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China Gold reconnects power at Jiama

2014-04-30 09:17 ET - News Release

 

An anonymous director reports

CHINA GOLD INTERNATIONAL RESOURCES PROVIDES AN UPDATE ON FIRST QUARTER 2014 PRODUCTION AND OPERATIONS AT JIAMA MINE

China Gold International Resources Corp. Ltd. is providing an update on first quarter 2014 production and operations at its Jiama copper-gold polymetallic mine in Tibet, People's Republic of China.

Power supply at Jiama

As previously announced, the company's Jiama mine experienced reduced power supply during first quarter 2014. Consequently, Jiama mine's copper and other metals output during first quarter 2014 was severely reduced. Jiama's 6,000-tonne-per-day phase I processing plant was closed for most of the first quarter. The stripping work for phase II expansion has not been affected. The company mitigated the effect of those disruptions by scheduling equipment maintenance and time off for employees during that time. On March 31, 2014, with the assistance from the local government and the local power supplier in the Tibet region, and through the use of locally generated thermal power, adequate power supply has been re-established. Subsequently, production reached the full 6,000-tonne-per-day capacity level of phase I in the month of April, 2014. The company was able to achieve record copper production levels in April, 2014.phase II expansion for the Jiama mine. The company expects that its continuing initiatives to increase production, productivity and efficiency at the Jiama mine will enable it to meet its previously expected 2014 production guidance of approximately 50 million pounds of copper. copper production is expected to reach 176 million pounds.