China Gold International Resources Co. Ltd. Provides Preliminary 2018 Production Results and 2019 Outlook
VANCOUVER, British Columbia, Feb. 07, 2019 (GLOBE NEWSWIRE) -- China Gold International Resources Co. Ltd. (TSX:CGG; HKEx:2099)(“China Gold International Resources ”or the “Company”) is pleased to provide preliminary full year production results for 2018 and announce annual production guidance for 2019.
2018 Production Highlights - Gold:
|•||The consolidated gold production from both of the Company’s mines was approximately 215,000 ounces, representing a decrease of approximately 9% compared to 2017. This exceeds more than 34% of the previously forecasted production guidance of 160,000 ounces disclosed at the beginning of 2018. Where,|
• gold production of approximately 70,000 ounces from the Jiama Copper-Gold Polymetallic Mine (“Jiama Mine”), representing a 47.3% increase compared to 2017.
• gold production of approximately 145,000ounces from the Chang Shan Hao Gold Mine (“CSH Mine”), representing a 22% decrease compared to 2017.
2018 Production Highlights - Copper:
- Copper production was approximately 121.3 million pounds from the Jiama Mine, representing an increase of approximately 54% compared to 2017. This exceeds more than 21% of the previously forecasted production guidance of 100 million pounds disclosed at the beginning of 2018.
Guidance Highlights for 2019:
- The Company anticipates production of approximately 210,000 ounces of gold in 2019.
- The Company anticipates production of approximately 132 million pounds of copper in 2019.
The Company’s CEO, Mr. Liangyou Jiang, said, “Our operating results indicate a solid year overall in 2018. The company exceeded gold and copper production guidance range forecasted at the beginning of 2018 under extremely difficult conditions, I am proud of our team. In the New Year, the company will focus on improving the processing plant recovery and reducing costs. At the same time, we will put more effort on exploration project to locate high grade resources, be well prepared for Jiama to reach its full design capacity and for CSH to Increase profitability.”
Final Year-End 2018 Results
China Gold International Resources expects to report its detailed 2018 Year-End financial statements are scheduled to be released on March 28, 2019. 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 is based in Vancouver, BC, Canada and operates both profitable and growing mines, the CSH Mine in Inner Mongolia, and the Jiama 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).
Cautionary Note About Forward-Looking Statements
Certain information regarding China Gold International Resources contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although China Gold International Resources believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. China Gold International Resources cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what China Gold International Resources currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.