Trading Statement
23 Janeiro 2009 - 9:00AM
UK Regulatory
TIDMCGM
RNS Number : 1491M
China Goldmines PLC
23 January 2009
China Goldmines plc
("China Goldmines" (CGM) or the "Company")
(AIM:CGM)
CHINA GOLDMINES GUANZHUANG GOLD PROJECT QUARTERLY UPDATE
DECEMBER 2008
Highlights
+-----------------------------------------------------------------------------+
| * CGM has identified high-grade stopes for production |
| and remains confident that productivity levels will |
| increase which will achieve our target of 20,000 - 25,000 |
| ounces of gold during the calendar year 2009. |
| * |
| The Company has completed its 2008 drilling program of |
| 15,000 metres for the year, with December quarter's most |
| significant result being 4.35 metres at 24.1 g/t. |
| Drilling in the December quarter confirms the continuity |
| of the ore body in both strike length and depth. |
| For the 2008 calendar year we mined ore containing 5,161 |
| ounces of gold of which 3,130 ounces were mined during |
| the December quarter. |
| * |
| During the December quarter the Company has sold 390 dry |
| metric tonnes (DMT) of gold concentrate at 68.5 g/t, and |
| also produced 10.5 kg of Dor� Bars from gravity gold. A |
| total of 1,002 ounces of gold was sold during the quarter |
| at an average price of US$850 per oz. |
| * |
| The Company's cash position was USD $10.4m which, |
| together with an additional USD $2.6m in cash equivalent |
| assets such as gold stock and security bonds, |
| takes total cash reserves to USD $13m at the end of |
| December 2008. |
| * |
| Purchase of Gekko ILR 150 free gold recovery system for |
| commissioning by mid 2009. |
| * |
| The Company maintains a world class safety record with no |
| injuries to date and all licences and permits are fully |
| compliant. |
+-----------------------------------------------------------------------------+
Update Production Activity Results
The Company's mining operation is making the transition from remnant mining
while refurbishing the mines and is now targeting and mining new developments,
with gold grades increasing to at least 6 g/t.
December Quarter Mining Summary
+--------+--------+--------+--------+--------+--------+-----+---------+---------+-------+---------+--------+
| A | BMY | XCZ | SJY | DS | ZJS | XL | Total | Total |Grade | Gram | Au |
| | | | | | | | Wagons | Ore |(g/t) | Au | (Oz) |
| | | | | | | | | (t) | | (g) | |
+--------+--------+--------+--------+--------+--------+-----+---------+---------+-------+---------+--------+
|Oct-08 |1,559 | 585 | 808 | 315 |1,016 | | 4,283 | 4,047 | 2.96 |11,979 | 385 |
+--------+--------+--------+--------+--------+--------+-----+---------+---------+-------+---------+--------+
|Nov-08 |2,922 |1,153 |1,095 |2,087 |2,035 | | 9,292 | 8,781 | 4.17 |36,616 |1,177 |
+--------+--------+--------+--------+--------+--------+-----+---------+---------+-------+---------+--------+
|Dec-08 |2,588 |2,052 |1,752 |1,445 |3,444 |32 |11,313 |10,691 | 4.56 |48,751 |1,568 |
+--------+--------+--------+--------+--------+--------+-----+---------+---------+-------+---------+--------+
| | | | | | | | Total: | 23,519 | 4.14 | 97,947 | 3,130 |
+--------+--------+--------+--------+--------+--------+-----+---------+---------+-------+---------+--------+
* Note: 1 wagon: 0.945T
+-----------------------------------------------------------+----------------+-----------------------------------------------------------+
| B | Mining | For December 2008 97,947g or 3,130Oz. |
| | contained Au | |
+ + +-----------------------------------------------------------+
| | | For calendar year 2008 is 5,161Oz. |
+-----------------------------------------------------------+----------------+-----------------------------------------------------------+
December Quarter Milling Activity Results:-
+-----------+----------+---------+---------+----------+-----------+----------+---------+-----------+
| BMY | Tonnes | Grade | Tails |Recovery | Concentrate | Gravity |
| PLANT | | (g/t) | (g/t) | % | | |
+ + + + + +--------------------------------+-----------+
