Business
Production Upgrade
Production Upgrade.
About this update from Griffin Mining Limited
[{"type":"text","content":"\n Griffin Mining Ld\n21 September 2006\n\n GRIFFIN MINING LIMITED\n 60 St James's Street, London SW1A 1LE, United Kingdom\n Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773\n E mail: [email protected]\n\n\n\n 21st September 2006\n\n\n PRODUCTION UPGRADE AT CAIJIAYING\n\n CONTINUING RISE IN CASH BALANCE\n\n\n\nGriffin Mining Limited ('Griffin' or the 'Company') is pleased to announce that\nit has increased throughput at Caijiaying from 35 tonnes of ore per hour first\nachieved in May 2006 to 42 tonnes of ore per hour (the equivalent of 350,000\ntonnes per annum) and maintained that increase for an extended period of time\nwhilst maintaining recovery and plant utilisation rates. In addition, even\nhigher throughputs have been achieved on an ad hoc basis.\n\n\n\nThe 350,000 tonne per annum throughput is 75% over the original design capacity\nof the plant with a 20% increase in zinc metal in concentrate being produced.\nThe increased throughput capacity reduces operating costs per tonne and allows a\nlower mining cut-off grade to be applied whilst optimising and extending the\ncurrent known life of the zone III deposit. A new reserve and resource statement\nis expected by the end of the calendar year.\n\n\n\nWork continues on the feasibility study for the potential upgrade of the\nCaijiaying zinc and gold processing plant to take annualised throughput to\n500,000 tonnes per annum and cater for a new planned precious metals concentrate\nwhich is expected to recover both gold and silver, a decision which is expected\nto be made by the end of the calendar year.\n\n\n\nCash balances in the Griffin Group currently stand at some US$22 million and the\nCompany retains no debt.\n\n\n\nChairman's statement\n\n\n\n'Caijiaying continues to outperform almost everyone's expectations and will\ncontinue to excite and surprise the market and its shareholders. I anticipate\neven more significant results as the year continues.'\n\n\n\n\n\nFurther information\n\n\nMladen Ninkov - Chairman Telephone: +44(0)20 7629 7772\nRoger Goodwin - Finance Director\nGriffin Mining Limited\n\nAdrian Hadden / Christopher Rollason Telephone: +44(0)20 7523 8350\nCollins Stewart Limited\n\nHugo de Salis Telephone: +44(0)20 7242 4477\nSt Brides Media & Finance Ltd\n\n\n\nGriffin Mining Limited's shares are quoted on the Alternative Investment ...