China Gold International Reports 2019 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 2019 First Quarter Results.
VANCOUVER, May 15, 2019 - China Gold International Resources Corp. Ltd. (TSX: CGG; HKEx: 2099) (the
“Company” or “China Gold International Resources” ) is pleased to report financial and operatio nal results
for the three months ended March 31, 2019 (“Q1”, “first quarter” or “first quarter of 2019”).
2019 First Quarter Highlights
• Revenue increased by 36% to US$145.6 million from US$106.7 million for the same period in 2018.
• Mine operating earning s increased by 132% to US$15.3 million from US$6.6 million for the same
period in 2018.
• Net loss after income taxes of US$4.6 million decreased from a net profit of US$2.0 million for the
same period in 2018.
• Total gold production decreased by 5% to 44,0 23 ounces from 46.264 ounces for the same period
in 2018.
• Total copper production increased by 110% to 14,833 tonnes (approximately 32.7 million pounds)
from 7,061 tonnes (approximately 15.6 million pounds) for the same period in 2018. The increase
in pro duction was primarily due to the output from the commercial production of the Phase II
expansion.
• Gold production at the CSH Mine decreased by 21% to 28,626 ounces for the three months ended
March 31, 2019 compared to 36,042 ounces for the three months end ed March 31, 2018. The
decrease in gold production is attributed to lower volumes of ore mined during the 2019 period,
which is in line with the revised mining plan.
CSH Mine Three months ended March 31,
2019 2018
Total production cost* (US$ per ounce) 1,373 1,028
Cash production cost* (US$ per ounce) 909 578
*Non-IFRS measure
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
• Both total production cost of copper per pound after by -products and cash production cost of
copper per pound after by -product decreased as compared to the same period i n 2018 due to
improved equipment utilization rates.
Jiama Mine Three months ended March 31,
2019 2018
Total production cost * (US$) of copper
per pound
3.08 4.85
Total production cost * (US$) of copper
per pound after by-products credits ***
2.28 3.78
Cash production cost ** (US$) per pound
of copper
2.37 3.53
Cash production cost ** (US$) of copper
per pound after by-products credits ***
1.56 2.46
* 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. Liangyou Jiang, CEO of the Company, commented, “ Our focus is on delivering consistent results and
meeting our annual production guidance. Our plan is to speed up the resource development at Jiama mine
and take advantage of any good acquisition opportunities to achieve growth and generate profit to our
shareholders.”
2019 Outlook
• Projected gold production of 210,000 ounces in 2019.
• Projected copper production of approximately 132 million pounds in 2019.
• Leverage on the technical and operating experience of the Company’s substantial shareholder,
China National Gold Group Corporation (“CNG”), to improve operations at its mines. Continued
efforts on increasing production while minimizing costs at both mines.
• To fulfill its growth strategy, the Company is continually working with CNG and other interested
parties to identify potential international mining acquisition opportunities, namely projects outside
of China, which can be readily and quickly brought into production with the possibility of further
expansion through continued exploration.
For a detailed look at the f inancial statements and MD&A for the quarter ended March 31, 2016, 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.
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 -Gold
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
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, expa nding
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 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, forecast s, 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 assurance that such expecta tions 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 fi nancing 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.