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October 2020

Trading Statement – 23rd October 2020

Trading Statement

23rd October  2020

 

Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce production results for the three months ended 30thSeptember 2020.

 

    3 months to 31stMarch 2020 3 months to 30thJune 2020 3 months to 30thSeptember 2020
Ore mined Tonnes 114,206 200,484 248,361
Ore processed Tonnes 126,174 195,340 236,078
Zinc in concentrate Produced Tonnes 5,017 8,431 7,758
Gold in concentrate produced Ozs 1,181 1,237 4,906
Silver in concentrate produced Ozs 41,669 69,163 82,788
Lead in concentrate produced Tonnes 176 455 400
Average zinc price received per tonne USD 1,215 1,342 1,595
Average gold price received per oz USD 1,512 1,600 1,778
Average silver price received per oz USD 12.9 14.5 19.3
Average lead price received per tonne USD 1,029 1,203 1,564

 

Mladen Ninkov, Chairman, commented:

“To better keep the market informed on a more frequent basis, the Company has instituted the above quarterly production schedule which will ensure the market is capable of estimating the financial results of the Company until the interim and annual results are published. As can be deemed from the above production numbers, mining and processing rates in the period have recovered back to pre-Covid levels which, when taken with the higher average metal prices and lower treatment charges, has had a very positive result in terms of the Company’s profitability and improved cash flows. The trend seems to be continuing into the fourth quarter.”

Further information

 

Griffin Mining Limited                                              Telephone: +44(0)20 7629 7772

Mladen Ninkov – Chairman

Roger Goodwin – Finance Director

 

Panmure Gordon (UK) Limited                                 Telephone: +44 (0)20 7886 2500

Dominic Morley

 

Berenberg                                                                  Telephone: +44(0)20 3207 7800

Matthew Armitt

Jennifer Wyllie

Deltir Elezi

 

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014

 

Griffin Mining Limited’s shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM).

The Company’s news releases are available on the Company’s web site: www.griffinmining.com