Guizhou Mining – Updates Latest Reserves Estimates

Nov. 28, 2009 - PRLog -- Guizhou Mining - Hong Kong, Announced today that it has updated its estimated gold reserve at the company's Jinfeng Gold Mine in southwestern China's Guizhou Province to 2.41 million ounces, up 8.79 percent on the previous year.

According to the announcement from Guizhou Mining, the latest drilling results show the Jinfeng Gold Mine contains 14.6 million tons of proven gold ore reserves at a grade of 5.1 grams per ton. In addition, the Jinmen Gold Mine also contains 6.1 million tons of probable gold ore reserves at a grade of 5.5 grams per ton, and 1.08 million ounces of probable gold reserves.

Guizhou Mining commenced production at the Jinfeng Gold Mine in September 2007, with a designed annual capacity of 180,000 ounces per annum, and produced 56,981 ounces of gold in 2007.

In the first quarter of 2008, Jinfeng Gold Mine's output stood at a mere 30,976 ounces  of gold, due to the highest grade of gold ore being lower than expected  and  the three-weeklong power supply shortages in January and February,  according  to  Guizhou Mining‘s first-quarter report released today.

As of the end of March, Guizhou Mining Gold's total confirmed and estimated gold reserves for all its operations stood at 4.8 million ounces.