Krasny project: 240 koz of gold reserves and 1,388 koz of total gold resources according to JORC

Kopy Goldfields AB (publ) ("Kopy Goldfields" or the "Company") is happy to announce an updated JORC mineral resource estimate for the Krasny license area and for the first time, the resource estimation includes reserves. For Krasny, the resource estimation shows a total of 1,325 koz Indicated and Inferred mineral resources, including 240 koz of Probable gold reserves. Vostochny shows a total of 63 koz of Inferred mineral resources. The updated estimate is issued by Micon International Co Limited ("Micon").

"We are very pleased with these results. In addition to a significant increase of total gold resources, we can also report reserves, which is a big step in developing the Krasny deposit towards production. This is also a milestone in Kopy Goldfields 10-year history. We are glad to report initial resources for the Vostochny discovery and we expect to find more satellite deposits around Krasny. The mineral resource statement does not take the ongoing exploration program into account, and we are now working on converting more resources into reserves. This resource estimate will be updated next year again, and internally we see clear indications for further increase of gold resources", says Mikhail Damrin, CEO of Kopy Goldfields AB.

The mineral resource estimate is based upon a mineral resource block model created by Evgeny Kondratiev, M.Sc., MAusIMM (CP), senior exploration geologist for Micon. Michael Khoudine, M.Sc senior mining engineer for Micon generated an optimized open pit shell that was used to outline mineral resources. The estimate was prepared by Micon in accordance with the JORC Code for reporting of Mineral Resources (see Table 1 and 2 below for details).

"The 2016 exploration activities were successful. Compared to the previous JORC resource estimation from last year, the project shows a 45% increase in total gold resources, which is coming from new gold mineralizations discovered in Krasny. Some of the modelling parameters have changed since the previous report, but total resources reported is based on an optimized pit and is the result of Micon using the most recent and likely parameters. Using the same gold price as last year, USD 1,200/oz, would still mean a significant increase of gold resources", says Evgeny Bozhko, Chief Geologist of Kopy Goldfields.

Table 1. Mineral Reserve Statement for the Krasny Gold Deposit, Irkutsk Region, Russia, Micon International, September 6, 2017*

JORC reserver Tonnage (kt) Au grade (g/t) Au (kg) Au (koz)
Krasny
Probable
7 327 1,02 7 466 240

**Notes:

  • Reserves stated as contained within an economically minable open pit stated above a 0.4 g/t Au cut- off;
  • Pit optimization is based upon an assumed gold price of $1,200/oz, metallurgical recovery of 85.5% and the open-pit slope angle 38°. The operating cost values used were $2.36/m3 for waste mining, $1.10/t for ore mining and a processing and G&A cost is $7.95/t;
  • Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding;

Table 2. Mineral Resource Statement for the Krasny Gold Deposit (inclusive of Mineral reserves), Irkutsk Region, Russia, Micon International, September 6, 2017**

Category  Tonnage (kt) Au grade (g/t) Au (kg) Au (koz)
Krasny        
Indicated 7 617 1,113 8 476 273
Inferred 18 536 1,765 32 725 1 052
Vostochny         
Inferred 1 114  1,762 1 962 63
Grand total 27 267   43 163 1 388

**Notes:

  • Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Ore Reserves estimate;
  • Resources stated as contained within a potentially economically minable open pit stated above a 0.4 g/t Au cut-off;
  • Pit optimization is based upon an assumed gold price of $1,440/oz, metallurgical recovery of 85.5% and the open-pit slope angle 45°. The operating cost values used were $2.36/m3 for waste mining, $1.10/t for ore mining and a processing and G&A cost is $7.95/t;
  • Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding;
  • Mineral resources presented in Table 2 are inclusive of the reserves shown in Table 1.

"The quality of the exploration work conducted on the Krasny project in general follows both Russian and JORC requirements for QA/QC. We did not report Measured Resources for Krasny at the current stage for the same reason that we do not usually report Measured gold resources at the exploration stage. This category requires a high level of confidence in, and understanding of, the geological properties and controls of the mineral deposit. Gold mineralization as a rule (including Krasny) has non-uniform gold grade distribution and ore bodies of variable thickness, so the geological and grade continuity of mineralized zones cannot be interpreted with a high degree of confidence. In the current study we reported a portion of the Indicated Mineral Resources within the open pit design as Probable Ore Reserves. A Pre-Feasibility Study was conducted and new information on the mineral processing parameters, geotechnical and hydrogeological characteristics was obtained. During future exploration programs Krasny personal should pay particular attention to the QA/QC procedure as it is a very important part of the resource and reserve estimation. Overall, we have a positive view on the Krasny project development and we believe that the project will ultimately warrant a decision to be taken into production", says Evgeny Kondratiev, senior exploration geologist for Micon.

