China Gold International Resources Provides Preliminary 2017 Production and Guidance and 2018 Outlook
VANCOUVER, British Columbia, Jan. 31, 2018 (GLOBE NEWSWIRE) -- China Gold International Resources Corp. Ltd. (TSX:CGG) (HKEx:2099) (“China Gold International Resources” or the “Company”) is pleased to provide preliminary guidance on 2017 operating and production results at both of its mines and announce its goals for 2018.
2017 Production Highlights - Gold:
- Gold production of 186,957 ounces from the Chang Shan Hao Gold Mine (“CSH Mine” or “CSH”), slightly increased from 185,052 ounces produced in 2016;
- Gold production of 47,710 ounces from the Jiama Copper-Gold Polymetallic Mine (“Jiama Mine” or “Jiama”), representing an 82% increase compared to 2016;
- The Company’s consolidated gold production from both mines was 234,667 ounces, exceeding previously announced annual production guidance of 218,700 ounces by 15,967 ounces or 7%.
2017 Production Highlights - Copper:
- Copper production of 79,021,963 pounds from the Jiama Mine, achieving previously announced annual production guidance of 79 million pounds, and representing a 96% increase from 40,391,851 pounds in 2016.
Jiama - Operations Update:
As previously announced, the Jiama Mine Phase II, Series I expansion commenced commercial production as of December 31, 2017. As a result, the ore processing capacity at the Jiama Mine has increased to 28,000 tonnes per day from the previous capacity of 6,000 tonnes per day. 2017 is the seventh straight year of increased production at the Jiama Mine. The Company is focused on continuing with Series II of the Phase II expansion.
CSH - Operations Update:
In the 2nd half of 2017 there were a series of wall failures on one side of the pit at the CSH Mine leading to short term interruptions of mining activities. 2017 production was not significantly impacted. The Company is conducting studies to develop remediation plans to address the slope stability issues. In the interim, the Company's first duty is to curtail mining operations where the pit wall is unstable in order to protect its personnel. 2018 production estimates have been reduced accordingly.
2018 Production Outlook:
- In 2018 the Company’s Jiama Mine is expected to produce approximately (i) 100 million pounds of copper; and (ii) 48,000 ounces of gold.
- The Company’s CSH Mine is expected to produce about 112,000 ounces of gold in 2018.
- The Company’s consolidated gold production from both mines will be 160,000 ounces.
Mr. Bing Liu, CEO of the Company, commented, "The Company is pleased to commence commercial production at Phase II Series I of the Jiama Mine expansion and is pleased to hit its production targets for 2017. For 2018 the Company will benefit from the expansion at Jiama and will continue to work through the challenges at CSH to deliver value to shareholders. ”
Final Year-End 2017 Results
China Gold International Resources expects to report its detailed Year-End 2017 financial and operating results on March 29, 2018 and the results will be available on the Company’s website and SEDAR. In connection with the release, management will hold its annual roadshow and an announcement event to discuss year-end results and performance.
About China Gold International Resources
China Gold International Resources Corp. Ltd. is based in Vancouver, BC, Canada and operates both profitable and growing mines, the CSH Gold Mine in Inner Mongolia, and the Jiama Copper-Polymetallic Mine in Tibet Autonomous Region of the People’s Republic of China. The Company’s objective is to continue to build shareholder value by growing production at its current mining operations, expanding its resource base, and aggressively acquiring and developing new projects internationally. The Company is listed on the Toronto Stock Exchange (TSX: CGG) and the Main Board of The Stock Exchange of Hong Kong Limited (HKEx: 2099).