Resource Statement
08 Januar 2007 - 8:01AM
UK Regulatory
RNS Number:0795P
Griffin Mining Ld
08 January 2007
GRIFFIN MINING LIMITED
60 St James's Street, London SW1A 1LE, United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773
E mail: griffin@griffinmining.com
8th January 2007
SUBSTANTIAL REVISED JORC MINERAL RESOURCE FOR ZONE III AT CAIJIAYING
INCREASE
1.2 TO 3.0 MILLION TONNES OF ZINC METAL
0.2 TO 1.6 MILLION OUNCES OF GOLD
13.9 TO 53.7 MILLION OUNCES OF SILVER
Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce a
substantial upwards resource revision following its first 18 months of
operations at its Caijiaying Mine in the People's Republic of China. The
results lift the contained metal in situ from approximately 1.2 to 3.0 million
tonnes of zinc metal, from 0.2 to 1.6 million ounces of gold and from 13.9 to
53.7 million ounces of silver.
The Company has now completed approximately 52,700 m of underground diamond
drilling. The underground drilling used to re-estimate the resource covers less
than 15% of the entire resource area originally defined for the mining
feasibility study in 2002.
The updated resource figures confirm the recent announcement to increase mine
production to 750,000 tonnes of ore per annum by 2008.
Significantly, the resource for silver and gold indicates that the inclusion of
a precious metals circuit will generate significant cash flows for the Company.
The 2006 Mineral Resource was estimated at a zinc cut-off of 1%. Tabled below
is the summary of the recent up-dated 2006 Mineral Resource for the grade
control drilled mine area plus the 2002 Mineral Resource for the non grade
control drilled mine area at both a 1% and 4% cut-off grade. The aggregate
resource is calculated by adding both the 2006 and 2002 resource estimates at a
1% cut-off grade.
Micromine 2002 Mineral Resource Estimate (Non Grade Control Drilling)
Category Cut Tonnes Metal Grade Contained Metal
-off Millions Zinc % Gold g/t Silver g/t Zinc million Gold million Silver
tonnes Oz million Oz
Indicated 1% 40.32 4.3 0.7 20 1.67 0.95 29.53
Inferred 1% 34.29 2.9 0.5 13 0.93 0.56 18.25
Total 1% 74.60 3.6 0.6 17 2.60 1.51 47.78
Indicated 4% 13.72 7.9 0.8 32 1.09 0.33 13.97
Inferred 4% 4.89 8.5 0.5 31 0.42 0.09 4.82
Total 4% 18.61 8.1 0.7 32 1.51 0.42 18.79
FinOre 2006 Mineral Resource Estimate (Grade Control Drilling)
Category Cut Tonnes Metal Grade Contained Metal
-off Millions Zinc % Gold g/t Silver g/t Zinc million Gold million Silver
tonnes Oz
million Oz
Measured 1% 1.52 6.8 0.5 37 0.10 0.02 1.81
Indicated 1% 3.22 5.7 0.6 33 0.18 0.06 3.42
Inferred 1% 0.89 4.5 0.6 22 0.04 0.02 0.65
Total 1% 5.63 5.8 0.6 32 0.32 0.10 5.88
The information in this report that relates to the Mineral Resource estimates
for the 2006 grade control drilled areas is based on information compiled by
Mr C Fawcett BSc (Hons),G Dip Eng, MAusIMM, of FinOre Pty Ltd and the
information relating to the 2002 non grade control drilled area by Mr D Pertel
of Micromine Consulting Ltd. Mr Fawcett is a Member of The Australasian
Institute of Mining and Metallurgy and Mr Pertel is a Member of the Australian
Institute of Geoscientists. Both Mr Fawcett and Mr Pertel have sufficient
experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity which they are undertaking to qualify as
a Competent Person as defined in the 2004 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves' (the JORC
Code). Mr Fawcett consents to the inclusion in the report of the matters based
on his information in the form and context in which they appear.
Chairman Mladen Ninkov commented "The new resource statement reaffirms the world
class size of the current orebody which will be extracted at a higher rate with
the planned production increase in 2007 and 2008. Caijiaying continues to
impress and excite all those associated with it."
Further information
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Griffin Mining Limited
Adrian Hadden / Christopher Rollason Telephone: +44(0)20 7523 8353
Collins Stewart Europe Limited
Hugo de Salis Telephone: +44(0) 20 7242 4477
St Brides Media & Finance Ltd
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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