TIDMGFM
RNS Number : 5884R
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
Record Second Quarter Production
Zone II Mine Plan Approval Update
7(th) July 2022
Griffin Mining Limited ("Griffin" or the "Company") is pleased
to announce record production results for the three months to the
30(th) 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 3 months 3 months
to 30(th) to 31(st) to 30(th)
June 2022 March 2022 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 2,323 - 1,684
-------- ----------- ------------ -----------
Average silver price received
per oz USD 18.1 - 20.4
-------- ----------- ------------ -----------
Average lead price received
per tonne USD 1,788 - 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 4(th) 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDRFMFTMTBMBAT
(END) Dow Jones Newswires
July 07, 2022 02:00 ET (06:00 GMT)
Griffin Mining (LSE:GFM)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Griffin Mining (LSE:GFM)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
