Griffin Mining hails renewal of Caijiaying mine licence in China

(Alliance News) - Griffin Mining Ltd on Monday said its licence over the Caijiaying mine in China has been renewed, cementing its "long term mineral rights".

The licence for the mine has been renewed until August 28, 2054, the mining investor focused on China said.

Caijiaying is a zinc, gold, silver, and lead mine.

"The term of 26 years is based upon the mine resources with the previous licence term being 16 years based upon earlier mineral resource estimates. This is a landmark achievement for the Company and guarantees its long term mineral rights, it's production envelopes in Zones II and III, it's previously approved mining area and it's vertical mining boundary over the total Caijiaying mine area," Griffin Mining said.

"In addition, the mining licence renewal confirms the continuing successful development of the Caijiaying mine and the company's continuing ability to achieve key regulatory milestones in the Chinese regulatory environment. The extended tenure until 2054 secures the long-term future of the asset and allows for the continued systematic extraction of the resource."

Griffin Mining shares rose 2.5% to 285.00 pence each in London on Monday morning.

By Eric Cunha, Alliance News news editor

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