China Gold International Resources Provides Preliminary 2015 Production and Guidance and 2016 Outlook
2015 production is growing.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 18, 2016) - China Gold International Resources Co. Ltd. (TSX:CGG)(HKSE:2099) ("China Gold International Resources" or the "Company") is pleased to provide preliminary guidance on 2015 operating and production results at both of its mines and announce its goals for 2016.
2015 Production Highlights - Gold:
- The Company's consolidated gold production from both of its mines increased by 26% from 180,674 ounces in 2014 to 228,508 in 2015 surpassing its previously announced 2015 guidance of 226,000 ounces.
- Gold production from the Chang Shan Hao Gold Mine ("CSH Mine" or "CSH") increased by 25% from 163,443 ounces in 2014 to 204,471 ounces in 2015.
- Gold production from the Jiama Copper-Gold Polymetallic Mine ("Jiama Mine" or "Jiama") increased by 39% from 17,231 ounces in 2014 to 24,037 ounces in 2015.
2015 Production Highlights - Copper:
- Copper production from the Jiama Mine increased by 24% from 30,847,469 pounds in 2014 to 38,104,615 pounds in 2015. This is the fifth straight year of increasing production at the Jiama mine.
- The Company exceeded its previously announced 2015 expected copper production guidance of 37.5 million pounds.
Mr. Bing Liu, CEO of the Company, commented, "This continued growth in our production is in line with our objective to deliver profitability to our shareholders and supporters. We have made significant advancements this year in technological innovation and cost control and are aiming to prosper despite challenging market conditions."
2016 Production Outlook:
- The Company expects its 2016 production from Jiama to be approximately 38.6 million pounds of copper and 16,000 ounces of gold. The management considers this level of production to be optimal given the current copper price environment. The Jiama Mine has sufficient capacity to increase production in a timely manner when copper prices recover.
- The Company's CSH mine is expected to produce about 219,000 ounces of gold in 2016.
Final Year-End 2015 Results
China Gold International Resources expects to report its detailed Year-End 2015 financial and operating results on March 30, 2016 and the results will be available on the Company's website and SEDAR. In connection with the release, management will hold its annual roadshow and an announcement event to discuss year-end results and performance.
About China Gold International Resources
China Gold International Resources Corp. Ltd. is based in Vancouver, BC, Canada and operates both profitable and growing mines, the CSH Gold Mine in Inner Mongolia, and the Jiama Copper-Gold Polymetallic Mine in Tibet Autonomous Region of the People's Republic of China. The Company's objective is to continue to build shareholder value by growing production at its current mining operations, expanding its resource base, and aggressively acquiring and developing new projects internationally. The Company is listed on the Toronto Stock Exchange (TSX:CGG) and the Main Board of The Stock Exchange of Hong Kong Limited (HKSE:2099).
Cautionary Note about Forward-Looking Statements
Certain information regarding China Gold International Resources contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although China Gold International Resources believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. China Gold International Resources cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what China Gold International Resources currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
Contact
China Gold International Resources Co. Ltd.
Elena M. Kazimirova
Investor Relations Manager and Financial Analyst
+1.604.695 5031
info@chinagoldintl.com
www.chinagoldintl.com