VANCOUVER, June 15, 2015 /PRNewswire/ - Golden Queen Mining Co. Ltd. (the "Company") (TSX:GQM; OTCQX:GQMNF) is pleased to provide the following update on activities currently underway and planned for the remainder of 2015 to advance its 50%-owned Soledad Mountain Project (the "Project") to commissioning and production.
Top Up Contribution
Pursuant to the joint venture agreement with Gauss, LLC, the Company elected to make a top-up contribution to Golden Queen Mining Company, LLC ("GQM, LLC") in the amount of US$12,500,000. Our joint venture partner, Gauss LLC, provided an equal amount, and the aggregate amount of US$25,000,000 is anticipated to provide GQM, LLC with the necessary funds to fully develop the Project. Both partners will maintain their 50% ownership in the Project.
Status of Turn-Key Projects
The Project is advancing on time and on budget. The Company is targeting the commissioning of the processing facilities during the fourth quarter of 2015.
Workshop & Warehouse – The workshop-warehouse was fully equipped in the first quarter of 2015. The building includes the engineering offices and we have received provisional occupancy permits from Kern County. The workshop-warehouse is now fully functional.
Assay Laboratory – The assay laboratory building was completed on time and on budget in March. The installation of the bag houses and ductwork for emissions control was completed in May. The laboratory is currently being equipped and the final electrical hook-up and ventilation balancing is taking place. The laboratory will be commissioned toward the end of June.
Phase 1, Stage 1, Heap Leach Pad – The earthmoving phase, which includes the heap leach pad, the events pond, and the solution conveying channel, was completed in the first quarter of 2015. Liner installation in the events pond and solution conveying channel was completed in May and the heap leach pad liner installation is anticipated to be completed in August. Overliner material is being crushed and placed on the liner on the heap leach pad.
Crushing-Screening Plant – The Hilfiker wall in the primary crusher area was completed on time and on budget in January 2015. The erection of the primary crusher steel structure started in May. The structural steel and equipment for both the primary and secondary crusher areas has been delivered. The construction of the Hilfiker retaining wall in the HPGR area started in May and is expected to continue throughout June. Detailed designs for the HPGR area including the foundations were completed in May. We anticipate that the HPGR will be ready for shipment in mid-July.