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Griffin Mining News
Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce that it has increased throughput at Caijiaying from 35 tonnes of ore per hour first achieved in May 2006 to 42 tonnes of ore per hour (the equivalent of 350,000 tonnes per annum) and maintained that increase for an extended period of time whilst maintaining recovery and plant utilisation rates. In addition, even higher throughputs have been achieved on an ad hoc basis. The 350,000 tonne per annum throughput is 75% over the original design capacity of the plant with a 20% increase in zinc metal in concentrate being produced. The increased throughput capacity reduces operating costs per tonne and allows a lower mining cut-off grade to be applied whilst optimising and extending the current known life of the zone III deposit. A new reserve and resource statement is expected by the end of the calendar year. Work continues on the feasibility study for the potential upgrade of the Caijiaying zinc and gold processing plant to take annualised throughput to 500,000 tonnes per annum and cater for a new planned precious metals concentrate which is expected to recover both gold and silver, a decision which is expected to be made by the end of the calendar year. Cash balances in the Griffin Group currently stand at some US$22 million and the Company retains no debt. Chairman’s statement “Caijiaying continues to outperform almost everyone’s expectations and will continue to excite and surprise the market and its shareholders. I anticipate even more significant results as the year continues.”
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Griffin Mining Limited 6th Floor 60 St James's Street London SW1A 1LE |
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Tel: +44 (0)20 7629 7772 Fax: +44 (0)20 7629 7773 |
Copyright Griffin Mining Ltd. © 1998-2009 All Rights Reserved Maintained by Magellan Systems |
