OPERATIONAL UPDATE
During the quarter, the Company completed the acquisition of Andash Mining Company, (“AMC”), the holder of the Andash Copper-Gold project (“Andash”) in the Kyrgyz Republic from KGL Resources Limited (“KGL”) (ASX:KGL). The consideration was for a total of $15m cash. The acquisition was funded through a combination of proceeds from a fully underwritten rights issue, a further sell down of the Romang Island project, a loan and existing Robust cash reserves.
The Andash project published JORC (2004) Probable Ore Reserves are 540 thousand ounces of gold and 140 million pounds of copper with significant exploration upside. A Definitive Feasibility Study (DFS) has been completed and an existing team of local mining and exploration professionals have been retained to progress the Project’s development. The acquisition also included a valuable multi-million dollar inventory of mining plant and equipment already deployed in the Kyrgyz Republic.
On September 5, the Company entered into a binding Heads of Agreement with KGL to farm-in to the Bashkol gold-copper tenement in the northwest of the Kyrgyz Republic. Under the terms of the agreement, Robust has been granted a sole and exclusive right to earn up to a 70% ownership interest in the Bashkol tenement.
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