China Gold International Provides its Jiama Copper-Gold Polymetallic Mine Update
China Gold International Resources Corp. Ltd. (TSX:CGG); (HKEX:2099) ("China Gold International Resources" or the "Company") provides an update on the operations of its Jiama copper-gold polymetallic mine ("Jiama Mine"). Reference is made to the Company's announcement dated on March 31, 2023. On May 27, 2023, an overflow occurred at the Guolanggou Tailings Dam at Jiama Mine (the "overflow"). The Company quickly contained and repaired the breach to ensure no damage to the environment or neighboring communities. Subsequent to the overflow, Jiama Mine has suspended its operations while the Company takes the opportunity to conduct a comprehensive safety assessment of and repair work on its tailings dam with the assistance and supervision of government safety authorities. The Company does not have an exact timeline for the re-start of production.
The overflow occurred at the top 19th subsequent dyke of the Guolangou Tailings Dam. However, other levels of subsequent dykes and the starter dyke were also damaged to varying degrees. The Company is conducting a comprehensive inspection and assessment of all 19 levels of subsequent dykes and the starter dyke of the tailings dam and is making permanent repairs and reinforcements of the dam. The repair and reinforcement construction is expected to be completed by the end of July 2023. Following the completion of the construction, the Company will conduct a safety assessment of the entire tailings pond and submit an assessment report to the regulatory authority by the end of August 2023. The government regulators will decide when to grant permission to resume production based on the assessment report.
Due to the uncertainty of the date of resumption of production at Jiama Mine, the Company is withdrawing its annual production guidance for 2023 as set out in the announcement of the Company dated January 20, 2023. Once the impact of tailings overflow on the operation can be more clearly evaluated, the Company will re-issue the production guidelines. However, the Company notes that production operations at the Company's CSH gold mine are normal and stable.
About China Gold International Resources
China Gold International Resources is a gold and base metal mining company incorporated in BC, Canada and operates two mines, the Chang Shan Hao Gold Mine in Inner Mongolia, China and the Jiama Copper-Gold Polymetallic Mine in Tibet, China. The Company's objective is to build shareholder value through growing production at its current mining operations, expanding its resource base, and 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 (HKEX: 2099).
For further information on the Company, please refer to SEDAR's website at www.sedar.com, The Stock Exchange of Hong Kong Limited's website at www.hkex.com.hk, the Company's website at www.chinagoldintl.com, or call the Company at +1-604-609-0598 and email to info@chinagoldintl.com.
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.