17 July 2013
Kolar Gold Ltd
('KGL' or the 'Company')
BGML Mines Tender Update
Kolar Gold Ltd (AIM: KGLD) today provides an update to the announcement made on Thursday 11 July 2013 relating to media reports that the Supreme Court of India had instructed the Government of India to proceed with the tender sale and mine revival of the historic Bharat Gold Mines Limited ('BGML') gold mines at Kolar Gold Fields.
KGL is pleased to report that the written order (the "Order") from the Supreme Court of India has been published and the Order recommends that the Government of India should initiate a global tender for the revival of the BMGL gold mines. Information outlined in the Order was in line with the board's expectations. KGL, in conjunction with local partners and the BGML ex-employees, will now take steps towards preparing a counter offer bid that will meet the requirements of the tender document, which is currently being finalised by the Indian Mines Ministry.
Further updates on the process will be announced in due course.
Kolar Gold Limited
+617 3846 0211
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James Maxwell / Jenny Wylie
+44 20 7496 3000
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+44 20 7786 4370
+44 20 7920 3150