Griffin Mining announced fourth quarter 2009 production and processing of 125,379t of ore processed compared to 114,233t in the third quarter at its Caijiaying Zinc Gold Mine
Griffin Mining Limited is a mining and investment business. Through China Zinc Limited, one of its subsidiaries in Hong Kong SAR of China, GFM indirectly holds 60% of the interests in Hebei Hua’Ao, the company registered for exploration and production of the Caijiaying zinc-gold mine. The Caijiaying zinc-gold mine is closely located to the northeast of Beijing, in Hebei province.
Broken down by metal, the Q4 2009 mine output was 7,141t of zinc (3rd quarter 6,783t), 1,673oz of gold (3rd quarter 1,251oz), 29,695oz of silver (3rd quarter 38,019oz) and 138t of lead (3rd quarter 218t).
Following the recent grant of a new 16 year mining licence permitting the extraction of ore below the 1300 level, the Company indicated that mine development below the 1300 level is now underway with the expectation of ore being extracted later this quarter. Work is also continuing on the upgrade of the processing plant to increase processing capacity to 750,000 tonnes of ore per annum by the autumn of 2010.
Mladen Ninkov, Griffin's Chairman, said:
"The operating performance of the Caijiaying mine continues to improve and we look forward to even better results as the next levels of the mine are accessed and the plant upgrade is completed."
The share price is currently at 43p, up 0.6% on the day.
