China Gold International Resources expects to double copper production in 2017 to about 79 million pounds from the Jiama Copper-Gold Polymetallic Project in Tibet Autonomous Region of China. This will be the result of the Phase II Series I expansion project ramping up to full capacity by the middle of the year.

The 2017 guidance follows production of 40.4 million pounds of copper at Jiama in 2016, which was 6% higher than the guidance of 38.6 million pounds. It was the sixth straight year of increased production at Jiama.

Gold production at Jiama in 2016 was 26,249 ounces, 9% more than the 2015 figure. Gold production in 2017 is expected to remain steady at 25,700 ounces.

During 2016 the company produced 181,051 ounces from the Chang Shan Hao (CSH) Gold Project in Inner Mongolia province, which formed the majority of the overall 211,301 ounces from both mines. This figure was 90% of the 2016 guidance of 235,000 ounces with the shortfall attributed to intersecting lower-grades in the current mining zone at CSH.

CSH is expected to produce about 193,000 ounces in 2017 with the company expecting consolidated gold production of 218,700 ounces.

China Gold’s CEO Bing Liu said, “I am very pleased that the company has made significant progress this year. The production commissioning of Jiama Phase II Series I has laid a solid foundation for the Jiama expansion plan. The company’s operations continue to expand and efforts from the entire team are remarkably demonstrated.

“I am confident that after our re-optimisation of the mine plan and with continuing support from the local community and China National Gold Group, the Jiama Phase II expansion will reach its full capacity smoothly and economically.

“We will also continue to improve the operation at the CSH mine and create more value for our shareholders and local community by thriving to deliver stronger results in 2017.”

www.chinagoldintl.com

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