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VANCOUVER, December 29, 2024 - China Gold International Resources Corp. Ltd. (TSX: CGG; HKEX: 2099) (“China Gold International Resources” or the “Company”) is pleased to provide its preliminary full year production results for 2024 as well as an outline of the long-term development plan for the Jiama Copper-Gold Polymetallic Mine (the “Jiama Mine”).
2024 Preliminary Production Results
Based on the Company's production as of December 29, 2024, the annual output at the Jiama Mine is expected to exceed the annual production guidance disclosed on March 28, 2024, and that of the CSH Gold Mine (the “CSH Mine”) is in line with the annual production guidance disclosed on March 28, 2024:
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The Jiama MineApproximately 102 million pounds (46,336 tonnes) of copper and 53,370 ounces (1.66 tonnes) of gold;
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The CSH Mine: Approximately 107,737 ounces (3.351tonnes) of gold.
The above figures are preliminary production results which represent a preliminary assessment based on the information currently available to the Company. The definitive annual production data will be disclosed in the Company's 2024 audited Financial Statements in accordance with the applicable regulatory requirements and could be different from those set out above. Shareholders of the Company and potential investors are advised to refer to the Company’s Financial Statements, Notes to the Financial Statements and Management’s Discussion and Analysis which will be released by March 2025.
Outline of the Long-Term Development Plan for the Jiama Mine
The Company will provide production guidance for 2025 in due course. However, the Company wishes to provide an update with respect to operations at its Jiama Mine.
In 2024, the Company successfully restored stable operation at the Jiama Mine. In addition, the Company continued to focus its efforts on optimizing resource utilization plan, integrating the identified high-grade underground resources, and accelerating the exploration work at high potential zones. The long-term development plan for the Jiama Mine consists of three phases:
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Prior to the completion of the construction of the new tailings storage facility (the Youlongbu tailings storage facility”), the Jiama Mine Phase II processing plant will maintain and operate at its current processing capacity of 34,000 tons per day to match the Guolanggou’s storage capacity (the operation of Phase I processing plant has been suspended since May 2024).
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The Youlongbu tailings storage facility is scheduled to commence operation in 2027, allowing a further increase in the Jiama Mine’s production capacity. Over the next two years, as part of the underground resource integration plan, the Company plans to apply to increase the permitted capacity on its mining license for the Jiama Mine, subject to compliance with the relevant safety requirements. Currently, the permitted capacity on the mining license of the Jiama Mine is 14.4 million tonnes per year (approximately 44,000 tonnes per day based on 330 operating days per year). Subject to the government approval of an increased annual mining rate, and following the commissioning of Youlongbu tailings storage facility, the Jiama Mine’s ore processing volume will return to the level of 50,000 tonnes per day, in line with the designed processing capacity of the processing plants. In addition, endeavors are underway so that the production levels at the Jiama Mine will restore to those before the Guolanggou tailings overflow through blending of high-grade underground ores.
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The Company is also working to delineate new resources at satellite deposits near the Jiama Mine. The Company has been actively conducting geological exploration work in two areas: the Bayi Ranch and the Zegulang North, both of which have shown significant resource potential. The Company will provide an update on the exploration progress and results in due course. Subject to the final exploration outcomes and feasibility studies on resource development, the Company will formulate a comprehensive expansion plan for the Jiama Mine area. This study has already been initiated at a preliminary stage.
The Company’s Chairman and CEO, Mr. Chenguang Hou, said, “With a rigorous and scientific approach, the Company plans to drive further growth in its resource and reserve and to advance the associated mine expansion projects to turn its potentials and advantages into strong momentum for sustainable operation. We will consistently and responsibly optimize resource utilization efficiency, and as the Company’s core objectives, maximize shareholder value, and protect ecological system.”
About China Gold International Resources
China Gold International Resources is a gold and base metal mining company incorporated in BC, Canada and operates two mines, the CSH Gold Mine in Inner Mongolia, China and the Jiama Copper-Gold Polymetallic Mine in Tibet, China. The Company’s objective is to build shareholder value through growing production at its current mining operations, expanding its resource base, and 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).
For further information on the Company, please refer to SEDAR’s website at www.sedar.com, The Stock Exchange of Hong Kong Limited’s website at www.hkex.com.hk, the Company's website at www.chinagoldintl.com, or call the Company at +1-604-609-0598 and email to info@chinagoldintl.com.
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.
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