REG - Griffin Mining Ld - FOURTH QUARTER & FULL YEAR PRODUCTION NUMBERS 2022

Griffin MiningAnnouncement

13/01/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230113:nRSM5897Ma&default-theme=true

RNS Number : 5897M  Griffin Mining Ld  13 January 2023

 

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)

 

Fourth Quarter & Full Year Production Numbers 2022

13(th) January 2023.

 

Griffin Mining Limited ("Griffin" or the "Company") announces the production
results from the Caijiaying Zinc Gold Mine for the three months and year ended
31(st) December 2022.

 

 

                                                3 months to 31(st) December 2022  3 months to 30(th) September 2022  3 months to 30(th) June 2022  3 months to 31(st) March 2022
 Ore mined                              Tonnes  228,510                           267,304                            338,790                       17,975
 Ore processed                          Tonnes  184,045                           309,465                            329,390                       8,649
 Zinc in concentrate Produced           Tonnes  6,739                             11,591                             13,189                        268
 Gold in concentrate produced           Ozs     2,079                             3,080                              3,504                         1,474
 Silver in concentrate produced         Ozs     59,561                            85,612                             79,246                        168
 Lead in concentrate produced           Tonnes  215                               373                                345                           7
 Average zinc price received per tonne  USD     2,116                             2,292                              2,886                         -
 Average gold price received per oz     USD     1,703                             1,661                              1,788                         -
 Average silver price received per oz   USD     18.1                              15.7                               18.1                          -
 Average lead price received per tonne  USD     2,145                             2,097                              2,323                         -

 

 

                                                Year to                Year to

                                                31(st) December 2022   31st December 2021
 Ore mined                              Tonnes  852,579                971,492
 Ore processed                          Tonnes  831,549                985,404
 Zinc in concentrate Produced           Tonnes  31,787                 41,587
 Gold in concentrate produced           Ozs     10,137                 14,447
 Silver in concentrate produced         Ozs     224,587                269,570
 Lead in concentrate produced           Tonnes  940                    1,069
 Average zinc price received per tonne  USD     2,513                  2,311
 Average gold price received per oz     USD     1,814                  1,748
 Average silver price received per oz   USD     17.9                   20.4
 Average lead price received per tonne  USD     2,216                  2,074

 

 

 

Overview

First quarter results were impacted by the enforced suspension of all
operations at the Caijiaying Mine for the Chinese Lunar New Year holiday
celebrations, the Winter Olympics and the subsequent Winter Paralympics.
Mining recommenced on the 23(rd) March and processing on the 25(th) March
2022.  Operations were again suspended by the Chinese authorities restricting
the supply and use of explosives for the duration of the Chinese Communist
National Party Congress from 22(nd) September to 17(th) November 2022.

 

Following the recommencement in operations in November, production has been
ramped up such that ore mined and processed in December 2022 was a monthly
record for the Caijiaying Zinc Gold Mine, allowing us to exceed our production
guidance for the quarter and the year given in November.  The Company
continues to be confident in its key objectives of reporting a profitable
2022, development of Zone III and II, and to increase production throughput to
1.5 million tonnes in 2023.

 

 

Mladen Ninkov, Chairman, commented:

 

"The Company has produced outstanding production numbers in the last quarter
and for the full 2022 year in light of the 5 month shut-down in production in
2022. It provides a revelatory glimpse of what the Company can produce on an
annualised basis in 2023 particularly in light of the record 138,000 tonne
throughput in December 2022. We look forward to the year ahead with great
excitement."

 

 

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

             Douglas McLeod

 

Berenberg
 
Telephone: +44(0)20 3207 7800

            Matthew Armitt

Jennifer Wyllie

Deltir Elezi

 

BlytheRay

            Tim
Blythe
Telephone: +44(0)20 7138 3205

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDKZGMMVZGGFZM