• Thursday 10th February 2011

Trading Statement – Increased Production

Trading Statement – Increased Production

Griffin Mining Limited (“Griffin” or the “Company”) is pleased to report an increase in production at its Caijiaying zinc-gold mine in China in the year ended 31st December 2010 despite the suspension of operations for almost 4 months at Caijiaying from September to December 2010.

In summary:

  • 389,496 tonnes of ore was processed, compared to 276,880 tonnes in 2009, a 40.6% increase;
  • 22,044 tonnes of zinc metal in concentrate was produced, compared to 17,167 tonnes in 2009, a 28% increase;
  • 7,067 ounces of gold in concentrate was produced, compared to 3,726 ounces in 2009, a 90% increase;
  • 157,679 ounces of silver in concentrate was produced, compared to 89,222 ounces in 2009, a 77% increase; and
  • 690 tonnes of lead in concentrate was produced, compared to 500 tonnes in 2009, a 38% increase.

Commissioning of the newly expanded processing facilities to process in excess of 750,000 tonnes of ore per annum has been virtually completed,. Mining and haulage of ore has also been increased to meet the expanded processing capacity of the mill.

Mladen Ninkov, Griffin’s Chairman, commented: “Despite the suspension of activities at Caijiaying in September through early December following the deaths of two employees of the mining contractor, Caijiaying still managed to outperform what was achieved in 2009. With increasing metal prices, the completion of the plant upgrade and a full year of operations in front of us, I am looking forward to significantly better results in 2011”