China-focused gold and zinc miner Griffin Mining said it had successfully upped its interest in Hebei Hua Ao Mining Industry Company, the owner of the Caijiaying Zinc-Gold Mine and surrounding tenements, to 88%. It has also extended the term of its Hua Ao joint venture to 2037. Chairman, Mladen Ninkov, said: "As Griffin now progresses towards increasing production at Caijiaying, and with the hope of continuing favourable metals prices, the returns to Griffin and its shareholders should not only justify the price paid by the company in this transaction, but exceed all expectations". The firm's shares rose 6% on the news.
Griffin Mining (LON:GFM) has announced that all the resolutions put to the shareholders of the Company at the Annual General Meeting held today were duly passed. At the Annual General Meeting the directors reported that in the six months to 30th June 2012, 386,313 tonnes (2011 - 319,525 tonnes) of ore were processed at Griffin's Caijiaying Mine to produce; • 20,336 tonnes (2011 - 16,069 tonnes) of zinc metal in concentrate; • 1,364 tonnes (2011 - 602 tonnes) of lead in concentrate; • 215,773 ozs (2011 - 117,036 ozs) of silver in concentrate; and • 3,769 ozs (2011 - 4,493 ozs) of gold in concentrate. Production of zinc, lead and silver in concentrate in the six months to 30th June 2012 was a record for any six month period at Caijiaying despite production being impacted by the Chinese spring festival holidays and restricted supplies of explosives during the Chinese national party congress. Work continues to improve gold recoveries. In the interim, mining of high grade gold areas has been deferred until further metallurgical test work has been completed. At 12:04pm: (LON:GFM) Griffin Mining share price was +1.88p at 32.25p Story provided by StockMarketWire.com
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