News Release

January 9, 2013

Bisha Exceeds Production Guidance and Extends Gold Production

 

2012 HIGHLIGHTS

  • Produced 313,000 ounces of gold in 2012, exceeding the top end of guidance
  • Gold production forecast extended to the end of Q2 2013
  • Copper expansion managed on schedule and budget for mid-2013 commissioning
  • Increased resource and reserve estimates from 2011/2012 drilling
  • Obtained the Harena deposit mining license and commenced mining
  • Strong exploration drill results extended drilling program at Northwest Zone
  • Acquired the Mogoraib exploration license including the Hambok historical resources

 

Q4 2012 HIGHLIGHTS

  • Produced 46,000 ounces of gold in Q4 2012
  • Processed 447,000 tonnes of ore at 3.85 g/t gold
  • Overall metallurgical recoveries at 84% of contained gold

 

Bisha Mining Share Company (BMSC or Bisha) is pleased to announce strong production results of 313,000 ounces of gold for 2012 with 46,000 ounces in the quarter ended December 31, 2012. Gold production for 2012 exceeded the top end of the latest guidance. Bisha gold production is again extended and is now anticipated to continue to the end of Q2 2013, aligning well with the planned commissioning of the copper expansion project.

A summary of Bisha’s quarterly and full year operating results is as follows:

 

Q4 2012

3 months ending December 31

Q3 2012

3 months ending September 30

Q2 2012

3 months ending

June 30

Q1 2012

3 months

ending

March 31

2012

12 months

ending

December 31

Mining

 

 

 

 

 

Ore mined, tonnes

426,000

316,000

500,000

349,000

1,591,000

Waste mined, tonnes

2,602,000

2,590,000

1,659,000

1,826,000

8,677,000

Strip ratio, (calc in BCM’s)

7.1

10.3

4.0

6.2

7.4

Cu phase prestrip, tonnes

-

-

481,000

739,000

1,220,000

Milling

 

 

 

 

 

Ore milled, tonnes

447,000

465,000

465,000

430,000

1,807,000

Feed grade, g/t

3.85

7.40

6.93

6.58

6.21

Processing

 

 

 

 

 

Recovery % of gold

84%

87%

85%

86%

86%

Gold in doré, ounces poured

46,000

98,000

87,000

82,000

313,000

 

The mine performed well in the fourth quarter. The majority of fresh ore was mined from the low grade areas of the Harena satellite pit and Bisha Main pit. Cleanup and selective mining of the Bisha Main acid and transition ores continues. Waste mining to expose copper supergene and push-back the northeast (NE) hill remained on plan. The NE push-back has exposed additional gold bearing oxide ores on the periphery of the pit that will be accessed in H1 2013 while opening the pit for additional supergene ores later in the mine plan

The mill was on plan for recovery despite blending ultra-high grade Bisha Main transition ores with lower and sub-grade Harena and other stockpiled ores. The ore remains highly variable and is carefully managed to avoid losses to tailings.

The continued metallurgical performance and additional ore have allowed Bisha to extend gold production to the end of Q2 2013, aligning well with the commissioning of the copper expansion.

BMSC will announce its 2013 production guidance later in January 2013.

Copper Expansion Update

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

 

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