October 9, 2012

 Bisha Announces Q3 Gold Production of 98,000 Ounces

 

Q3 2012 HIGHLIGHTS

  • Produced 98,000 ounces of gold in Q3 2012 (267,000 ounces year-to-date)
  • Mined 316,000 tonnes at 5.21 g/t gold
  • Harena pre-stripping complete; ore production to start in October 2012
  • Copper plant expansion remains on plan for mid-2013 commissioning

 Bisha Mining Share Company (BMSC or the Company) is pleased to announce strong production results of 98,000 ounces of gold for the quarter ended September 30, 2012. Gold production in the quarter was again above expectations due to higher than anticipated grades in the transitional oxide zone.  However, BMSC does not expect this level of production to continue as the transitional oxide zone is nearly exhausted and the mill will start processing lower grade Harena ore in Q4.  Bisha is expected to meet or exceed the top end of full year 2012 production guidance of 280,000 to 300,000 ounces of gold.

A summary of the Company’s third quarter operating results are as follows:

 

Q3 2012

3 months ending September 30

Q2 2012

3 months ending June 30

Q1 2012

3 months ending March 31

Year-to-Date 2012

Nine months ending September 30

Mining

 

 

 

 

Ore mined, tonnes

316,000

500,000

349,000

1,165,000

Mined grade, g/t

5.21

6.04

4.71

5.42

Waste mined, tonnes

2,590,000

1,659,000

1,826,000

6,075,000

Strip ratio

10.3

4.0

6.2

6.3

Copper phase prestrip, tonnes

-

481,000

739,000

1,220,000

Milling

 

 

 

 

Ore milled, tonnes

465,000

465,000

430,000

1,360,000

Feed grade, g/t

7.40

6.93

6.58

6.98

Processing

 

 

 

 

Recovery % of gold

87%

85%

86%

86%

Gold in doré, ounces poured

98,000

87,000

82,000

267,000

 

The mine performed well in the quarter, with above plan milled grade and recovery.  Waste mining to pre-strip Harena ore and copper supergene progressed to plan.  Ore mining decreased relative to the previous quarter during the June to September rainy season.

Harena

Pre-stripping of Harena was completed in Q3 and Harena ore mining and processing will soon commence.

Other Updates

The copper plant expansion continues to progress on schedule with concentrate production expected in mid-2013.

 Forward Looking Statements: The above contains forward-looking statements regarding future gold production, future mine operations, future copper phase expansion and timing of copper production. 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