China GOLD International Resources Provides Preliminary 2017 Production and Guidance and 2018 Outlook
Tel: 604-609-0598 Fax: 604-688-0598 E-mail: [email protected], www.chinagoldintl.com
China Gold International
Resources Corp. Ltd.
Suite 660, One Bentall Centre
505 Burrard Street, Box 27
Vancouver, BC
Canada V7X 1M4
CHINA GOLD INTERNATIONAL RESOURCES PROVIDES
PRELIMINARY 2017 PRODUCTION AND GUIDANCE AND 2018 OUTLOOK
VANCOUVER, January 31, 2018 - China Gold International Resources Co rp. Ltd. (TSX:CGG; HKEx : 2099)
(“China Gold International Resources ” or the “ Company”) is pleased to provide preliminary
guidance on 201 7 operating and production results at both of its mines and announce its goals for
2018.
2017 Production Highlights - Gold:
• Gold production of 186,957 ounces from the Chang Shan Hao Gold Mine (“ CSH Mine ” or
“CSH”), slightly increased from 185,052 ounces produced in 2016;
• Gold production of 47,710 ounces from the Jiama Copper-Gold Polymetallic Mine (“Jiama
Mine” or “Jiama”), representing an 82% increase compared to 2016;
• The Company’s consolidated gold production from both mines was 234,667 ounces, exceeding
previously announced annual production guidance of 218,700 ounces by 15,967 ounces or 7%.
2017 Production Highlights - Copper:
• Copper production of 79,021,963 pounds from the Jiama Mine, achieving previously
announced annual production guidance of 79 million pounds, and representing a 96% increase
from 40,391,851 pounds in 2016.
Jiama - Operations Update:
As previously announced, the Jiama Mine Phase II, Series I expansion commenced commercial
production as of December 31, 2017. As a result, the ore processing capacity at the Jiama Mine has
increased to 28,000 tonnes per day from the previous capacity of 6,000 tonnes per day. 2017 is the
seventh straight year of increased production at the Jiama Mine. The Company is focused on
continuing with Series II of the Phase II expansion.
CSH - Operations Update:
In the 2nd half of 2017 there were a series of wall failures on one side of the pit at the CSH Mine
leading to short term interruptions of mining activities. 2017 production was not significantly
impacted. The Company is conductin g studies to develop remediation plans to address the slope
stability issues. In the interim, the Company's first duty is to curtail mining operations where the pit
wall is unstable in order to protect its personnel. 2018 production estimates have been r educed
accordingly.
2018 Production Outlook:
• In 2018 the Company’s Jiama Mine is expected to produce approximately (i) 100 million
pounds of copper; and (ii) 48,000 ounces of gold.
Tel: 604-609-0598 Fax: 604-688-0598 E-mail: [email protected], www.chinagoldintl.com
China Gold International
Resources Corp. Ltd.
Suite 660, One Bentall Centre
505 Burrard Street, Box 27
Vancouver, BC
Canada V7X 1M4
• The Company’s CSH Mine is expected to produce about 112,000 ounces of gold in 2018.
• The Company’s consolidated gold production from both mines will be 160,000 ounces.
Mr. Bing Liu, CEO of the Company, commented, "The Company is pleased to commence commercial
production at Phase II Series I of the Jiama Mine expansion and is pleased to hit its production targets
for 2017. For 2018 the Company will benefit from the expansion at Jiama and will continue to work
through the challenges at CSH to deliver value to shareholders. ”
Final Year-End 2017 Results
China Gold International Resources expects to report its detailed Year -End 2017 financial and
operating results on March 29, 2018 and the results will be available on the Company’s website and
SEDAR. In connection with the release, management will hold its annual ro adshow and an
announcement event to discuss year-end results and performance.
About China Gold International Resources
China Gold International Resources Corp. Ltd. is based in Vancouver, BC, Canada and operates both
profitable and growing mines, the CSH Gold Mine in Inner Mongolia, and the Jiama Copper -
Polymetallic Mine in Tibet Autonomous Region of the People’s Republic of China. The Company’s
objective is to continue to build shareholder value by growing production at its current mining
operations, exp anding its resource base, and aggressively acquiring and developing new projects
internationally. The Company is listed on the Toronto Stock Exchange (TSX: CGG) and the Main Board
of The Stock Exchange of Hong Kong Limited (HKEx: 2099).
For additional inf ormation on China Gold International Resources Corp. Ltd., please refer to its SEDAR
profile at www.sedar.com or contact Tel: 604 -609-0598, Email: [email protected], Website:
www.chinagoldintl.com.
Cautionary Note About Forward-Looking Statements
Certain information regarding China Gold International Resources contained herein may constitute forward- looking
statements within the meaning of applicable securities laws. Forward- looking statements may include estimates , plans,
expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although China
Gold International Resources believes that the expectations reflected in such forward- looking statements are
reasonable, it can give no a ssurance that such expectations will prove to have been correct. China Gold International
Resources cautions that actual performance will be affected by a number of factors, most of which are beyond its control,
and that future events and results may vary substantially from what China Gold International Resources currently foresees.
Factors that could cause actual results to differ materially from those in forward- looking statements include market prices,
exploitation and exploration results, continued availability of capital and financing and general economic, market or business
conditions. The forward- looking statements are expressly qualified in their entirety by this cautionary statement. The
information contained herein is stated as of the current date and subject to change after that date.