News Bureau

44,023 oz gold produced at China Gold in 1Q

China Gold International Resources Corp Ltd reported financial and operational results for the three months ended March 31, 2019 that is Q1 & says, “Revenue increased by 36% to US$145.6 million from US$106.7 million for the same period in 2018. Mine operating earnings 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 44,023 ounces from 46.264 ounces for the same period in 2018.

Total copper production increased by 110% to 14,833 tonnes from 7,061 tonnes for the same period in 2018.  The increase in production 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 ended 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.

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.”

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