REG - Griffin Mining Ltd - Trading Statement 13th July

Griffin MiningAnnouncement

13/07/2023 07:00

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RNS Number : 8314F  Griffin Mining Limited  13 July 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)

 

RECORD SECOND QUARTER THROUGHPUT & ZINC PRODUCTION

 

13(th)  July 2023

 

Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce
record production results for the three months to the 30(th) June 2023.

 

                                                3 months to 30(th)  June 2023   3 months to 31(st) March 2023  3 months to 30(th)  June 2022
 Ore mined                              Tonnes  366,762                         355,742                        338,790
 Ore processed                          Tonnes  372,804                         366,120                        329,390
 Zinc in concentrate Produced           Tonnes  14,130                          13,965                         13,189
 Gold in concentrate produced           Ozs     3,237                           4,743                          3,504
 Silver in concentrate produced         Ozs     82,829                          68,779                         79,246
 Lead in concentrate produced           Tonnes  468                             230                            345
 Average zinc price received per tonne  USD     1,916                           2,029                          2,886
 Average gold price received per oz     USD     1,841                           1,789                          1,788
 Average silver price received per oz   USD     18.9                            17.7                           18.1
 Average lead price received per tonne  USD     2,276                           2,407                          2,323

 

 

Overview

Production has continued to increase at the Caijiaying Mine with record
amounts of ore mined and processed and record amounts of zinc metal in
concentrate produced in the second quarter of 2023. This equates to an
annualised equivalent rate of circa 1.5 million tonnes of ore mined and
processed, all of which has been extracted from Zone III.

Whilst Zone II has yet to be brought into production, Zone II development work
is ongoing with access underground gained from Zone III, commencement of a new
decline into Zone II and construction of a new ventilation shaft being
progressed.

 

Chairman Mladen Ninkov commented, "This is yet another wonderful result from
the Caijiaying Mine and its personnel with production continuing to increase
despite mining having been in operation for 18 years and significant resources
yet to be accessed, including those at Zones II, V and VIII. With minimal
inflation in China, costs are being kept under control as operations expand.
Only an increasing commodity price profile would complete the final piece of
the puzzle for the returns shareholders expect and deserve."

 

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

 

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law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

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