China Nonferrous Gold Limited 中国有色黄金有限公司
(“CNG” or the “Company”)
China Nonferrous Gold Limited 中国有色黄金有限公司 (AIM: CNG), the mineral exploration and mining company currently mining the Pakrut gold project in the Republic of Tajikistan, is pleased to provide the following operational update.
Continuous efforts have been made by the Company to fully resolve the operational issues caused by avalanches and landslides in early 2017. The collapsed electric towers have all been re-established, and the damaged buildings and equipment have been repaired. The current road to the Pakrut gold mine project has been restored to its normal condition, and power supply is now available. Construction progresses steadily, and production has already recommenced:
- As of this announcement, a total of 21,270 cubic meters of excavation work has been completed in the level of 2350m/2230m/2110m. The mining operation has recommenced and 50,000 tons of ore have been extracted.
- The processing plant has completed its equipment overhaul and workshop maintenance, and has already commenced production.
- The smelting plant has also been well prepared and is expected to be back to normal production by May 2018, subject to the production of gold concentrate. The whole Pakrut Gold Project is expected to be completely restored to normal production by then.
The construction of the Pakrut Gold Project is also progressing well. The construction of underground projects such as ventilation systems has been underway throughout the whole winter. It is expected that the ventilation system engineering excavation and equipment installation work will be finalized by the end of September 2018. In early April 2018, the construction of surface works such as the tailing pond, backfill station and camps has commenced and all the equipment required for the backfill station has arrived at the site. The overall construction of all projects is expected to be completed during the fourth quarter of 2018.
The Company also notes its previous Financial Update announced on 5 March 2018.
For further information please visit the Company’s website (www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Yu Lixian, Managing Director
Tel: +86 10 8442 6681
Investec Bank plc
Jeremy Ellis, Alexander Ruffman
Tel: +44 (0)20 7597 5970
Tim Blythe, Camilla Horsfall
Tel: +44 (0)20 7138 3224