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11 Mar 2014 07:00
11 March 2014
China Nonferrous Gold Limited
(‘CNG’ or the ‘Company’)
AIM: CNG
Operational Update
China Nonferrous Gold Limited (AIM: CNG), the mineral exploration and development company currently developing the Pakrut gold project in the Republic of Tajikistan, today provides the following operational update with regard to its Pakrut gold project.
Construction of the underground mine is progressing well and remains on track for completion this year, with production planned to commence immediately thereafter.
The main decline at the mine has reached a depth of 600 metres, out of a planned total depth of 1,800 metres, while the west ventilation access decline has reached a depth of 285 metres, out of a planned total depth of 520 metres.
In addition to work on the underground mine, construction work pertaining to associated mine infrastructure is also progressing to plan. Construction of the access road and bridge to the mine site will soon be completed and construction of the electricity power line and substation is expected to complete by the end of September 2014.
The tender process for contracts relating to the construction of the various processing plants and the tailing dam has commenced with contracts expected to be awarded shortly. The majority of equipment required for the processing plants has been purchased and is currently being shipped to the mine site.
Away from mine construction activities, the Company is in the process of finalising a report on its 2013 drilling and exploration programme, with results expected to be announced shortly.
Commenting, David Tang, Managing Director, China Nonferrous Gold Limited, said:
“I am very pleased with the progress the Company has made towards bringing the Pakrut gold project into production. All construction activity is on track and I am confident that production will commence later this year as planned.”
ENDS
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, Chris Sim, George Price
Tel: +44 (0)20 7597 5970
Hume Capital
Jon Belliss, Guy Peters
Tel: +44 (0)20 3693 1470
Blytheweigh
Paul Weigh, Halimah Hussain
Tel: +44 (0)20 7138 3204
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 has estimated total JORC compliant resources of 4,720,000 oz Au (assuming a cut-off grade of 0.5 grams per tonne of gold) and 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.
CNG is currently in a construction phase with mining contractors on site developing the underground mine and surface infrastructure.
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 2014
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