Kryso Resources
Kryso Resources was admitted to the AIM in December 2004 to continue funding the development of the Pakrut Gold Deposit and acquire other gold and base metal deposits in Tajikistan and elsewhere in Central Asia. The Company's executive directors have a proven track record of operating in Tajikistan are the first foreign company to obtain a 100% interest in a mining and exploration project in the country. Pakrut is located in the Tien-Shan Belt - which has the second largest known gold resource after the Witwatersrand in South Africa.
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Kryso appoints Beijing General Research Institue of Mining & Metallurgy for Tajiki gold project
Shares in Kryso Resources jumped 11% this morning after the company said it had appointed Beijing General Research Institute of Mining & Metallurgy (‘BGRIMM') to complete the all important bankable feasibility study at the Pakrut Gold Project in Tajikistan.
The Pakrut gold project is Kryso Resources flagship asset, which sits at the centre of a large licence area of some 6,300 hectares, alongside a number of other smaller mineralised systems. Currently hosting 2 million ounces of gold, over half of which is JORC compliant measured and indicated resources.
BGRIMM brings a lot to the table for Kryso Resources. It has been involved in a number of engineering contracts for substantially larger companies beforehand, including Kazakhmys (LSE: KAZ) and SinoGold (ASX: SGX). BGRIMM's task will be to "build on" work completed by Kryso's other consultants and complete the BFS "in a timely and cost effective manner."
The BFS is scheduled to be completed by the end of this year, and is studying an operation that would produce in excess of 100,000 ounces of gold per annum at a cash cost of approximately US$300/ounce.
First gold production at Pakrut is targeted for 2011.
"The appointment of the BGRIMM, which has an excellent track record of assisting with the development of significant mining projects in a wide range of countries, will enable Kryso to complete a high quality BFS for Pakrut project in a timely and cost effective manner," commented Trevor Davenport, Non-Executive Chairman of Kryso Resources.
