Further to the Previous Announcements, the Board wishes to update the shareholders of the Company (the “Shareholders”) that the Malaysia Minerals and Geoscience Department has on 12 October 2017 given its approval for the operational mining scheme in relation to the underground mining and development works to be carried out at the Lubuk Mandi Mine (the “Operational Mining Scheme”). The approval for the Operational Mining Scheme shall be effective from 12 October 2017 until 31 October 2019. Accordingly, pursuant to the approval for the Operational Mining Scheme, GAR will be commencing underground gold mineral mining works at the Lubuk Mandi Mine pursuant to the scope of the Mining Agreement and in accordance with the Operational Mining Scheme.
GAR formally took over the mining operations at the Lubuk Mandi Mine on 1 August 2017, and has built a winching control room and tunnel entrance, as well as brought in relevant equipment since then. Additionally, GAR is expected to commence trial runs of the mining works from mid-November 2017 with machinery capable of producing 20 to 25 parts per million of gold concentrate.
“The successful listing marks a significant milestone for Anchor Resources, and an endorsement and a vote of confidence in our business and long-term growth. Demand for gold is expected to be steady and we look forward to expanding our capabilities to ride on such demand and create value for shareholders.”
In his speech, Mohamed Nasser Ismail, Head of Equity Capital Markets (SME) and Head of Capital Markets Development, SGX said, “We are pleased to welcome Anchor Resources, a gold exploration, mining and production company to Catalist. Its listing brings the number of mineral, oil and gas companies listed on SGX to 28, with a combined market capitalisation of $2.3 billion. We look forward to supporting the company on its growth journey, as it utilises our fast-growth platform for its fund raising activities.”
A ‘GONG’ ceremony with Directors and Associates also marked the event. As this was an auspicious occasion for the company and the Group, a traditional lion dance was held to the enjoyment of all present. During the ceremony, a presentation and exchange of mementos took place between SGX and Anchor Resources Limited. An exchange of mementos between the Sponsor, UOB Kay Hian Private Limited also took place.