VANCOUVER, Nov. 5, 2014 /CNW/ - China Gold International Resources Corp. Ltd. (TSX: CGG; HKEx: 2099) (the "Company" or "China Gold International Resources") is pleased to report that test production runs at the Company's new additional 30,000 tpd heap leaching and processing system at Chang Shan Hao Gold Mine (the "CSH Mine" or "CSH") have been successfully completed and the results are in line with expectations. The Company commenced commercial production on the facilities in October 2014.
In 2014, the Company has gradually increased its mining rate from 30,000 tpd to 60,000 tpd to meet the newly expanded crushing capacity. The Company conducted extensive test runs on the new heap leaching and processing system. Successful production of approximately 6,241 ounces and 13,185 ounces of gold was achieved in August and September respectively on the new facilities. October output is expected to be higher.
The CSH Mine's gold production is expected to nearly double from its 2013 level of 131,418 ounces per annum to about 260,000 ounces per annum by 2016. As previously announced, the Company is expected to produce about 165,000 ounces of gold in 2014.
Mr. Bing Liu, the CEO and Executive Director of the Company, commented, "We are very content with rapid execution of our expansion plans and with successful testing results on the new facilities at CSH. CSH mine has made a tremendous progress to put the new facilities into commercial production. I would like to assure our board and shareholders that the Company is making significant efforts to fulfill our previously released production guidance."
Third Quarter 2014 Results
The Company expects to announce its third quarter 2014 operational and financial results on November 14, 2014.
Analysts, investors, media and general public are encouraged to visit the Company's website, sedar.com or hkexnews.hk or contact the Company with any questions.
About China Gold International Resources
China Gold International Resources Corp. Ltd. is based in Vancouver, BC, Canada and operates both profitable and growing mines, the CSH Gold Mine in Inner Mongolia, and the Jiama Copper-Polymetallic Mine in Tibet Autonomous Region of the People's Republic of China. The Company's objective is to continue to build shareholder value by growing production at its current mining operations, expanding its resource base, and aggressively acquiring and developing new projects internationally. The Company is listed on the Toronto Stock Exchange (TSX: CGG) and the Main Board of The Stock Exchange of Hong Kong Limited (HKEx: 2099).
Cautionary Note About Forward-Looking Statements
Certain information regarding China Gold International Resources contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although China Gold International Resources believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. China Gold International Resources cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what China Gold International Resources currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
SOURCE: China Gold International Resources Corp. Ltd.
For further information: Elena M. Kazimirova, Investor Relations Manager and Financial Analyst, Tel: +1.604.695 5031, Email: [email protected], Website: www.chinagoldintl.com