Recommencement of Caijiaying Mine Operations

RNS Number : 7753D

Griffin Mining Ld

24 October 2022

 

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]

Third Quarter Production

Recommencement of Operations at the Caijiaying Mine

24^th October 2022

Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce its production results for the three months to the 30^th September 2022. These results were achieved despite the enforced suspension in operations at the Caijiaying Mine from 23^rd September 2022, as announced on 20^th September 2022, due to the Plenary Session of the Communist Party Central Committee and the Chinese Communist Party's 20th Party Congress.

		3 months to 30th  September 2022	3 months to 30th June 2022	3 months to 30th  September 2021
Ore mined	Tonnes	267,304	338,790	306,966
Ore processed	Tonnes	309,465	329,390	291,737
Zinc in concentrate Produced	Tonnes	11,591	13,189	11,607
Gold in concentrate produced	Ozs	3,080	3,504	3,848
Silver in concentrate produced	Ozs	85,612	79,246	68,549
Lead in concentrate produced	Tonnes	373	345	304
Average zinc price received per tonne	US$	2,292	2,886	2,258
Average gold price received per oz	US$	1,661	1,788	1,693
Average silver price received per oz	US$	15.7	18.1	19.6
Average lead price received per tonne	US$	2,097	2,323	2,304

Overview

Mining and processing were maintained at the equivalent annualised rate of over 1.3 million tonnes of ore per annum, all extracted from Zone III, up until the suspension in operations from 23^rd September 2022

Recommencement of Operations at the Caijiaying Mine.

The relevant Chinese authorities have advised the Company that operations at the Caijiaying Mine may resume on the 26^th October 2022. It is anticipated that operations will commence, as previously announced, on the 1^st November 2022 once government restrictions have been fully eased and explosives received.

Chairman Mladen Ninkov commented , "Despite being suspended for a quarter of the month of September, the Caijiaying Mine continues to show its resilience and produce excellent results when extrapolated on an annualised basis. We all look forward to the re-start of operations and a clear run of production through the remainder of 2022 and 2023.  Congratulations to all involved in achieving these results and the care and maintenance of the Caijiaying Mine during the closed period."

About Griffin Mining Limited 

Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited owns and operates through its 88.8% owned Joint Venture in China  the Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and lead metals in concentrates. For more information, please visit the Company's website griffinmining.com.

Further information

Griffin Mining Limited

Mladen Ninkov - Chairman  Telephone: [phone]

Roger Goodwin - Finance Director

Panmure Gordon (UK) Limited   Telephone: [phone]

  John Prior

  Dougie McLeod

Berenberg    Telephone: [phone]

    Matthew Armitt

Jennifer Wyllie

Deltir Elezi

BlytheRay

  Tim Blythe  Telephone: [phone]

Swiss Resource Capital AG

  J ochen Staiger  Telephone: [phone]

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

 

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