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Griffin Mining News
Griffin Mining Limited (“Griffin” or “the Company”), is pleased to announce the discovery of a new, economically extractable, mineral discovery at Zone II at Caijiaying, only 1.5km from the current Caijiaying processing facilities and over which a maiden Mineral Resource estimate to JORC reporting standards has already been calculated. Summary
Mineral Resource Estimate for Zone II
Notes: Rounding errors may occur The information in this report that relates to the Mineral Resource estimate for Zone II (Fox) is based on information compiled by Mr G. Fahey of CSA Australia Pty Ltd (CSA). Mr Fahey is a Chartered Professional and Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Fahey has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). Mr Fahey consents to the inclusion in the report of the matters based on his information in the form and context in which they appear. Mineralisation has now been found over a 2 kilometer length from Zone II in the south to Zone III in the north. The 1.1 kilometer gap between these two has been drill tested in a number of places and found to contain similar grades and widths to those of Zone III which is currently being mined by Griffin at the Caijiaying Zone III Mine.Surface Diamond Drill Hole Results
To speed drilling and to avoid having to drill through the overlying sand, a decline is being developed that will link the Zone III decline with the Zone II decline and, from this new decline, further underground drilling will be conducted. This drilling will then be used to further define the mineralisation present between Zone II and III. Mladen Ninkov, Griffin’s Chairman, commented on these developments as follows: "Caijiaying continues to live up to the expectations the Company has always had for it with the discovery of a totally new mining area for the Company which brings with it obviously large economic and operational benefits. The Company now has every expectation that Zones II and III converge and the Company is intensifying its exploration efforts with a new drive and follow-up underground drilling to prove the convergence of these two zones of mineralization. The Company could not be more pleased by this exciting discovery and development.” Note: * Griffin Mining Ltd has a 60% interest in the Caijiaying mine and mineral interests covering the above, but is entitled to 100% of the net cash flows from Caijiaying for the first three years from the commencement of commercial production in July 2005.
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Griffin Mining Limited 6th Floor 60 St James's Street London SW1A 1LE |
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