• Tuesday 29th December 2020

GRANTING OF ZONE III PFA — 27% INCREASE IN CAIJIAYING PRODUCTION PROFILE

GRANTING OF ZONE III PFA — 27% INCREASE IN CAIJIAYING PRODUCTION PROFILE

Granting of Zone III PFA

 27% Increase in Caijiaying Production Profile

 29th December 2020

 

Griffin Mining Limited (“Griffin” or the “Company”) is very pleased to announce that following 2 years of capital development and the installation of relevant underground services, the Chinese Safety Bureau has granted the 3rd Stage Zone III Project Final Acceptance Permit (“PFA”). This significant milestone extends the underground mineable ore zone at the Caijiaying Mine from the current 1175mRL down to the 1000mRL. This will enable the underground operations in Zone III to profitably extract 1.1 million tonnes of Zinc-Gold ore per annum beginning 2021 compared to the 820,000 tonnes of ore expected to be mined in 2020. This represents a 27% increase in mineable ore production per annum.

Chairman Mladen Ninkov said “The successful securing of the 3rd Stage Zone III PFA is a quantum step  achievement for the Company as it provides a solid production foundation on which the Caijiaying Mine can sustainably continue to increase the Zinc-Gold ore production profile to its already completed 1.5mtpa processing facilities. We now await the granting of the new Zone II mining licence to increase the production profile even further and fulfil the promise recognized by the shareholders by the Company’s initial discovery at Caijiaying.”

 

Further information

Griffin Mining Limited

Mladen Ninkov – Chairman                             Telephone: +44(0)20 7629 7772

Roger Goodwin – Finance Director

Panmure Gordon (UK) Limited

John Prior                                                         Telephone: +44 (0)20 7886 2500

Berenberg

Mathew Armitt                                                   Telephone: +44(0)20 3207 7800

Jennifer Wyllie

Deltir Elezi