| | | | | | Grade | Tonnes | Au (g) | Au (g) |
| | | | | | (g/t) | | | |
+-----------+----------+---------+---------+----------+-----------+----------+---------+-----------+
| Oct-08 | 2,097 | 2.81 | 0.23 | 91.81 | 121.09 | 34.54 | 4,182 |1,221.35 |
+-----------+----------+---------+---------+----------+-----------+----------+---------+-----------+
| Nov-08 | 3,096 | 2.42 | 0.25 | 89.87 | 92.90 | 58.63 | 5,447 |1,298.11 |
+-----------+----------+---------+---------+----------+-----------+----------+---------+-----------+
| Dec-08 | 4,206 | 3.17 | 0.28 | 91.26 | 109.01 | 88.00 | 9,593 |2,554.61 |
+-----------+----------+---------+---------+----------+-----------+----------+---------+-----------+
+----------+---------+----------+---------+----------+----------+---------+------------+-----------+
| XCZ | Tonnes | Grade | Tails |Recovery | Concentrate | Gravity |
| PLANT | | (g/t) | (g/t) | % | | |
+ + + + + +---------------------------------+-----------+
| | | | | | Grade | Tonnes | Au (g) | Au (g) |
| | | | | | (g/t) | | | |
+----------+---------+----------+---------+----------+----------+---------+------------+-----------+
| Oct-08 | 1,682 | 3.14 | 0.28 | 91.08 | 69.00 | 64.92 | 4,479.48 | 338.19 |
+----------+---------+----------+---------+----------+----------+---------+------------+-----------+
| Nov-08 | 2,331 | 5.67 | 0.29 | 94.89 | 92.26 |121.17 |11,179.14 |1,355.69 |
+----------+---------+----------+---------+----------+----------+---------+------------+-----------+
| Dec-08 | 2,542 | 6.54 | 0.33 | 95.00 | 82.54 |180.07 |14,862.99 | 922.58 |
+----------+---------+----------+---------+----------+----------+---------+------------+-----------+
+-----------+---------+---------+---------+----------+-----------+---------+-----------+-----------+
| DS | Tonnes | Grade | Tails |Recovery | Concentrate | Gravity |
| PLANT | | (g/t) | (g/t) | % | | |
+ + + + + +---------------------------------+-----------+
| | | | | | Grade | Tonnes | Au (g) | Au (g) |
| | | | | | (g/t) | | | |
+-----------+---------+---------+---------+----------+-----------+---------+-----------+-----------+
| Oct-08 | 85 | 3.27 | 0.24 | 92.66 | 46.79 | 4.33 | 202.60 | 55.85 |
+-----------+---------+---------+---------+----------+-----------+---------+-----------+-----------+
| Nov-08 | 908 | 6.33 | 0.32 | 94.94 | 61.76 | 70.25 |4,338.64 |1,113.37 |
+-----------+---------+---------+---------+----------+-----------+---------+-----------+-----------+
| Dec-08 | 1,145 | 5.26 | 0.27 | 94.78 | 58.84 | 83.89 |4,936.06 | 776.92 |
+-----------+---------+---------+---------+----------+-----------+---------+-----------+-----------+
Total December Quarter Milling Results:-
+-------------+--------------+---------------+---------------+---------------+---------------+
| | Production Total for three plants |
+ +------------------------------------------------------------------------------+
| | Tonnes | Grade (g/t) | Concentrate | Gravity | Total Oz |
| | | | Au (g) | Au (g) | |
+-------------+-------------+--------------+---------------+---------------+---------------+
| Oct-08 | 3,864 | 2.96 | 8,864.53 | 1,615.39 | 337 |
+-------------+--------------+---------------+---------------+---------------+---------------+
| Nov-08 | 6,334 | 4.17 | 20,964.51 | 3,767.17 | 795 |
+-------------+--------------+---------------+---------------+---------------+---------------+
| Dec-08 | 7,893 | 4.56 | 29,391.98 | 4,254.11 | 1,082 |
+-------------+--------------+---------------+---------------+---------------+---------------+
| | | | | Total: | 2,214 |
+-------------+--------------+---------------+---------------+---------------+---------------+
Gold Sales
The Company has sold 390 (DMT) tonnes of gold concentrate at 68.5 g/t and 10.5
kg of gravity gold. A total of 1,002 ounces of gold was sold during the December
quarter. A total of 1,594 oz's of gold was sold during the 2008 calendar year at
an average price of 6,012 RMB per oz (US$884 per oz) achieving revenue of
approximately 9.5 million RMB (US $1.4m).
