Last checked at 9 Feb 2015 07:00
China Nonferrous Gold Limited
中国有色黄金有限公司
(“CNG” or the “Company”)
Operational Update
China Nonferrous Gold Limited 中国有色黄金有限公司 (AIM: CNG), the mineral exploration and development company currently developing the Pakrut gold project (the “Project”) in the Republic of Tajikistan is pleased to provide an update on operations.
LLC Pakrut, the Company’s 100 per cent. owned subsidiary, mined and stockpiled its first ore from the Pakrut Gold Deposit in November 2014, ahead of schedule. Mining is continuing from Adit 1 and ore is being stockpiled ready for processing. The completion of construction of the processing plants is expected in June 2015 with commissioning and the start of production immediately thereafter.
Significant progress has also been made in construction of the mine, where the Company are now employing over 800 people.
The main decline has now been completed to 1,830 metres which allows the Company to mine the lower levels of the Pakrut Gold Deposit and it has now been joined up with the west air ventilation shaft. Further development of levels and sublevels has commenced from the bottom of the decline.
The construction of all foundations for both processing plant at Pakrut and smelting plant in Vahdat has been completed. Most equipment for both plants has been moved to site and is in the process of being installed. The tailings dam at the smelting plant in Vahdat has been completed and the construction of the tailings dam in Pakrut is underway and ongoing.
The construction of the Company’s external power supply, consisting of a 110 kilovolts electrical substation and 73 kilometres of 110 kilovolt power lines, to the processing plant at Pakrut has now been completed as well as the supply of electricity to the Company’s smelting plant in Vahdat.
For further information please visit the Company’s website (www.cnfgold.com) or contact:
| China Nonferrous Gold Limited |
| David Tang, Managing Director |
| Tel: +86 10 8442 6681 |
| Investec Bank Plc |
| Jeremy Ellis, George Price |
| Tel: +44 (0)20 7597 5970 |
| Hume Capital |
| Jon Belliss, Guy Peters |
| Tel: +44 (0)20 3693 1470 |
Project Summary
The Pakrut gold project, of which CNG has 100 per cent ownership, is situated in Tajikistan approximately 120km northeast of the capital city Dushanbe. Pakrut is located within the Tien Shan gold belt, which extends from Uzbekistan into Tajikistan, Kyrgyzstan and Western China, and which hosts a number of multi-million ounce gold deposits.
About Tajikistan
Tajikistan is a secular republic located in Central Asia. The country is a member of the Commonwealth of Independent States and the Shanghai Cooperation Organisation. Tajikistan hosts numerous operating precious metal mines as well as the largest aluminium smelter in Central Asia. CNG's management team has extensive experience in the mining industry in Tajikistan.
Copyright Business Wire 2015