VANCOUVER,
Aug. 1, 2013 /PRNewswire/ - China
Gold International Resources Corp. Ltd. (TSX: CGG; HKEx: 2099) (the
"Company" or "China Gold International Resources") is pleased to
report that expansion construction at the Company's Chang Shan Hao Gold Mine (the "CSH Mine", the
"CSH Gold Mine" or "CSH") is progressing rapidly and is in line
with the expected timeline. The Company reached a monumental
milestone in the expansion construction process by completing its
new additional 30,000 tpd crushing system, which is currently being
tested. The Company would like to provide an update on the
CSH Mine expansion.
CSH Expansion Highlights and Crushing
Plant Commissioning Ceremony:
- A ribbon cutting ceremony was held at CSH on August 1, 2013 for a test run on its newly
completed 30,000 tpd stand-alone crushing facility.
- The heap leaching system construction is progressing according
to the schedule. The leach pad liner bedding is 100% complete, with
60% of geomembrane complete and 20% of overliner material complete
and is now ready for newly crushed ore stacking.
- Construction of the new ADR (Absorption, Desorption and
Refining) plant system is completed. The Company expects
first gold pour at this new plant in the 4th quarter of 2013.
As set out in the mine expansion feasibility
study completed and filed in November
2012, the CSH Mine's processing capacity is expected to
double from 30,000 tpd to 60,000 tpd. Gold production is also
expected to nearly double from its 2012 level of 139,443 ounces per
annum to about 260,000 ounces per annum by 2015. According to the
feasibility study, estimated capital expenditure for the expansion
was approximately US$213 million, and
the after-tax NPV of the project is US$642
million at a 9% discount rate.
Mr. Xin Song, the
CEO and Executive Director of the Company, attended the
commissioning ceremony for the crushing facility and reviewed the
progress of the rest of the expansion. He commented, "We are very
pleased with rapid execution of our expansion plans on both of our
mines. We are proud to assure our shareholders that we are
upholding our commitment to them on the expansion construction
timeline. CSH mine has made a tremendous progress to complete the
crushing facility ahead of the schedule by utilizing the talents of
our people and the strengths of our major shareholder China National Gold. I would like to
congratulate all members of our team at China Gold International
Resources on this progress. I would also like to thank our
board and shareholders, who continue to believe in and support us
in our efforts."
Future Outlook for CSH's
Expansion
- Expected full completion in the fourth quarter of 2013.
- Expected production of 145,000 ounces of gold from the CSH Mine
in 2013.
- Expected to produce at about 80% of the full 60,000 tpd
capacity in 2014 due to the production ramp up period required
after the construction is completed.
- Expected to produce at full 60,000 tpd capacity by 2015.
Please refer to the following link for the
latest pictures of the CSH expansion:
http://www.chinagoldintl.com/operations/csh/expansion_updates/
Second Quarter 2013 Results
The Company expects to announce its second
quarter 2013 operational and financial results on August 14, 2013.
Analysts, investors, media and general public
are encouraged to visit the Company's website or contact the
Company with any questions.
About China Gold International
Resources
China Gold International Resources Corp. Ltd. is
based in Vancouver, BC,
Canada and operates both
profitable and growing mines, the CSH Gold Mine in Inner Mongolia,
and the Jiama Copper-Gold Polymetallic Mine in Tibet Autonomous
Region of the People's Republic of
China. The Company's objective is to continue to build
shareholder value by growing production at its current mining
operations, expanding its resource base, and aggressively acquiring
and developing new projects internationally. The Company is listed
on the Toronto Stock Exchange (TSX: CGG) and the Main Board of The
Stock Exchange of Hong Kong
Limited (HKEx: 2099).
For a detailed look at the financial statements
and MD&A for the year ended December 31,
2012, please visit the Company's website at
www.chinagoldintl.com, The Stock Exchange of Hong Kong Limited's
website at www.hkex.com.hk or SEDAR at www.sedar.com.
Cautionary Note About Forward-Looking
Statements
Certain information regarding China Gold
International Resources contained herein may constitute
forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements may include estimates,
plans, expectations, opinions, forecasts, projections, guidance or
other statements that are not statements of fact. Although China
Gold International Resources believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to have been
correct. China Gold International Resources cautions that actual
performance will be affected by a number of factors, most of which
are beyond its control, and that future events and results may vary
substantially from what China Gold International Resources
currently foresees. Factors that could cause actual results to
differ materially from those in forward-looking statements include
market prices, exploitation and exploration results, continued
availability of capital and financing and general economic, market
or business conditions. The forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
The information contained herein is stated as of the current date
and subject to change after that date.
SOURCE China Gold International Resources Corp. Ltd.