In TO371 transmitted at 09:21e today, there were errors in the second bullet point. "60%" should have read "50%" and "20%" should have read "25%". Corrected copy follows:
CSH Mine completes its new additional 30,000 tpd crushing system and commences testing
VANCOUVER, Aug. 1, 2013 /PRNewswire/ - China Gold International Resources Corp. Ltd. (TSX: CGG; HKEx: 2099) (the "Company" or "China Gold International Resources") is pleased to report that expansion construction at the Company's Chang Shan Hao Gold Mine (the "CSH Mine", the "CSH Gold Mine" or "CSH") is progressing rapidly and is in line with the expected timeline. The Company reached a monumental milestone in the expansion construction process by completing its new additional 30,000 tpd crushing system, which is currently being tested. The Company would like to provide an update on the CSH Mine expansion.
CSH Expansion Highlights and Crushing Plant Commissioning Ceremony:
- A ribbon cutting ceremony was held at CSH on August 1, 2013 for a test run on its newly completed 30,000 tpd stand-alone crushing facility.
- The heap leaching system construction is progressing according to the schedule. The leach pad liner bedding is 100% complete, with 50% of geomembrane complete and 25% of overliner material complete and is now ready for newly crushed ore stacking.
- Construction of the new ADR (Absorption, Desorption and Refining) plant system is completed. The Company expects first gold pour at this new plant in the 4th quarter of 2013.
As set out in the mine expansion feasibility study completed and filed in November 2012, the CSH Mine's processing capacity is expected to double from 30,000 tpd to 60,000 tpd. Gold production is also expected to nearly double from its 2012 level of 139,443 ounces per annum to about 260,000 ounces per annum by 2015. According to the feasibility study, estimated capital expenditure for the expansion was approximately US$213 million, and the after-tax NPV of the project is US$642 million at a 9% discount rate. Mr. Xin Song, the CEO and Executive Director of the Company, attended the commissioning ceremony for the crushing facility and reviewed the progress of the rest of the expansion. He commented, "We are very pleased with rapid execution of our expansion plans on both of our mines. We are proud to assure our shareholders that we are upholding our commitment to them on the expansion construction timeline. CSH mine has made a tremendous progress to complete the crushing facility ahead of the schedule by utilizing the talents of our people and the strengths of our major shareholder China National Gold. I would like to congratulate all members of our team at China Gold International Resources on this progress. I would also like to thank our board and shareholders, who continue to believe in and support us in our efforts." Future Outlook for CSH's Expansion
- Expected full completion in the fourth quarter of 2013.
- Expected production of 145,000 ounces of gold from the CSH Mine in 2013.
- Expected to produce at about 80% of the full 60,000 tpd capacity in 2014 due to the production ramp up period required after the construction is completed.
- Expected to produce at full 60,000 tpd capacity by 2015.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts