NEW MINE AT CAIJIAYING
07 April 2008 - 9:01AM
UK Regulatory
RNS Number:6944R
Griffin Mining Ld
07 April 2008
Griffin Mining Limited
NEW MINE DISCOVERED AT CAIJIAYING
JORC RESOURCE FOR NEW DISCOVERY COMPLETED
Griffin Mining Limited ("Griffin" or "the Company"), is pleased to announce the
discovery of a new, economically extractable, mineral discovery at Zone II at
Caijiaying, only 1.5km from the current Caijiaying processing facilities and
over which a maiden Mineral Resource estimate to JORC reporting standards has
already been calculated.
Summary:
* New mine discovered at Caijiaying
* Only 1.5km from current processing facilities
* JORC Resource already defined
* Significant exploration potential with 1.1 kms between Zones II & III
mineralized and yet to be drilled
Drilling conducted during 2007 has defined a Total Mineral Resource estimate at
Zone II of 5.49 million tonnes of 3.2% zinc ("Zn"), 0.6% Lead ("Pb"), 0.3 grams
per tonne ("g/t") gold ("Au") and 24 g/t silver ("Ag"). This estimate was based
on ordinary Kriging and a cutoff of greater than or equal to 1% zinc. Gross*
contained metal in situ based upon these estimates for both indicated and
inferred resources include; 176,000 tonnes zinc; 53,000 ozs gold; 4.3 million
ozs silver; and 33,000 tonnes lead, as derived from the table below.
Mineral Resource Estimate for Zone II
Material Tonnes Zn% Pb% Au g/t Ag g/t
INDICATED
Oxide 230,000 1.9 0.7 0.3 20.0
Transitional 330,000 1.9 0.8 0.2 22.7
Fresh 3,430,000 3.3 0.5 0.3 25.7
3,990,000 3.1 0.5 0.3 25.1
Sub-total
INFERRED
Oxide 130,000 2.4 0.5 0.2 21.2
Transitional 430,000 2.9 0.5 0.3 16.7
Fresh 940,000 3.8 0.8 0.4 25.5
1,500,000 3.4 0.7 0.4 22.6
Sub-total
TOTAL 5,490,000 3.2 0.6 0.3 24.4
Notes: Rounding errors may occur
The information in this report that relates to the Mineral Resource estimate for
Zone II (Fox) is based on information compiled by Mr G. Fahey of CSA Australia
Pty Ltd (CSA). Mr Fahey is a Chartered Professional and Member of The
Australasian Institute of Mining and Metallurgy and a Member of the Australian
Institute of Geoscientists . Mr Fahey has 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
Fahey consents to the inclusion in the report of the matters based on his
information in the form and context in which they appear.
Mineralisation has now been found over a 2 kilometer length from Zone II in the
south to Zone III in the north. The 1.1 kilometer gap between these two has
been drill tested in a number of places and found to contain similar grades and
widths to those of Zone III which is currently being mined by Griffin at the
Caijiaying Zone III Mine.
Surface Diamond Drill Hole Results
Drill Hole No. From (m) To (m) Width (m) Results
DDCJY-006 -60/090 163.00 173.84 10.84 3.15% Zn
200.50 203.55 3.05 7.42% Zn, 1.65g/t Au
217.02 218.80 1.78 4.50% Zn
231.75 235.64 3.89 4.62% Zn
237.73 241.00 3.27 4.02% Zn
DDCJY-009 -60/090 80.31 84.06 3.75 5.38% Zn, 7.88% Pb
115.00 125.00 10.00 6.06% Zn, 0.71% Pb
207.62 211.00 3.38 12.34% Zn
DDCJY-014 -60/090 82.30 84.35 2.05 29.59% Zn, 2.14% Pb, 168g/t Ag
89.90 93.75 3.85 4.57% Zn, 1.27% Pb, 50g/t Ag
DDCJY-015 -60/090 77.44 93.30 15.86 3.31% Zn, 5.14% Pb, 70g/t Ag
106.50 111.35 4.85 1.76% Zn, 1.83% Pb, 44g/t Ag
171.45 177.70 6.25 4.59% Zn, 0.39% Pb, 0.74g/t Au, 33g/t
Ag
187.00 193.20 6.20 2.89% Zn, 31g/t Ag
198.10 201.07 2.97 10.43% Zn, 15g/t Ag
DDCJY-005 -60/090 53.69 55.50 2.81 3.15% Zn
134.20 140.10 5.90 4.53% Zn
To speed drilling and to avoid having to drill through the overlying sand, a
decline is being developed that will link the Zone III decline with the Zone II
decline and, from this new decline, further underground drilling will be
conducted. This drilling will then be used to further define the mineralisation
present between Zone II and III.
Mladen Ninkov, Griffin's Chairman, commented on these developments as follows:
"Caijiaying continues to live up to the expectations the Company has always had
for it with the discovery of a totally new mining area for the Company which
brings with it obviously large economic and operational benefits. The Company
now has every expectation that Zones II and III converge and the Company is
intensifying its exploration efforts with a new drive and follow-up underground
drilling to prove the convergence of these two zones of mineralization. The
Company could not be more pleased by this exciting discovery and development."
Note:
* Griffin Mining Ltd has a 60% interest in the Caijiaying mine and mineral
interests covering the above, but is entitled to 100% of the net cash flows from
Caijiaying for the first three years from the commencement of commercial
production in July 2005.
Further information
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Griffin Mining Limited
Adrian Hadden Telephone: +44(0)20 7523 8353
Collins Stewart Europe Limited
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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