Bellzone Mining says no plans for further capital expidenture

26th Jul 2013 14:33

Bellzone Mining moved to soothe investors' concerns over its funding position on Friday, saying its cash balance would hold it over until the second half of 2014.Chief Executive Glenn Baldwin said there were no immediate plans for further capital expenditure now that it had completed drilling at the Kalia progect in the Republic of Guinea for the upcoming optimisation study."We are excited about the prospect of releasing the Kalia optimisation study and the resultant certainty that comes with a reserve statement verified by an independent JORC expert," he said in a statement at the company's annual general meeting. Baldwin also said the company expects to reach its 800,000 to 1.0m tonne guidance, as set out in March, for its Forécariah joint venture (JV).The shipping schedule has been affected by a delay to the final commissioning date of the wet processing plant but Baldwin said the JV is working to resolve the problems."We will continue to monitor the shipping targets carefully and if we believe the shipping targets are not achievable, we will advise the market accordingly," he added.Shares fell 2.09% to 3.75p at 14:47 on Friday.RD