Granting of Zone III PFA

RNS Number : 8844J

Griffin Mining Ld

29 December 2020

 

8th Floor, Royal Trust House, 54-56 Jermyn Street, London. SW1Y 6LX, United Kingdom

Telephone: + 44 (0)20 7629 7772  Facsimile:  + 44 (0)20 7629 7773

E mail: [e-mail]

Granting of Zone III PFA

27% Increase in Caijiaying Production Profile

29^th December 2020

Griffin Mining Limited ("Griffin" or the "Company") is very pleased to announce that following 2 years of capital development and the installation of relevant underground services, the Chinese Safety Bureau has granted the 3^rd Stage Zone III Project Final Acceptance Permit ("PFA"). This significant milestone extends the underground mineable ore zone at the Caijiaying Mine from the current 1175mRL down to the 1000mRL. This will enable the underground operations in Zone III to profitably extract 1.1 million tonnes of Zinc-Gold ore per annum beginning 2021 compared to the 820,000 tonnes of ore expected to be mined in 2020. This represents a 27% increase in mineable ore production per annum.

Chairman Mladen Ninkov said "The successful securing of the 3^rd Stage Zone III PFA is a quantum step  achievement for the Company as it provides a solid production foundation on which the Caijiaying Mine can sustainably continue to increase the Zinc-Gold ore production profile to its already completed 1.5mtpa processing facilities. We now await the granting of the new Zone II mining licence to increase the production profile even further and fulfil the promise recognized by the shareholders by the Company's initial discovery at Caijiaying."

Further information

Griffin Mining Limited  Telephone: [phone]

Mladen Ninkov - Chairman 

Roger Goodwin - Finance Director

Panmure Gordon (UK) Limited   Telephone: [phone]

  John Prior

Berenberg  Telephone: =44(0)20 3207 7800

  Mathew Armitt

  Jennifer Wyllie

  Deltir Elezi

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014

Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM).

The Company's news releases are available on the Company's web site: www.griffinmining.com

 

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