17 Apr 2023 07:00
8th Floor, Royal Trust House, 54-56 Jermyn Street, London. SW1Y 6LX, United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773
E mail: griffin@griffinmining.com
First Quarter Production
17th April 2023.
Griffin Mining Limited ("Griffin" or the "Company") hereby announces the production results for the three months to 31st March 2023.
3 months to 31st March 2023 | 3 months to 31st December 2022 | 3 months to 31st March 2022 | ||
Ore mined | Tonnes | 355,742 | 228,510 | 17,975 |
Ore processed | Tonnes | 366,120 | 184,045 | 8,649 |
Zinc in concentrate produced | Tonnes | 13,965 | 6,739 | 268 |
Gold in concentrate produced | Ozs | 4,743 | 2,079 | 1,474 |
Silver in concentrate produced | Ozs | 68,779 | 59,561 | 168 |
Lead in concentrate produced | Tonnes | 230 | 215 | 7 |
Average zinc price received per tonne | USD | 2,029 | 2,116 | - |
Average gold price received per oz | USD | 1,789 | 1,703 | - |
Average silver price received per oz | USD | 17.7 | 18.1 | - |
Average lead price received per tonne | USD | 2,407 | 2,145 | - |
Overview
Production in the first quarter of 2023 was a record for a first quarter of any year since the commissioning of the Caijiaying Mine in 2005. Production output was unimpeded this quarter by the usual Chinese New Year holidays. Mining and processing rates have been ramped up to now run consistently at the equivalent of circa 1.5 million tonnes of ore per annum bringing with it the expected financial returns.
Chairman Mladen Ninkov commented,
"What another extraordinary result. The Caijiaying Mine is now clearly showing what it can achieve when it is unencumbered by extraneous events outside the Company's control. I look forward to an event free 2023 and the results which will thereby be generated."
About Griffin Mining Limited
Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited owns and operates through its 88.8% owned Joint Venture in China the Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and lead metals in concentrates. For more information, please visit the Company's website griffinmining.com.
Further information
Griffin Mining Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
John Prior
Douglas McLeod
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Wyllie
Deltir Elezi
BlytheRay
Tim Blythe Telephone: +44(0)20 7138 3205
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
Griffin Mining (GFM)