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First gold poured at Bissa Mine in Burkina Faso.

Nordgold has announced that construction of its Bissa Mine in Burkina Faso is now complete and gold production has begun.

The mine was officially opened by His Excellency the Prime Minister of Burkina Faso Luc AdolpheTiao and CEO of Nordgold Nikolai Zelensky, in the presence of His Excellency the President of the National Assembly Roch Marc Christian Kabore, the President of the Constitutional Council Dr. De Albert Millogo, the Minister for Mines, Quarries & Energy Mr. LamoussaSalifKabore, regional governors and other officials.

Bissa has been completed ahead of schedule and on budget. Total investment in the project was $250 million and it was completed in 15 months.

Bissa is now the company's second operating asset in Burkina Faso and the third asset in Africa, bringing the total number of Nordgold's operating mines to nine. In Burkina Faso Nordgold already operates the Taparko mine, which was the first mine built in the country in 2007. The launch of Bissa makes Nordgold the first gold miner operating two mines in Burkina Faso.

Bissa is situated in the rural commune of Sabce, 100 km north of the capital of Burkina Faso, Ouagadougou. As at January 2012, the project's proved and probable reserves (JORC) of gold were estimated at 1,803 koz at 1.83 g/t while measured, indicated and inferred resources totaled 4,929 koz (1.1 g/t).

According to the current reserves' estimates, the life of mine is expected to be around 10 years. Meanwhile the company sees potential to increase the mine's reserve base through conversion of resources to reserves and its ongoing exploration programme. Planned capacity of the open pit mine is 4 mt of ore per annum, producing up to 200 koz of gold annually. The plant consists of crushing, milling (SAG and ball mills) and carbon-in-leach circuits (CIL), a method of recovering gold from solution. In 2013 Bissa is expected to produce up to 100 koz of gold.

Philip Baum, Chairman of Nordgold said, "First gold production from the Bissa Gold Mine is a very important milestone for us. We have seen the project completed through from start to finish in just 15 months, ahead of schedule and on budget. It clearly demonstrates our team's ability to develop these significant projects and will serve to accelerate our organic growth for the benefit of all stakeholders."

2012 CPI Financial. All rights reserved.

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Publication:CPI Financial
Geographic Code:6BURK
Date:Jan 19, 2013
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