REG - Griffin Mining Ld - Recommencement of Caijiaying Mine Operations

Griffin MiningAnnouncement

24/10/2022 07:01

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RNS Number : 7753D  Griffin Mining Ld  24 October 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)

 

Third Quarter Production

 

Recommencement of Operations at the Caijiaying Mine

 

24(th) October 2022

 

Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce its
production results for the three months to the 30(th) September 2022. These
results were achieved despite the enforced suspension in operations at the
Caijiaying Mine from 23(rd) September 2022, as announced on 20(th) September
2022, due to the Plenary Session of the Communist Party Central Committee and
the Chinese Communist Party's 20th Party Congress.

 

                                                3 months to 30(th)  September 2022   3 months to 30(th) June 2022  3 months to 30(th)  September 2021
 Ore mined                              Tonnes  267,304                              338,790                       306,966
 Ore processed                          Tonnes  309,465                              329,390                       291,737
 Zinc in concentrate Produced           Tonnes  11,591                               13,189                        11,607
 Gold in concentrate produced           Ozs     3,080                                3,504                         3,848
 Silver in concentrate produced         Ozs     85,612                               79,246                        68,549
 Lead in concentrate produced           Tonnes  373                                  345                           304
 Average zinc price received per tonne  US$     2,292                                2,886                         2,258
 Average gold price received per oz     US$     1,661                                1,788                         1,693
 Average silver price received per oz   US$     15.7                                 18.1                          19.6
 Average lead price received per tonne  US$     2,097                                2,323                         2,304

 

Overview

Mining and processing were maintained at the equivalent annualised rate of
over 1.3 million tonnes of ore per annum, all extracted from Zone III, up
until the suspension in operations from 23(rd) September 2022

Recommencement of Operations at the Caijiaying Mine.

The relevant Chinese authorities have advised the Company that operations at
the Caijiaying Mine may resume on the 26(th) October 2022. It is anticipated
that operations will commence, as previously announced, on the 1(st) November
2022 once government restrictions have been fully eased and explosives
received.

Chairman Mladen Ninkov commented, "Despite being suspended for a quarter of
the month of September, the Caijiaying Mine continues to show its resilience
and produce excellent results when extrapolated on an annualised basis. We all
look forward to the re-start of operations and a clear run of production
through the remainder of 2022 and 2023.  Congratulations to all involved in
achieving these results and the care and maintenance of the Caijiaying Mine
during the closed period."

 

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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