Last checked at 1 Dec 2017 07:46
1 December 2017
China Nonferrous Gold Limited 中国有色黄金有限公司
(“CNG” or the “Company”)
Business Update
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 update.
Operational Update
Following the avalanches and landslides earlier in the year CNG has continued to focus on restoring production alongside constructing and repairing infrastructure. The Company is pleased to confirm that significant progress has been made in recent months.
Drainage and dredging has been completed and work to reconstruct some of the damaged tunnels is ongoing. Temporary residences and other living facilities have been constructed with the foundations also poured for a permanent camp at the Pakrut mine. Good progress has been made on the tailings pond and backfill station. Procurement for the tailings pond materials has been completed and equipment for the backfill station is expected to be shipped to the Pakrut mine site in early 2018. In addition, work on the ventilation system commenced in November and is ongoing and the repair of the damaged workshops is well progressed.
It is also expected that a permanent solution to restore external power supply will be achieved by the end of the year. Four new towers have been set up, of which three have been installed and the remaining one is ongoing.
As a result of the ongoing works and above noted progress the Company expects to resume production during the first half of 2018.
Board Update
As noted in the Company’s interim results for the period ended 30 June the Company has been in the process of recruiting new independent non-executive directors. Good progress has been made in the process and the Company expects to update shareholders in the near future.
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, George Price |
| Tel: +44 (0)20 7597 5970 |
| Beaufort Securities Limited |
| Jon Belliss |
| Tel: +44 (0)20 7382 8300 |
| Blytheweigh |
| Tim Blythe, Camilla Horsfall |
| Tel: +44 (0)20 7138 3224 |
LEI: 213800N6OF4LUDO7WD52
2.2. Inside information
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