REG - Griffin Mining Ld - 4TH QUARTER OPERATIONAL GUIDANCE

Griffin MiningAnnouncement

18/11/2022 07:00

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RNS Number : 8225G  Griffin Mining Ld  18 November 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 (mailto:griffin@griffinmining.com)

 

 

4(th) Quarter Operational Guidance

 

18(th) November 2022

 

 

Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce,
following the 20(th) Congress of the Chinese Communist Party and the
subsequent relaxation of the Covid-19 restrictions by the Central Chinese
authorities, an update as to the impact of these events for the 4(th) Quarter
operations of the Company.

 

As previously announced, the Caijiaying Mine was operational as of the 1(st)
November. Nevertheless, the subsequent appearance of Covid-19 in the
Zhangjiakou City prefecture imposed significant constraints which hampered the
Company's continuing smooth operations by limiting the functions of various
government departments and impeding road transport vital for supplying
necessary logistics and supplies to the Caijiaying Mine.

 

Since the 1(st) November, the Caijiaying Mine and Site have already
experienced 2 government mandated 3 day precautionary shutdowns. Despite the
announcement by the central Chinese authorities this week of more relaxed
Covid-19 guidelines, there may still be significant disruption if Covid-19 is
detected in or around the Caijiaying Mine.

 

In addition, regulatory processes administered both at the Zhangjiakou City
Government and the Hebei Provincial Government levels have been curtailed due
to Zhangjiakou and the Provincial Capital being quarantined. As a result,
critical operational approvals, such as the use of explosives and the Zone II
Safety Facility Design, have been delayed.

 

However, these restrictions have not impeded the Caijiaying mine from
completing the construction of its new dry tailing's facility TSF#4, obtaining
approval and building a new explosive magazine, completing the construction of
a greenhouse gas reduction tower for the Site boiler, commencing the solar
power project and moving sufficient staff, contractors and materials for full
operations to commence at the Caijiaying Mine. Full production and blasting
recommenced on the 16(th) November.

 

Whilst recognising the potential for further disruption, the Company is
expecting to produce 175,000 tonnes of ore in the 4(th) Quarter and 800,000
tonnes for the 2022 calendar year, despite operations being suspended for
almost 5 months of the year. The Company is confident of its key objectives
being, a profitable 2022, the continued development of Zone II and Zone III
and to increase production throughput to 1.5 million tonnes in 2023.

 

 

Chairman Mladen Ninkov commented, "In a very, very difficult year and an
uncertain Covid-19 environment, the Caijiaying Mine and its people continue to
shrug off adversity and produce extraordinary results. The Company is very
fortunate to have the quality and fortitude of the people on site and in the
Company. With a clear year ahead of us I expect an exceptional operational
performance in 2023."

 

 

 

 

 

 

 

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 griffinmining.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

             Dougie McLeod

 

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

            Jochen
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

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