TSX:
CGG
HKSE:
2099
last:
1.91 (-0.02)
last:
11.7 (+0.08)
vol:
81,905
vol:
1,445,782

CSH Gold Mine

The CSH gold mine is one of China's largest open pit gold mines.

Project Overview

  • A conventional open-pit, heap-leach, gold-mining operation
  • Mining a large, bulk-tonnage, low-grade gold deposit
  • Located in Inner Mongolia of China, approximately 210km northwest of the city of Baotou
  • Principal product: Gold dore bars with silver as a by-product
  • Well-established basic infrastructure with excellent access to road and sufficient supplies of power, water and local labor force

Gold Production

CSH&Jiama Combined

 

Recent Updates:

2020 Q1 Financial Performance Snapshot

Table 1

  • Gold production at the CSH Mine increased by 23% to 35,297 ounces for the three months ended March 31, 2020 compared to 28,626 ounces for the three months ended March 31, 2019.
  • The total production cost of gold for the three months ended March 31, 2020 decreased to US$1,361 per ounce compared to US$1,373 for the three months ended March 31, 2019. The cash production cost of gold for the three months ended March 31, 2020 increased to US$995 per ounce from US$909 for the same period in 2019, mainly due to lower mined tonnes and higher ratio of inventory (production cost) transfer to cost of goods sold.

2020 Q1 Production Update

Table 2

  • For the three months ended March 31, 2020, the total amount of ore placed on the leach pad was 5.1 million tonnes, with total contained gold of 20,647 ounces (642 kilograms). The overall accumulative project-to-date gold recovery rate has slightly increased to approximately 54.51% at the end of March 2020 from 54.26% at the end of December 2019. Of which, gold recovery from the phase I heap was 59.77% and; gold recovery from the Phase II heap was 48.50% at March 31, 2020.

Mineral Resource Update

CSH Mine Resources by category, Northeast and Southwest Zones combined at December 31, 2019 under NI 43-101:

Table 3

Mineral Reserves Update

CSH Mine Reserves by category, Northeast and Southwest pits combined at December 31, 2019 under NI 43-101:

Table 4

Click here for 2020 Q1 news release

LOOKING FORWARD:

Exploration

There is no exploration program with diamond drilling on site in the first quarter of 2020, with data processing and geological interpretation for the exploration programs conducted in 2019 and previous years. An infill diamond drilling program focused on the well mineralized zones, however, will be conducted based on the surface drilling program completed in 2019. The mineralization interceptions and sample assaying of 2020 infill drilling will be analyzed together with 2019 exploration results to increase and upgrade Mineral Resources.

Guidance Highlights for 2020:

  • Projected gold production of 212,000 ounces in 2020.
  • Projected copper production of 145 million pounds in 2020.
  • The Company continues to focus its efforts on optimizing the operation at both mines, debottlenecking the newly commissioned Jiama Mine and extending the mine life of CSH Mine.
  • The Company has not experienced any significant impact on its operations from the COVID-19 pandemic but continues to closely monitor the health of its employees and supply chains to be able to respond to any potential disruptions, should any arise.

 

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