GFM Griffin Mining Limited

 

TIDMGFM 
 
RNS Number : 9625H 
Griffin Mining Ld 
03 March 2010 
 

 
 
                        E mail: griffin@griffinmining.com 
 
 
            UPDATED JORC MINERAL RESOURCE FOR ZONE III AT CAIJIAYING 
 
 
Griffin Mining Limited ("Griffin" or the "Company") is very pleased to announce 
the latest JORC reported Mineral Resource for Zone III at its Caijiaying Mine in 
the People's Republic of China.  The results confirm increased grade and 
Measured Resources from that previously reported in the Micromine 2002 Mineral 
Resource Estimate, and extensive resources and long mine life for the continuing 
mining operations at Zone III. 
 
Highlights include: 
 
1.   The addition of 4.7 million tonnes @ 6.7%  Zinc, 0.9 g/t Gold, 34.3g/t 
Silver and 0.4% Lead to the Measured Resource at Zone III, containing: 
 
·     318,000 tonnes of Zinc metal 
·     19,000 tonnes of Lead metal 
·     131,000 ounces of Gold 
·     5,200,000 ounces of Silver 
 
2.   The following increase in the grade of the Indicated Resources in Zone III: 
 
·     36% Increase in the Zinc grade 
·     16% Increase in the Gold grade 
 
3.   The following increase in the grade of the Inferred Resources in Zone III: 
 
·     51% Increase in the Zinc grade 
·     90% Increase in the Gold grade 
 
 
This Mineral Resource estimate includes a conservative recalculation of the 
resource at Zone III in light of the grade control drilling undertaken during 
the 5 years of successful mining operations at Caijiaying, with a 
reinterpretation of the structure of the ore bodies.  The deeper Mineral 
Resources have not been included and will be evaluated in light of the proposed 
drilling program to be undertaken in 2010 which will provide a better 
understanding of the deeper mineralisation at Zone III. 
 
Drilling along strike and south of Zone III, towards Zone II, is having success 
with several holes intersecting mineralisation over the IP anomalies that were 
located in the 2008 IP survey program.  The results have provided the necessary 
confidence to commit to a 25,000 metre surface and underground drilling program 
in 2010 which may enable an estimate to be made to JORC reporting standards on 
the Mineral Resource located in the area between Zones III and II. 
 
 
 
The 2010 Mineral Resource was estimated at a zinc cut-off of 1%.  Tabled below 
is the summary of the recent up-dated 2010 Mineral Resource. 
 
+-----------+-----+--------------+------+------+-------+------+-----------------+-------------+-------------------+--------------+ 
|           |     |              |        Metal Grade         |                         Contained Metal                          | 
+-----------+-----+--------------+----------------------------+------------------------------------------------------------------+ 
| Category  |Cut  |    Tonnes    |  Zn  |  Pb  |  Ag   |  Au  |       Zn        |     Pb      |        Ag         |      Au      | 
|           |off  |              |      |      |       |      |                 |             |                   |              | 
+-----------+-----+--------------+------+------+-------+------+-----------------+-------------+-------------------+--------------+ 
|           |     |    '000      |  %   |  %   |  g/t  | g/t  |        t        |      t      |        Oz         |      Oz      | 
|           |     |      t       |      |      |       |      |                 |             |                   |              | 
+-----------+-----+--------------+------+------+-------+------+-----------------+-------------+-------------------+--------------+ 
| Measured  | 1%  |      4,737   |6.73  |0.41  |34.29  |0.87  |       318,657   |    19,191   |       5,221,348   |    131,761   | 
+-----------+     +--------------+------+------+-------+------+-----------------+-------------+-------------------+--------------+ 
| Indicated |     |      5,999   |5.85  |0.35  |32.48  |0.81  |       351,052   |    20,787   |       6,263,912   |    155,724   | 
+-----------+     +--------------+------+------+-------+------+-----------------+-------------+-------------------+--------------+ 
| Inferred  |     |     16,596   |4.38  |0.24  |26.39  |0.95  |       726,957   |    39,437   |      14,078,921   |    508,317   | 
+-----------+     +--------------+------+------+-------+------+-----------------+-------------+-------------------+--------------+ 
| Total:    |     |    27,332    |5.11  |0.29  |29.09  |0.91  |    1,396,666    |    79,416   |    25,564,182     |    795,803   | 
+-----------+-----+--------------+------+------+-------+------+-----------------+-------------+-------------------+--------------+ 
 
