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Crushing Plant

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tally | kolar gold limited - final results, board changes

The Company recorded a loss after tax for the year ended 30 June 2015 of £1,254,716, (2014: loss after tax of £5,621,538). As at that date the Company had £1.4 million in cash and term deposits (2014: £3.4 million)

·    a Right of First Refusal, in association with  the Cooperative Societies of Bharat Gold Mines Limited ("BGML") ex-employees, to acquire the BGML mining assets at Kolar through a tender process to be held by the owner, the Government of India;

Kolar Gold's strategy from the outset has been to focus on building an Indian gold exploration and mine development company. It has been progressing this plan through its significant investment in Geomysore Services (India) Private Limited ("GMSI") and by pursuing its proposed acquisition of Bharat Gold Mines Limited, jointly with the BGML Gold Mine ex-employee united unions, to revive the historic BGML gold mine ("BGML Gold Mine"), which is located in the Kolar Gold Fields. However, both of these initiatives have taken significantly longer to progress than was originally foreseen. The environment for undertaking mine exploration and development in India is complex and sensitive and every step is very time consuming with many vested interests needing to be accommodated on an ongoing basis. Previously anticipated changes to the regulatory and business environment of the mining sector are still yet to materialise, despite the initial optimism following the election of the new government in May 2014 and its desire to attract more foreign direct investment. Kolar Gold's ability to continue with its current strategy is constrained given its present cash resources and the current equity market environment for junior exploration and mining companies in London, where the Company's shares are quoted

tally | kolar gold limited - final results, board changes

Kolar Gold has a 23.5 per cent shareholding in GMSI.  GMSI is progressing with further exploration and appraisal work to assess the feasibility, scale and timing of building a producing gold mine at Jonnagiri, for which GMSI has been granted a 30 year mining licence to mine 365,000 tonnes of gold ore per year.   Over the past 12 months a concerted drilling campaign has been undertaken at Jonnagiri totalling 15,800 metres in order to enhance the resource base and improve its definition. A Competent Person's Report on the drilling results is now expected in January 2016. A full assessment of the prospects for this mine and likely timing to reach production will not be known until March 2016 at the earliest once a pre-feasibility study has been prepared. However, GMSI will require further funding by early 2016, which it is seeking to procure from its shareholders, and Kolar Gold will assess its options and the attractiveness of investing further in GMSI following the availability of the assessment of the recent drilling results in January 2016. Any further investment in GMSI will require Kolar Gold to raise additional funds

In November 2014 Kolar Gold was granted an option to invest a further US$2 million (£1.34 million) in GMSI within 12 months at the same valuation as the most recent round of funding, which was priced at the end of 2014 at a pre new money valuation of $18 million (£12.08 million). The option term expired during November 2015 but as the drilling programme and resource assessment has taken longer for GMSI to complete than expected, Kolar Gold is seeking to reinstate it with an expiry date of 30 April 2016. Exercise of this option, if reinstated, would be subject to Kolar Gold raising further capital

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