China Nonferrous Gold Limited
(“CNG” or the “Company”)
China Nonferrous Gold Limited 中国有色黄金有限公司 (AIM: CNG), the mineral exploration and development company currently developing the Pakrut gold project (the “Project”) in the Republic of Tajikistan announces an update on operations.
Construction at the Project is now not expected to be completed until the end of August 2015 with the start of trial production expected to begin during November 2015, following commissioning.
The reasons for the delays in construction are the result of the following unforeseen factors:
- a delay in the connection of electricity at the Pakrut site due to heavy snow and avalanches both blocking site access and bringing down some of the 110 kilovolt power pylons due to deliver power to site; and
- exceptionally heavy snow and avalanches at Pakrut in February and March which hindered construction and the delivery of materials to site; and
- difficulties and delays in obtaining visas for its suppliers to install key equipment on site and for foreign employees who are constructing the plant.
Ore is continuing to be stockpiled and the Company is working to resolve the above issues and is looking at possible ways to make up as much of the lost time as possible.
For further information please visit the Company’s website (www.cnfgold.com) or contact:
|China Nonferrous Gold Limited|
|David Tang, Managing Director|
|Tel: +86 10 8442 6681|
|Investec Bank Plc|
|Jeremy Ellis, George Price|
|Tel: +44 (0)20 7597 5970|
The Pakrut gold project, of which CNG has 100 per cent ownership, is situated in Tajikistan approximately 120km northeast of the capital city Dushanbe. Pakrut is located within the Tien Shan gold belt, which extends from Uzbekistan into Tajikistan, Kyrgyzstan and Western China, and which hosts a number of multi-million ounce gold deposits.
Tajikistan is a secular republic located in Central Asia. The country is a member of the Commonwealth of Independent States and the Shanghai Cooperation Organisation. Tajikistan hosts numerous operating precious metal mines as well as the largest aluminium smelter in Central Asia. CNG's management team has extensive experience in the mining industry in Tajikistan.