As a follow-up to this press release, a detailed JORC-compliant Technical Memorandum on Resources will be prepared by Micon for the Krasny deposit and published on the Company's website. This JORC-compliant Technical memorandum will, inter alia, include a detailed table over gold resources depending on the gold price.

This mineral resource estimate is an update of the previous JORC resource estimate of the Krasny deposit that was released on March 26, 2013, May 26, 2016 and July 31, 2017. 

Appendix 1. Details of mineral resource statement for the Krasny Gold Deposit

Table 1. Mineral Reserve Statement for the Krasny Gold Deposit, Irkutsk Region, Russia, Micon International, September 6, 2017*

JORC Reserves Tonnage (kt) Au grade (g/t) Au (kg) Au (koz)
Krasny
Probable
7 327 1,02 7 466 240

*Notes:

  • Reserves stated as contained within an economically minable open pit stated above a 0.4 g/t Au cut- off;
  • Pit optimization is based upon an assumed gold price of $1,200/oz, metallurgical recovery of 85.5% and the open-pit slope angle 38°. The operating cost values used were $2.36/m3 for waste mining, $1.10/t for ore mining and a processing and G&A cost is $7.95/t;
  • Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding;

Table 2. Mineral Resource Statement for the Krasny Gold Deposit (inclusive of Mineral reserves), Irkutsk Region, Russia, Micon International, September 6, 2017**

Category  Tonnage (kt) Au grade (g/t) Au (kg) Au (koz)
Krasny        
Indicated 7 617 1,113 8 476 273
Inferred 18 536 1,765 32 725 1 052
Vostochny         
Inferred 1 114  1,762 1 962 63
Grand total 27 267   43 163 1 388

**Notes:

  • Mineral Resources are not Ore Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources estimated will be converted into Ore Reserves estimate;
  • Resources stated as contained within a potentially economically minable open pit stated above a 0.4 g/t Au cut-off;
  • Pit optimization is based upon an assumed gold price of $1,440/oz, metallurgical recovery of 85.5% and the open-pit slope angle 45°. The operating cost values used were $2.36/m3 for waste mining, $1.10/t for ore mining and a processing and G&A cost is $7.95/t;
  • Mineral resource tonnage and contained metal have been rounded to reflect the accuracy of the estimate, and numbers may not add due to rounding;
  • Mineral resources presented in Table 2 are inclusive of the reserves shown in Table 1.

Competent Person Statement
Information in this release that relates to Resource Estimation Results are based on information prepared by Evgeny Kondratiev, M.Sc., MAusIMM (CP) who a Member of the Australasian Institute of Mining and Metallurgy and a full-time employee of Micon. Mr. Kondratiev has sufficient experience which is relevant to the style of mineralization and type of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Kondratiev consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.

För pressmeddelande på svenska se bifogat dokument (Swedish).

Stockholm, September 12, 2017

For more information, please contact:
Mikhail Damrin, CEO, +7 916 808 12 17, mikhail.damrin@kopygoldfields.com
Tim Carlsson, CFO, + 46 702 31 87 01, tim.carlsson@kopygoldfields.com

This information is information that Kopy Goldfields is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 8.45 am CEST on September 12, 2017.

About Kopy Goldfields AB
Kopy Goldfields AB (publ), listed at NASDAQ First North in Stockholm is a gold exploration and production company operating in one of the most gold rich areas in the world; Lena Goldfields, Bodaibo, Russia. The company holds 12 bedrock exploration- and production licenses and one alluvial license covering in total 2,049 sq km, of which the Krasny licenses (2 bedrock and 1 alluvial) are held 49% by the company. The target for Kopy Goldfields is to become a near-term gold producer in cooperation with a producing partner under JV agreement.

Kopy Goldfields AB applies International Financial Reporting Standards (IFRS), as approved by the European Union. Aqurat Fondkommission acts as Certified Adviser, contact number: +46-8-684 05 800.

