China Gold International Reports 2017 First Quarter Results.
China Gold International
Resources Corp. Ltd.
______
Tel: 604-609-0598 Fax: 604-688-0598 E-mail: [email protected], www.chinagoldintl.com
Suite 660, One Bentall Centre
505 Burrard Street, Box 27
Vancouver, BC
Canada V7X 1M4
China Gold International Reports 2017 First Quarter Results.
VANCOUVER, May 12, 2017 - China Gold International Resources Corp. Ltd. (TSX: CGG;
HKEx: 2099) (the “Company” or “China Gold International Resources”) is pleased to report
financial and operational results for the three months ended March 31, 201 7 (“Q1”, “first
quarter” or “first quarter of 2017”).
2017 First Quarter Highlights
Consolidated Revenue of US$82.1 million for the first quarter of 2017 increased by
US$16.5 million or 25%, from US$65.6 million for the same period in 2016.
Mine operating earnings increased by 15 5% to US$19.1 million from US$7.5 million
for the same period in 2016.
Net profit/loss after income taxes increased to net profit of US$6.4 million from a net
loss of US$3.5 million for the same period in 2016.
Gold production from the CSH Mine decreased by 6% to 34,540 ounces from
36,703 ounces for the same period in 2016.
Copper production from the Jiama Mine increased by 39% to 5,716 tonnes
(approximately 12.6 million pounds) from 4,106 tonnes (approximately 9.05 million
pounds) for the same period in 2016. The copper production of 5,7 16 tonnes does
not include the copper ou tput of 1,866 tonnes (approximately 4.11 million pounds)
from phase II series I commissioning during the first quarter of 2017.
The total production cost of gold for the three months ended March 31, 2017
increased compar ed with the same period in 2016 , due to higher depletion and
depreciation costs.
CSH Mine Three months ended March 31,
2017 2016
Total production cost* (US$ per ounce) 1,127 1,034
Cash production cost* (US$ per ounce) 741 739
* Non-IFRS measure
Both cash production cost and total production cost of copper per pound decreased,
mainly because of the higher ore grade mined and processed during the period.
China Gold International
Resources Corp. Ltd.
______
Tel: 604-609-0598 Fax: 604-688-0598 E-mail: [email protected], www.chinagoldintl.com
2 Suite 660, One Bentall Centre
505 Burrard Street, Box 27
Vancouver, BC
Canada V7X 1M4
Jiama Mine Three months ended March 31,
2017 2016
Total production cost * (US$) of copper per pound 2.14 2.50
Total production cost * (US$) of copper per pound
after by-products credits *** 1.15 1.60
Cash production cost ** (US$) per pound of copper 1.79 2.09
Cash production cost ** (US$) of copper per pound
after by-products credits***
0.80 1.19
* Production costs include expenditures incurred at the mine sites for the activities related to production including
mining, processing, mine site G&A and royalties etc.
** Non-IFRS measure
*** By-products credit refers to the sales of gold and silver during the corresponding period.
Mr. Bing Liu, CEO of the Company, commented, “ We had a strong first quarter and a
great start to the year. During the first quarter of 201 7, the Company’s mine operating
earnings increased by 15 5% and copper production increased by 39% compared with the
same period in 2016. With our sharp focus on delivering consistent results, we continue on
target to meet ou r annual production guidance. We are also planning to spe ed up the
resource development and take advantage of any good acquisition opportunities to keep
delivering growth and profit to our shareholders.”
For a detailed look at the financial statements and MD&A for the quarter ended March 31 ,
2017, please visit the Company's website at www.chinagoldintl.com, The Stock Exchange
of Hong Kong Limited’s website at www.hkex.com.hk or SEDAR at www.sedar.com.
Resignation of Officer
The Company also announces that Xiangdong Jiang has resigned as Vice -President of
Production of the Company. However, Mr. Jiang remains a director of the C ompany and
will transition to a non-executive director role.
About China Gold International Resources
China Gold International Resources Corp . Ltd. is based in Vancouv er, BC, Canada and
operates both profitable and growing mines, the CSH Gold Mine in Inner Mongolia, and the
Jiama Copper -Gold 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 op erations, expanding 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 information:
China Gold International
Resources Corp. Ltd.
______
Tel: 604-609-0598 Fax: 604-688-0598 E-mail: [email protected], www.chinagoldintl.com
3 Suite 660, One Bentall Centre
505 Burrard Street, Box 27
Vancouver, BC
Canada V7X 1M4
Elena M. Kazimirova
Investor Relations Manager and Financial Analyst
Tel: +1.604.609 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 g ive no assurance 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 m ay 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, contin ued 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.