Analyst Research Report Snapshot






Edison Investment Research


28 May 2012





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Goldplat has almost doubled its JORC compliant resource at its Kilimapesa gold mine in Kenya. The additional 118,173oz contributed is from the Red Ray target some two kilometres east of the plant site and based on 13 diamond drill holes averaging 50m per hole equating to a total of 651m. The drilling programme at Red Ray has proved a strike length of 1km open to the east and west. Goldplat now intends to double this resource to achieve its aim of delineating 500,000oz at Kilimapesa and ensure that it carries sufficient gold reserves so as to produce at a rate of 10,000oz Au per year from FY13. With ongoing drilling at Kilimapesa, management expects the 500,000oz to be delineated by the end of the calendar year resulting in a further catalyst for value generation for Goldplat in FY12 (see our 3 April 2012 update note).

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