Issue of New Mining Licence
New Mining Licence Covering Both New Zone II & Existing Zone III
4th January 2021
Griffin Mining Limited (“Griffin” or the “Company”) is delighted to announce that the new Mining License (“ML”) covering both the Zone II and Zone III areas has finally been approved and issued by the Chinese Ministry of Land and Natural Resources.
The magnitude of the accomplishment cannot be diminished. This major milestone was finally reached after 8 years of lengthy and arduous document preparation and written submissions which continually needed to accommodate a significant number of legislative and regulatory changes throughout that time. The directors, senior management, staff and contractors, and the numerous officials at every level of government concerned, need to be recognized and congratulated on their extraordinary efforts to achieve this momentous result.
The new mining licence will allow the mining of significant additional resources. The granting of the 3rd Stage Zone III Project Final Acceptance Permit will increase the annual mined ore from Zone III to from 820,000 tonnes in 2020 to 1.1 million tonnes in 2021, but with the increased ore accessed from Zone II, this will increase to over 1.5 million tonnes per annum in 2022, increasing as more capital development is completed. No additional capital is required for any above ground processing facilities which were upgraded and completed some time ago whilst waiting for the new ML. The Company remains debt free.
Chairman Mladen Ninkov said “After 8 long and frustrating years and the difficulties experienced during the Covid-19 pandemic, the 2020/2021 new year period has finally delivered what the shareholders have hoped, and patiently waited for, all this time. It is a gigantic achievement which catapults Griffin from a junior mining company into the ranks of one of the largest zinc producers, in the largest base and ferrous metals consuming market in the world. To say I am elated would be an understatement. I am so happy for those shareholders who have been so supportive, who believed and kept the faith when so, so many did not and that they will now get to fully realise the exciting potential of the Caijiaying Mine.”
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
Mathew Armitt Telephone: +44(0)20 3207 7800