The information in this report that relates to the 2010 Mineral Resource 
estimates for the 2010  is based on information compiled by Mr Luke Marshall 
BSc Geology , Member AIG. Mr. Marshall is a full time employee of Hebei Hua Ao 
Mining Industry Company Limited, a subsidiary of Griffin Mining Limited. Mr. 
Marshall has sufficient experience which is relevant to the style of 
mineralisation and type of deposit under consideration and to the activity which 
he has 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 Marshall consents to the 
inclusion in the report of the matters based on his information in the form and 
context in which they appear. 
 
CSA Global Pty Ltd undertook a high level review of the resource model and found 
no flaws to the model or estimation. 
 
 
A Mineral Reserve Statement for Zone III at Caijiaying is currently being 
calculated for inclusion in the annual report for 2009. 
 
Chairman Mladen Ninkov commented 
 
"The new resource statement provides for a 35 year mine life within just the 
defined shallow resources at Zone III at the increased throughput level of 
750,000 tonnes per annum expected to be reached in the later half of 2010.  This 
new resource statement ignores the deeper ore in Zone III, the new resources at 
Zone II and the significant resources believed to be contained in the large area 
between the two zones.  This is a wonderful result for shareholders and their 
continued faith in the Company which, in addition to the cash balances of in 
excess of $65m in the Group, sets the Company up for a successful and exciting 
future." 
 
 
 
 
 
 
 
 
Griffin Mining Limited 
Mladen Ninkov - Chairman 
Telephone: +44(0)20 7629 7772 
Roger Goodwin - Finance Director 
 
 
 
Investec Investment Banking: 
Stephen Cooper 
Telephone: +44 (0)20 7597 5104 
 
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 
 
 
                          GLOSSARY OF TECHNICAL TERMS 
 
"cut-off"                                            the grade above which 
mineralised material is considered to be ore 
"grade"                                             the amount of mineral in 
each tonne of ore. 
"g/t"                                                  gramme/metric tonne 
"Indicated Resource"                         that part of a Mineral Resource for 
which tonnage, densities, shape, physical characteristics, grade and mineral 
content can be estimated with a reasonable level of confidence. It is based on 
exploration, sampling and testing information gathered through appropriate 
techniques from locations such as outcrops, trenches, pits, workings and drill 
holes. The locations are too widely or inappropriately spaced to confirm 
geological and/or grade continuity but are spaced closely enough for continuity 
to be assumed. 
 
"Inferred Resource"                           that part of a Mineral Resource 
for which tonnage, grade and mineral content can be estimated with a low level 
of confidence. It is inferred from geological evidence and assumed but not 
verified geological and/or grade continuity. It is based on information gathered 
through appropriate techniques from locations such as outcrops, trenches, pits, 
workings and drill holes which may be limited or of uncertain quality and 
reliability. 
 
"JORC Code"                                    the Australasian Code for 
Reporting of Mineral Resources and Ore Reserves, 1999. Prepared by the Joint Ore 
Reserves Committee of the Australasian Institute of Mining and Metallurgy, 
Australian Institute of Geoscientists and Minerals Council of Australia 
 
"Measured Resources"                      is that part of a Mineral Resource for 
which tonnage, densities, shape, physical characteristics, grade and mineral 
content can be estimated with a high level of confidence. It is based on 
detailed and reliable exploration, sampling and testing information gathered 
through appropriate techniques from locations such as outcrops, trenches, pits, 
workings and drill holes. The locations are spaced closely enough to confirm 
geological and grade continuity 
"Mineral Resource"                           a concentration or occurrence of 
natural, solid, inorganic or fossilized organic material in or on the Earth's 
crust in such form and quantity and of such a grade or quality that it has 
reasonable prospects for economic extraction. The location, quantity, grade, 
geological characteristics and continuity of a mineral resource are known, 
estimated or interpreted from specific geological evidence and knowledge 
"Mineral Reserve"                             that part of a Mineral Resource 
which has been demonstrated to be economically exploitable 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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