The Share
Ticker: KOPY
http://www.nasdaqomxnordic.com/shares/microsite?Instrument=SSE77457
Outstanding shares: 79,866,054

Kopy Goldfields säkerställer ny finansiering om 15 MSEK

Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Bolaget") är glada att kunna tillkännage att ett nytt lån om 15 miljoner kronor har beviljats från Scandinavian Credit Fund I AB med avsikt att finansiera Bolagets verksamhet, inklusive det pågående prospekteringsprogrammet på Maly Patom-projektet. Samtidigt har också det befintliga långfristiga lånet om 30 miljoner kronor omförhandlats och förlängts. Ny förfallodag är 13 september 2022.


Kopy Goldfields secures new financing of MSEK 15

Kopy Goldfields AB (publ) ("Kopy Goldfields" or the "Company") is happy to announce that a new loan of SEK 15 million has been granted from Scandinavian Credit Fund I AB for the purpose of financing the Company's operations, including the current Maly Patom exploration program. At the same time, the existing long-term loan of SEK 30 million was renegotiated and extended. The new repayment date is September 13, 2022.


KOPY GOLDFIELDS AB (publ) Delårsrapport januari-juni 2019

Finansiell information för första halvåret 2019

  • Bolaget rapporterar ingen omsättning
  • Intäkter från försäljningen av Kopylovskoye-projektet 2,9 MSEK (0)
  • Resultat efter skatt -0,6 MSEK (-9,3)
  • Summa totalresultat 2,9 MSEK (-4,3)
  • Resultat per aktie före och efter utspädning -0,01 SEK (-0,11)
  • Periodens kassaflöde uppgick till -8,7 MSEK (8,0), inklusive betalda räntor -2,8 MSEK (0) och upptagna lån 0 MSEK (15)
  • Investeringar i prospektering och licenser 0 MSEK (0,9)
  • Investeringar i joint venture 0 MSEK (0)
  • Likvida medel vid periodens utgång uppgick till 11,4 MSEK (13,8)

KOPY GOLDFIELDS AB (publ) Half Year Report January - June 2019

Financial information half year 2019

  • The Company does not report any revenue
  • Income from sale of the Kopylovskoye project MSEK 2.9 (0)
  • Net income MSEK -0.6 (-9.3)
  • Total comprehensive income MSEK 2.9 (-4.3)
  • Earnings per share before and after dilution SEK -0.01 (-0.11)
  • Total cash flow MSEK -8.7 (8.0), including paid interest of MSEK -2.8 (0) and new loans MSEK 0 (15)
  • Investments in exploration work and licenses MSEK 0 (0.9)
  • Investments into joint ventures MSEK 0 (0)
  • Cash and cash equivalents amounted to MSEK 11.4 (13.8) at period end

Kopy Goldfields påbörjar borrprogram i Maly Patom-projektet ("Norra Territoriet")

Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Bolaget") påbörjar ett borrprogram vid prospekteringsprojektet Maly Patom ("Norra Territoriet" eller "NT") som inriktar sig på guldfyndigheter vid en till tre tidigare identifierade guldanomalier.


Kopy Goldfields commences drilling program at the Maly Patom ("Northern Territories") project

Kopy Goldfields AB (publ) ("Kopy Goldfields" or "the Company") is commencing a drilling program at the Maly Patom ("Northern Territories" or "NT") exploration project targeting gold discoveries at one to three previously identified gold anomalies.


Nettonuvärdet (NPV) för Krasny varierar mellan 100 och 300 MUSD före skatt enligt ny preliminär förstudie

Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Bolaget") är glada att kunna presentera nya positiva resultat från den oberoende preliminära förstudien (eng: "scoping study") avseende företagets andel på 49 % i guldprojektet Krasny, som ligger i Irkutsk-regionen i Ryssland. Den preliminära förstudien, utförd av AMC Consultants Pty Ltd i Perth, Australien (AMC), omfattar flera produktionsscenarier för att utveckla Krasny-projektet, antingen som ett rent dagbrott eller som en kombination av dagbrott och underjordsgruva, med en årlig bearbetningskapacitet mellan 0,4 Mt (miljoner ton) och 3 Mt. Alla scenarier ger positiva NPV före tillämpning av potentiella skatteförmåner.


