REPLACEMENT RECORD SECOND QUARTER PRODUCTION

RNS Number : 6634R
Griffin Mining Ld
07 July 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: griffin@griffinmining.com

 

The following amendments have been made to the 'Record Second Quarter Production' announcement released on 07.07.2022 at 07.00 under RNS No 5884R.

 

Further to the announcement this morning Griffin Mining Limited ("Griffin" or the "Company") announces that the gold price received per ounce and lead price per tonne for the 3 months to June 2022 should have read $2,323 and $1,788 respectively.

 

All other details remain unchanged.

 

The full amended text is shown below.

 

CORRECTION TO RECORD SECOND QUARTER PRODUCTION ANNOUNCEMENT

 

Zone II Mine Plan Approval Update

 

7th  July 2022

 

Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce record production results for the three months to the 30th June 2022, achieved after the successful recommencement of operations following the enforced suspension of all operations in the first quarter of this year for the Chinese Lunar New Year holiday celebrations, the 2022 Winter Olympics and the subsequent Winter Paralympics.

 

 



3 months to 30th  June 2022

3 months to 31st March 2022

3 months to 30th  June 2021

Ore mined

Tonnes

338,790

17,975

277,112

Ore processed

Tonnes

329,390

8,649

275,576

Zinc in concentrate Produced

Tonnes

13,189

268

11,645

Gold in concentrate produced

Ozs

3,504

1,474

4,080

Silver in concentrate produced

Ozs

79,246

168

81,098

Lead in concentrate produced

Tonnes

345

7

327

Average zinc price received per tonne

USD

2,886

-

2,224

Average gold price received per oz

USD

1,788

-

1,684

Average silver price received per oz

USD

18.1

-

20.4

Average lead price received per tonne

USD

2,323

-

2,026

 

 

Overview

Record ore mined, hauled and processed and record zinc metal in concentrate produced was achieved in the second quarter of 2022 at the annualised equivalent rate of circa 1.3 million tonnes of ore mined and processed.

Whilst Covid-19 restrictions remained in force throughout China, the sale and transport of metal in concentrate, services and supplies to the Caijiaying Mine have continued with minimal impact to operations.

Mining and processing have now reached the equivalent of over 1.3 million tonnes of ore per annum, all of which has been extracted from Zone III. Zone II not yet been placed into production.  

 

Zone II Mine Plan Approval

 

The Zone II Safety Facility Design (the "Mine Plan") was completed for the mineral resources located in the upper part of Zone II between the 1420RL and 1340RL by the Company, in conjunction with the industry-leading Chinese design institute ENFI, in accordance with the guidance issued by the Hebei Provincial Emergency Response Bureau (the "Bureau"), and was submitted to the Bureau in June 2022 to allow for the commencement of Zone II development in July 2022.

 

The recent meeting of the Bureau to consider the Mine Plan interpreted the 4th Recommendation of the National Mine Safety Bureau to include a detailed design for all of Zone II to the 1000RL and the installation of all safety facility designs and access to the 1000RL, greatly expanding the scope of the project. 

 

Consequently, the Company immediately began an expansion of its current Mine Plan to extend it to the 1000RL to accommodate the Bureau's ruling. The new revised Mine Plan will be reconsidered by the Bureau at the end of September should there be no additional travel restrictions imposed due the COVID-19 pandemic. 

 

Although this is a material change in the scope of works for Zone II and is estimated to delay the Zone II Mine Plan approval by 3 months, this is more than offset by the opportunity to have the entire resource contained within Zone II included within an approved Mine Plan allowing advanced access for diamond definition drilling ensuring the long-term security of production without the continual need for ongoing approvals.

 

It is not expected to affect  throughput for 2022 or 2023.

 

Chairman Mladen Ninkov commented , "I would firstly like to congratulate all the staff and contractors who have delivered such an extraordinary second quarter result for the Company.  It augurs well for the remainder of the year ahead and for 2023. Secondly, in the terms of the Mine Plan delay, what at first seemed like a dark cloud and yet another delay on a licencing matter in China, having not forgotten the long delays experienced in obtaining the Zone II mining licence, has in fact delivered the figurative silver lining with the Company now being able to obtain the Mine Plan approval for the total known mineral resource on all levels of Zone II. This is quite a win for the Company. I look forward to further announcements as the year progresses."

 

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 giffinmining.com.



Further information

 

Griffin Mining Limited

Mladen Ninkov - Chairman  Telephone: +44(0)20 7629 7772

Roger Goodwin - Finance Director

 

Panmure Gordon (UK) Limited   Telephone: +44 (0)20 7886 2500

  John Prior

  Ailsa MacMaster

 

Berenberg    Telephone: +44(0)20 3207 7800

    Matthew Armitt

Jennifer Wyllie

Deltir Elezi

 

BlytheRay

  Tim Blythe  Telephone: +44(0)20 7138 3205

 

Swiss Resource Capital AG

  J ochen Staiger  Telephone: +41 (0)71 354 8501

 

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

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