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March 30, 2015

Bisha Mining Announces Successful Plant Restart and Maintains Guidance

 

Bisha Mining Share Company (BMSC) reports that the processing plant successfully restarted on March 26 after completion of both the ball mill and the tailings thickener repairs. T he processing plant had been offline since the March 13, 2015, announcement when the ball mill gear box mechanical issue was discovered during routine maintenance.

BMSC advises that the investigation by authorities into the incident at the mine site a week ago continues.  Employee and site safety and security are always of utmost importance and increased security in and around the mine site has been arranged.  There have been no further incidents.

During the temporary shutdown the mine also took the opportunity, through its third party thermal energy provider Aggreko, to accelerate the upgrade of another ten of its twenty seven diesel generators with newer more efficient units.  In addition, the mine was able to focus on waste mining and accelerate some other preventative maintenance that was scheduled for later in 2015. BMSC maintains its 2015 annual production guidance to produce between 160 and 175 million pounds of copper at C1 cash cost of $1.20 to $1.40 per pound.

 

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
Chairman