G-Resources Group Limited made significant headway in its core asset –
Martable gold and silver project – which covers 1,639 sq kilometres in North
Sumatra, is seen as one of the most promising mineral deposits mines in Asia.
First gold ore had been mined and stockpiled and the company is on schedule to
produce its first gold by first quarter of 2012. A US$100 million revolving
credit facility agreement has recently been executed with the three banks: BNP
Paribas, Hang Seng Bank Limited and Sumitomo Mitsui Banking Corporation (SMBC).
Together with the US$242 million in cash and liquid assets held by G-Resources
in October, the final capital estimate of US$576 million is expected to be
sufficient to fund all production and operating costs. Till date, the
G-Resources Group's JORC compliant resources are estimated to contain 7.86
million ounces of gold and 73.48 million ounces of silver. All groundwork is
completed, with infrastructural developments in place and major supply and
service contracts signed, the company certainly looks set to "Gold". Meet Mr
Peter Albert, CEO of G-Resources Group for the latest updates and insights into
the Martable Projects development in becoming a world-class gold mining company.
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