Griffin Mining upgrades resource at Caijiaying mine

2nd Oct 2013 09:02

Griffin Mining cheered investors with the announcement of an upgrade in resources for its Caijiaying Zinc-Gold Mine in the Hebei Province in the People's Republic of China. The upgrade included a 215% jump in measured resources for the current mining area of Zone III, 74% of which is now in the measured and indicated categories. The total resource is 49.4m tonnes at 4.1% zinc, 0.4% lead, 23.9g per tonne silver and 0.5g per tonne gold. Griffin said a "significant portion" of the resource was confirmed in the higher measured and indicated categories, which will underpin mining operations for many years to come.Drilling was continuing and further drill access was being provided by new underground mine development, it added. Chairman Mladen Ninkov commented: "With total contained metal at Caijiaying of a gross value of over $6.3bn, Caijiaying continues to deliver on its promise as a world class, extensive, long life mineral system. "Griffin, its joint venture partners, its shareholders, employees, contractors, local, provincial and central Chinese governments and local villagers should all be delighted with this continuing prosperity and, hopefully, even more to come."NR