• Monday 24th October 2022

THIRD QUARTER PRODUCTION, RECOMMENCEMENT OF OPERATIONS AT THE CAIJIAYING MINE

THIRD QUARTER PRODUCTION, RECOMMENCEMENT OF OPERATIONS AT THE CAIJIAYING MINE

Third Quarter Production

 Recommencement of Operations at the Caijiaying Mine

 24th October 2022

 

Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce its production results for the three months to the 30thSeptember 2022. These results were achieved despite the enforced suspension in operations at the Caijiaying Mine from 23rdSeptember 2022, as announced on 20th September 2022, due to the Plenary Session of the Communist Party Central Committee and the Chinese Communist Party’s 20th Party Congress.

3 months to 30th September 2022 3 months to      30th June 2022 3 months to 30th September 2021
Ore mined Tonnes 267,304 338,790 306,966
Ore processed Tonnes 309,465 329,390 291,737
Zinc in concentrate Produced Tonnes 11,591 13,189 11,607
Gold in concentrate produced Ozs 3,080 3,504 3,848
Silver in concentrate produced Ozs 85,612 79,246 68,549
Lead in concentrate produced Tonnes 373 345 304
Average zinc price received per tonne US$ 2,292 2,886 2,258
Average gold price received per oz US$ 1,661 1,788 1,693
Average silver price received per oz US$ 15.7 18.1 19.6
Average lead price received per tonne US$ 2,097 2,323 2,304

Overview

Mining and processing were maintained at the equivalent annualised rate of over 1.3 million tonnes of ore per annum, all extracted from Zone III, up until the suspension in operations from 23rd September 2022

Recommencement of Operations at the Caijiaying Mine.

The relevant Chinese authorities have advised the Company that operations at the Caijiaying Mine may resume on the 26thOctober 2022. It is anticipated that operations will commence, as previously announced, on the 1st November 2022 once government restrictions have been fully eased and explosives received.

Chairman Mladen Ninkov commented, “Despite being suspended for a quarter of the month of September, the Caijiaying Mine continues to show its resilience and produce excellent results when extrapolated on an annualised basis. We all look forward to the re-start of operations and a clear run of production through the remainder of 2022 and 2023.  Congratulations to all involved in achieving these results and the care and maintenance of the Caijiaying Mine during the closed period.”

 

About Griffin Mining Limited 

 Griffin Mining Limited’s shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited owns and operates through its 88.8% owned Joint Venture in China  the Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and lead metals in concentrates. For more information, please visit the Company’s website griffinmining.com

 

Further information

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

    Mladen Ninkov – Chairman

    Goodwin – Finance Director

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

    John Prior

    Dougie McLeod

Berenberg                        Telephone: +44(0)20 3207 7800

    Matthew Armitt

    Jennifer Wyllie

    Deltir Elezi

BlytheRay                 Telephone: +44(0)20 7138 3205

    Tim Blythe

Swiss Resource Capital AG                   Telephone: +41 (0)71 354 8501

    Jochen Staiger