Gold Refinery/Smelter
CGM has evaluated a number of refineries and options and entered into a contract
with Yantai Gold Refinery a well respected and long established refinery in the
Shandong Province, to process CGM concentrate. Consideration is based on spot
price (less refinery costs) on collection of concentrate under the terms and
conditions of the contract.
CGM will now proceed with disposing of its concentrate to the Yantai Refinery on
a monthly basis. The Company will undertake a cost/benefit capital appraisal of
constructing its own gold smelter in due course.
Advance Technology - Gekko Plant
The Company has bought the Gekko ILR 150 leach reactor system with commissioning
due mid 2009.
The Gekko equipment is a well proven, safe and secure system for recovering
"free gold" with over 100 reference installations around the world.
The Gekko system will replace the use of amalgamation with mercury. The Gekko
equipment to be installed by CGM consisted of the following:-
+---------------------------------------------------------------------------+
| * three centrifugal gravity |
| concentrators to recover free gold |
| from the mill circuit and produce a |
| high-grade gold concentrate. |
| * |
| an intensive cyanidation reactor |
| (known as a Gekko In-line Leach |
| Reactor) to dissolve gold from the |
| concentrate. |
| * |
| an electro-winning cell to recover |
| the gold from solution as metallic |
| gold which can easily be smelted into |
| gold bars. |
+---------------------------------------------------------------------------+
Compared with amalgamation (in current use) its main advantages are:-
+---------------------------------------------------------------------------+
| * improved gold recoveries as very |
| fine gold particles can be recovered |
| in the centrifugal concentrator |
| * |
| improved gold security due to the |
| "hands-off" nature of operations; |
| * |
| the avoidance of mercury use |
| resulting in improved health and |
| safety aspects. |
+---------------------------------------------------------------------------+
The Company's current plan is for the Gekko system to be installed at Xiao Chong
Zi Plant. Gold concentrates from Bao Mu Yuan and De Sheng would be transported
to Xiao Chong Zi for gold recovery.
The Gekko equipment would increase the proportion of free gold recovery and
decrease the proportion of gold recovered of flotation concentrate. The
equipment purchase was justified on the basis of improving free gold recovery
from about 20% to about 40% of total gold recovery. The estimate was based on:-
+---------------------------------------------------------------------------+
| * experience with Gekko |
| installations on other plants; |
| * |
| knowledge of the mode of occurrence |
| of gold in CGM ores from test work |
| and observations of plant |
| performances. |
+---------------------------------------------------------------------------+
Exploration
Exploration drilling has achieved a total of 15,000 metres for surface drilling
during the 2008 calendar year. The underground drilling has completed
approximately 2,000 metres. There were issues and delays due to the availability
of compressed air. Underground sampling together with underground drilling
continues to confirm the continuity of the ore bodies both along strike and with
depth.
