La Mancha gains majority interest in its Ivoirian Ity mine
This deal reaffirms our commitment to develop and grow our Ivorian operation. We are now ideally positioned to continue the efforts launched since the privatization of La Mancha in August 2012, aimed at not only increasing the Ity mine's current productivity but also at ensuring the long-term sustainability of the operation. These management efforts are already showing significant results as Ity's gold production soared over 50 percent in 2013, compared with the previous year, to reach roughly 82,000ounces at first tier cash costs. Furthermore, in light of the excellent exploration results received from the ongoing extensive drilling campaign, we have recently launched a pre-feasibility study for a CIL plant. While the Ity mine has already been in production for over 20 years, we are confident that the significant efforts and investments currently underway should provide are newed life.
La Mancha implements its growth strategy in Australia: acquires Frog's Leg's minority stake and launches own mill
Only five months since the buy-out of the La Mancha Group, we are moving rapidly towards becoming a strong mid-tier gold producer. This deal marks a key milestone for La Mancha's new development strategy, which aims to increase the current gold production four-fold to reach 500,000 ounces per year by 2016. We have now reached the critical size to launch the construction of our own processing plant, thereby setting up the platform to continue to develop our mining assets in Australia.
LA MANCHA ANNOUNCES COMPLETION OF COMPULSORY ACQUISITION BY WEATHER II
The La Mancha Shares have been delisted from the Toronto Stock Exchange ("TSX") at the close of business (Toronto time) on November 12, 2012 and from the Deutsche Börse AG ("DTB") at the close of business (Frankfurt time) on November 12, 2012. La Mancha intends to apply to the relevant securities commissions for it to cease to be a reporting issuer in all applicable jurisdictions in Canada following the delisting from the TSX and DTB.