Last checked at 16 Mar 2023 17:30
China Nonferrous Gold Limited
(“CNG” or the “Company”)
Production Resumed at Pakrut Gold Mine
Resource review commissioned
China Nonferrous Gold Limited (AIM: CNG), the mineral exploration and mining company currently mining the Pakrut gold project in the Republic of Tajikistan, is pleased to announced that the power supply was re-established and production has resumed at the Pakrut mine site.
The Company is pleased to report that the electric power transmission tower which was damaged by avalanches has been repaired therefore allowing the power supply to be restored at the mine site. The Company has started to resume the production of the processing plant and underground mining, primarily with the normal power supply. It is expected that heavy trucks will not able to pass through some sections on the road to the mine site until 20 March 2023. Because the smelting plant has to collect sufficient gold concentrate to guarantee continuous adequate supply, it is anticipated that the smelting plant will not resume production until the end of March 2023 at the earliest, a further announcement will be made when that occurs, however at this stage the Company believes that notwithstanding this interruption it will be able to recover annual gold production to similar levels to last year.
In addition, the Company confirms it has signed a service agreement for a review of the resource estimate of the Pakrut Gold Mine by SRK (SRK Consulting China Co., Ltd.). Given the geologically and complex nature of the Pakrut deposit, SRK have been engaged to review and, where necessary, update the resource estimation of Pakrut Gold Mine utilizing mining and production data. Further updates will be provided once the result of this review is available.
For further information please visit the Company’s website (www.cnfgold.com) or contact:
China Nonferrous Gold Limited
Zhang Hui, Managing Director
Tel: +86 10 8442 6662
WH Ireland Limited (NOMAD & Broker)
Katy Mitchell, Andrew de Andrade
Tel: +44 (0)207 220 1666
BlytheRay (PR)
Tim Blythe, Megan Ray
Tel: +44 (0)20 7138 3224
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014
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