China Gold Int'l earns $73.5-million (U.S.) in 2012
2013-03-25 18:24 ET - News Release
Dr. Xin Song reports
CHINA GOLD INTERNATIONAL ANNOUNCES YEAR-END 2012 RESULTS AND 2013 OUTLOOK
China Gold International Resources Corp. Ltd. has released its year-end 2012 results with record gold and copper production and revenues and has provided a 2013 outlook.
2012 Financial, Production and Operating Highlights
Successful 2012 drill program at the Jiama Mine upgraded a significant amount of its inferred resource to the measured and indicated ("M&I") resources. As a result, the total M&I resources increased to 1,053.1 million tonnes, containing 4.64 million tonnes of copper.
Preliminary feasibility study for the Jiama Mine has been completed. Jiama's processing capacity will grow nearly 7 times from 6,000 tonnes per day ("tpd") in 2012 to 40,000 tpd
The Company - 2013 outlook
- Expected production of 145,000 ounces of gold from the CSH Mine in 2013.
- Expected production of 26.5 million pounds of copper from the Jiama Mine in 2013.
- At CSH, the Company is building a new 30,000 tpd stand-alone crushing, heap leaching and ADR (Absorption, Desorption and Refining) plant system in addition to the existing 30,000 tpd facility
- Jiama is expected to reach its planned full capacity of 40,000 tpd of ore.
- The Company plans to drill approximately 30,000 meters at the Jiama Mine during 2013.
- The Company will continue to leverage the technical and operating experience of the Company's controlling shareholder, China National Gold Group Corporation ("CNG"), to improve operations at its mines, increase production and minimize costs.
Management will hold a global conference call from Hong Kong on March 27th, 2013 at 7 a.m. (Hong Kong time) or March 26th, 2013 at 4:00 p.m. (Pacific Time). During the call the Year-End 2012 results and performance will be discussed and the question and answer period will be held.
Analysts, investors, media and general public are encouraged to dial in and ask questions.