DGAP-Adhoc: Pearl Gold AG: Current company situation Pearl

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News Desk 2018

Aug 23, 2013 at 10:00 AM

DGAP-Adhoc: Pearl Gold AG: Current company situation

Pearl Gold AG / Key word(s): Miscellaneous 23.08.2013 15:56 Dissemination of an Ad hoc announcement according to Â§ 15 WpHG, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Current company situation - Financing for optimization necessary - Appointment of an operator planned Frankfurt, 23.08.2013. Pearl Gold AG(ISIN:DE000A0AFGF3). Despite the positive improvement in the selection of ore in July - the gold grade of treated ore was nearly four times that of the previous month - the results of production continue to remain unsatisfactory. For this reason, Wassoul'Or SA has consulted geology specialists recommended by the consulting companies that have been advising the company since March. Initial inspections have shown that the current geological model is misleading and suggests that an alternative selective extraction method could improve production efficiency and move the mine towards realisation of its full potential. Due to the fact that Wassoul'Or's liquidity does not cover the costs necessary for the execution of the intensive sampling program required to validate the amended geological model and other investments necessary to achieve the production goals, the company has consulted financial advisors to discuss different financing possibilities. Notwithstanding the redevelopment of the extraction processes and those improvement measures which have already been initiated and are currently running, Wassoul'Or has made a proposal to its shareholders to hand over the management of the mine to an external operator. Pearl Gold welcomes this decision which corresponds to the original concept. However, the military turmoil in Mali at the beginning of last year at a crucial stage in the mine's development led the Canadian operator to withdraw their personnel and this has had a negative influence on the productivity of the mine up to today. Talks have already been initiated with several firms and a decision is expected within three months. Pearl Gold AG Pearl Gold AG is a project developer and active investor listed in the General Standard of the Frankfurt Stock Exchange, based in Frankfurt. The company focuses on investments in West African exploration and mining corporations, especially in the field of gold and other precious metals. The first investment of Pearl Gold is the Malian mining company Wassoul'Or, in which Pearl Gold has a stake of 25 per cent. Wassoul'Or concentrates on the exploration and production of gold and runs the KodiÃ©ran gold mine in the South of Mali. For further information as well as the securities prospectus visit http://www.pearlgoldag.com For Inquiries: MSL Financial Press@pearlgoldag.com Tel: +49 (0) 69 6612456 8327 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: Certain information included in this news release constitutes 'forward-looking statements'. The words 'expect', 'plan', 'will', 'intend', 'estimate' and similar expressions identify forward-looking statements. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The Pearl Gold AG cautions the reader that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from the Company's estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. These risks, uncertainties and other factors include, but are not limited to, risks associated with the mining industry such as government regulation, environmental and reclamation risks, title disputes or claims, success of mining activities, future commodity prices, costs of production, possible variation in mineral reserves, mineral resources, grade or recovery rates, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, the timing of estimated future production, capital expenditures, financial market fluctuations, requirements for additional capital, conclusions of economic evaluations, limitations on insurance coverage, risks associated with using third-party contractors and inflation. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. 23.08.2013 DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Pearl Gold AG An der Welle 4 60322 Frankfurt Germany Phone: +49 (0) 69 7593 8587 Fax: +49 (0) 69 7593 8200 E-mail: info@pearlgoldag.com Internet: www.pearlgoldag.com ISIN: DE000A0AFGF3 WKN: A0AFGF Listed: Regulierter Markt in Frankfurt (General Standard) End of Announcement DGAP News-Service ---------------------------------------------------------------------------

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