes of material moved, close to Q3 rates and significantly higher than Q1 and Q2 where the mine fell behind on waste stripping.  Improvements in primary excavator and haul truck availabilities and new equipment, have allowed the operation to begin to catch up on waste stripping.

Copper ore feed grades exceeding 6 percent and copper metallurgical recoveries exceeding 80 percent towards the end of the quarter helped underline the continual improvements in the new copper flotation plant. Commercial production has been achieved and mill ramp up and improvements continue.

Nearly 100,000 tonnes of copper concentrate have been produced with over 65,000 tonnes shipped in the fourth quarter.  The main focus now remains on ensuring land transport keeps up with the copper concentrate production.

 

Forward Looking Statements: The above contains statements regarding gold and copper production, mine operations, process recoveries.  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
Chairman