China Gold International Announces the Commissioning of Series I of Jiama Phase II Expansion
VANCOUVER, December 12, 2016 - China Gold International Resources Corp. Ltd. (TSX: CGG; HKEx: 2099) (the “Company” or “China Gold International”) is pleased to announce that the commissioning of Series I of Jiama Phase II Expansion at Tibet Huatailong Development Co., Ltd. (“Jiama Phase II”) commenced December 1, 2016 as scheduled.
The Jiama Phase II expansion consists of two series, with each series having a mining and mineral processing capacity of 22,000 tpd. As scheduled, the Series I of the Jiama Phase II construction is now complete, and the commissioning commenced December 1, 2016. It is expected the output of the Jiama Phase II Series I will be ramped up to its full capacity of 22,000 tpd in the summer of 2017. With the Jiama Phase II Series I in production, the total nameplate capacity has been increased from 6,000 tpd to 28,000 tpd. Due to the recent volatility and uncertainty in the global economy, and their potential impact on commodity prices and market conditions, the Company intends to slow the mine development, final construction and commissioning for the Jiama Phase II Series II expansion and will reoptimize the mining plan and production schedules.
Mr. Bing Liu, the CEO and Executive Director of the Company, stated, “The commissioning of the Jiama Phase II Series I expansion marks the entry of China Gold International into a new stage of development. We believe that with the support from local government and China National Gold Group, Jiama Phase II will reach its full capacity smoothly and create more value for our shareholders and local community.”
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).
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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.