2nd Oct 2013 09:34
LONDON (Alliance News) - Griffin Mining Ltd Wednesday said it has increased its resource estimates at the Caijiaying Zinc-Gold Mine In China.
The China-focused precious metal exploration and development company said there has been a 215% increase in measured resources for the current mining area of Zone III at Caijiaying.
The company said its total resource increased to 49.9 million tonnes including 4.1% or 2 million tonnes of zinc, 0.4% or 212,000 tonnes of lead, 23.9 grams per tonne or 37.9 million ounces of silver and 0.5 grams per tonne or 825,000 ounces of gold.
Griffin mining also said that 74% of the resource is now in its measured and indicated categories, meaning that the company believes the resources will underpin mining operations for many years.
The company said it is currently working on a revised resource model for the site and undertaking a major review of data collection and management processes, grade control, mine planning and mine reconciliation to optimise the site's future production.
Griffin Mining shares were up 8.2% to 31.50 pence, putting it in the top ten AIM movers on Wednesday.
By Tom McIvor; [email protected];
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