Net present value (NPV) for Krasny varies from MUSD 100 to MUSD 300 pre-tax according to new Scoping study

Kopy Goldfields AB (publ) ("Kopy Goldfields" or "the Company") is pleased to announce new positive results from the independent scoping study for its 49% stake in the Krasny gold project, located in the Irkutsk region of Russia. The scoping study, performed by AMC Consultants Pty Ltd from Perth, Australia (AMC), provides several production scenarios for developing the Krasny project either as an open pit alone, or combined open pit and underground mine, with annual processing plant throughput capacities varying from 0.4 Mt to 3 Mt. All scenarios would return positive NPVs before application of potential tax benefits.


Kommuniké från årsstämma i Kopy Goldfields

Årsstämma med aktieägarna i Kopy Goldfields AB (publ) har hållits i Stockholm den 29 maj 2019. Ordförande för stämman var Claes Levin.


Ändring av föreslagen revisor inför årsstämma i Kopy Goldfields den 29 maj 2019

Valberedningen i Kopy Goldfields AB (publ) ändrar sitt förslag till val av revisor inför årsstämman den 29 maj 2019. Till ny revisor föreslås det registrerade revisionsbolaget PwC.




Välkommen till årsstämma i Kopy Goldfields

Aktieägarna i Kopy Goldfields AB (publ), org nr 556723-6335, kallas till årsstämma onsdagen den 29 maj 2019, kl 10.00 i bolagets lokaler på Skeppargatan 27, 4tr, Stockholm. Inregistrering från kl 9.30.


Kopy Goldfields adderar en ny prospekteringslicens på 88 km2 till guldprospekteringsprojektet Maly Patom

Kopy Goldfields AB (publ) ("Kopy Goldfields" eller "Företaget") har förvärvat en ny prospekteringslicens vid namn "Polovinka". Licensen omfattar 88 kvadratkilometer och ligger i Bodaibo-området i Irkutsk-regionen i Ryssland. Den nya licensen gränsar till den redan ägda licensen "Gorbylyakh", som ingår i prospekteringsprojektet Maly Patom. Licensen täcker den potentiella utvidgningen av den tidigare identifierade guldanomalin i marken.


Kopy Goldfields adds a new exploration property of 88 sq. km to the Maly Patom gold exploration project

Kopy Goldfields AB (publ) ("Kopy Goldfields" or "the Company") has received a new exploration property called "Polovinka". The license covers 88 sq. km and is located in the Bodaibo area of the Irkutsk region of Russia. The new license borders the already owned property "Gorbylyakh", which is part of the Maly Patom exploration project, and covers the potential extension of the previously identified soil gold anomaly.


Bokslutskommuniké januari - december 2018

Finansiell information för andra halvåret samt helåret 2018

  • Bolaget rapporterar ingen nettoomsättning
  • Resultat efter skatt -34,5 MSEK (-5,6), för helåret -43,8 MSEK (-13,9)
  • Summa totalresultat -0,9 MSEK (-2,6), för helåret -5,1 MSEK (-11,9)
  • Resultat per aktie före och efter utspädning -0,40 SEK (-0,07), för helåret -0,52 SEK (-0,17)
  • Periodens kassaflöde uppgick till 6,3 MSEK (0,1), för helåret 14,2 MSEK (-4,8)
  • Investeringar i prospektering och licenser 1,6 MSEK (2,2), för helåret 2,5 MSEK (2,3)
  • Investeringar i joint venture 5,1 MSEK (8,5), för helåret 5,1 (8,5)
  • Likvida medel vid periodens utgång uppgick till 20,1 MSEK (5,9)
  • Styrelsen föreslår att ingen utdelning lämnas

Year End Report January - December 2018

Financial information July - December and full year 2018

  • The Company does not report any revenue
  • Net income MSEK -34.5 (-5.6), full year -43.8 (-13.9)
  • Total comprehensive income MSEK -0.9 (-2.6), full year -5.1 (-11.9)
  • Earnings per share before and after dilution SEK -0.40 (-0.07), full year -0.52 (-0.17)
  • Total cash flow of MSEK 6.3 (0.1), full year 14.2 (-4.8)
  • Investments in exploration work and licenses MSEK 1.6 (2.2), full year 2.5 (2.3)
  • Investments into joint ventures MSEK 5.1 (8.5), full year 5.1 (8.5)
  • Cash and cash equivalents amounted to MSEK 20.1 (5.9) at period end
  • The Board of Directors proposes that no dividend is paid

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