Significant underground sampling results over 6g/t
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
|Serial |Sample Number | Sampling |Sample Length | Sample | Au | Sampling | Assay |
|Number | | Place | |Thickness |(g/t) Au | Date | Date |
| | | | | | content | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1202 | D0005432 | 5/1A/Dr | 1.1 | 1.1 | 6.12 | 2008.10.4 | 2008.10.6 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1251 | D0005449 | 1/2/Dr | 0.85 | 0.85 | 14.51 | 2008.10.9 |2008.10.11 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1260 | D0005455 | 1/A/Dr | 1 | 0.95 | 14.38 |2008.10.10 |2008.10.11 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1263 | D0005458 | 1/A/Dr | 1.1 | 1 | 9.82 |2008.10.10 |2008.10.11 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1267 | D0005462 | 1/A/Mu | Grab | Grab | 8.47 |2008.10.10 |2008.10.11 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1273 | D0005468 | 3/2/Dr | 0.4 | 0.4 | 71.63 |2008.10.10 |2008.10.13 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1277 | U0000013 | 4/1/Dr | 0.8 | 0.8 | 8.22 |2008.10.11 |2008.10.12 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1286 | D0005469 | 2/1/Mu | Grab | Grab | 13.29 |2008.10.11 |2008.10.12 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1288 | D0005471 | 3/2/Dr | 0.5 | 0.4 | 16.23 |2008.10.12 |2008.10.13 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1293 | D0005476 | 3/2/Dr | 0.48 | 0.41 | 23.17 |2008.10.12 |2008.10.13 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1232 | U0000301 | 8/1/Mu | Grab | Grab | 14.21 |2008.10.14 |2008.10.15 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1237 | U0000120 | 5/1A/Dr | 0.5 | 0.5 | 6.68 |2008.10.15 |2008.10.17 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1238 | U0000121 | 5/1/Dr | 1.4 | 1.3 | 14.42 |2008.10.15 |2008.10.17 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1244 | U0000022 | 4/1/Dr | 1.5 | 1.5 | 10.78 |2008.10.15 |2008.10.16 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1247 | D0005485 | 3/1c/Mu | Grab | Grab | 34.73 |2008.10.15 |2008.10.16 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1251 | D0005489 | 1/A/Dr | 0.4 | 0.4 | 12.82 |2008.10.15 |2008.10.17 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1263 | U0000123 | 5/2/Dr | 1.5 | 1.3 | 6.13 |2008.10.17 |2008.10.18 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1274 | U0000203 | 3/3/Dr | 0.7 | 0.6 | 37.96 |2008.10.18 |2008.10.19 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1283 | U0000212 | 3/3A/St | 1.3 | 1.3 | 9.15 |2008.10.18 |2008.10.19 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1290 | U0000217 | 3/1c/Dr | 0.4 | 0.4 | 114.93 |2008.10.21 |2008.10.23 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1294 | U0000128 | 5/2/Dr | 1.3 | 1.05 | 9.49 |2008.10.21 |2008.10.22 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1303 | U0000221 | 1/2/Dr | 1.1 | 0.9 | 9.84 |2008.10.22 |2008.10.22 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1305 | U0000136 | 5/2/Dr | 1 | 0.66 | 39.22 |2008.10.22 |2008.10.23 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1308 | U0000304 | 8/1/Xc | 0.7 | 0.6 | 7.84 |2008.10.23 |2008.10.24 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1314 | U0000138 | 5/1A/Dr | 0.75 | 0.7 | 7.56 |2008.10.24 |2008.10.25 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1321 | U0000224 | 3/2/Dr | 0.8 | 0.8 | 12.69 |2008.10.26 |2008.10.27 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1325 | U0000143 | 5/2/Dr | 0.6 | 0.6 | 10.6 |2008.10.26 |2008.10.27 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1334 | U0000146 | 5/1A/Dr | 0.8 | 0.8 | 11.9 |2008.10.28 |2008.10.29 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1336 | U0000148 | 5/2/Dr | 1.3 | 1.3 | 8.99 |2008.10.28 |2008.10.31 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1343 | U0000235 | 1/2/Dr | 1 | 0.9 | 35.88 |2008.10.29 |2008.10.31 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1349 | U0000244 | 1/A/Dr | 0.8 | 0.7 | 11.2 |2008.10.29 |2008.10.31 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1355 | U0000154 | 5/2/Dr | 0.7 | 0.7 | 9.45 |2008.10.31 | 2008.11.1 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1356 | U0000155 | 5/1A/Dr | 1.3 | 1.1 | 6.01 |2008.10.31 | 2008.11.1 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1360 | U0000239 | 3/3/Dr | 1.1 | 1 | 8.47 | 2008.11.1 | 2008.11.2 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1368 | U0000160 | 5/1A/Mu | Grab | Grab | 22.76 | 2008.11.2 | 2008.11.5 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1370 | U0000252 | 3/1c/SDr | 0.6 | 0.6 | 14.97 | 2008.11.2 | 2008.11.5 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1372 | U0000254 | 3/2/Dr | 0.83 | 0.83 | 25.95 | 2008.11.2 | 2008.11.5 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1373 | U0000255 | 2/1/Edr | 0.8 | 0.35 | 8.64 | 2008.11.3 | 2008.11.5 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1379 | U0000039 | 4/2/Dr | 1.2 | 1.2 | 8.57 | 2008.11.4 | 2008.11.6 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1385 | U0000163 | 5/1/Dr | 1.2 | 1 | 8.52 | 2008.11.4 | 2008.11.6 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1387 | U0000165 | 5/0/Mu | Grab | Grab | 35.43 | 2008.11.4 | 2008.11.6 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1390 | U0000261 | 1/A/Dr | 0.9 | 0.9 | 11.35 | 2008.11.5 | 2008.11.6 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1402 | U0000268 | 1/2/Dr | 1.3 | 1.3 | 10.14 | 2008.11.7 | 2008.11.8 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1414 | U0000177 | 5/2/Dr | 0.9 | 0.8 | 6.82 | 2008.11.9 |2008.11.10 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1418 | U0000274 | 2/1/Dr | 0.8 | 0.8 | 10.53 |2008.11.10 |2008.11.12 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1432 | U0000280 | 1/A/Mu | Grab | Grab | 10.87 |2008.11.12 |2008.11.13 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1437 | U0000184 | 5/1A/Dr | 1.2 | 1 | 6.75 |2008.11.12 |2008.11.15 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1438 | U0000185 | 5/1/Mu | Grab | Grab | 12.5 |2008.11.12 |2008.11.15 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1440 | U0000282 | 3/2/Mu | Grab | Grab | 12.82 |2008.11.13 |2008.11.15 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1451 | U0000189 | 5/2/Mu | Grab | Grab | 7.67 |2008.11.14 |2008.11.15 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1453 | U0000191 | 5/2/Dr | 0.4 | 0.4 | 8.29 |2008.11.15 |2008.11.15 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1468 | U0000291 | 3/2/Mu | Grab | Grab | 6.26 |2008.11.16 |2008.11.17 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1476 | U0000057 | 4/1/Mu | Grab | Grab | 9.02 |2008.11.18 |2008.11.19 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1478 | U0000317 | Surface | Grab | Grab | 54.53 |2008.11.19 |2008.11.20 |
| | | Exposure | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1485 | U0000295 | 1/2/Dr | 1 | 0.8 | 12.59 |2008.11.20 |2008.11.22 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1488 | U0000298 | 3/1C/SDr | 0.8 | 0.7 | 6.28 |2008.11.20 |2008.11.22 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1489 | U0000299 | 3/1C/SDr | 1.2 | 1 | 23.29 |2008.11.20 |2008.11.22 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1496 | U0000063 | 4/1/Dr | 1 | 0.9 | 35.99 |2008.11.21 |2008.11.22 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1497 | U0000064 | 4/1/Mu | Grab | Grab | 6.9 |2008.11.21 |2008.11.22 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1500 | U0000601 | 5/2/Mu | Grab | Grab | 13.12 |2008.11.22 |2008.11.23 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1506 | U0000406 | 3/1C/SDr | 1 | 1 | 6.49 |2008.11.23 |2008.11.25 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1515 | U0000415 | 3/1C/SDr | 1 | 1 | 11.51 |2008.11.23 |2008.11.25 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1518 | U0000418 | 3/2/Mu | Grab | Grab | 6.25 |2008.11.23 |2008.11.25 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1519 | U0000603 | 5/1A/Dr | 0.9 | 0.8 | 18.75 |2008.11.24 |2008.11.25 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1521 | U0000605 | 5/1/Mu | Grab | Grab | 7.13 |2008.11.24 |2008.11.25 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1525 | U0000069 | 4/1/Mu | Grab | Grab | 6.2 |2008.11.24 |2008.11.27 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1529 | U0000073 | 4/1A/Dr | 0.9 | 0.8 | 9.57 |2008.11.26 |2008.11.28 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1534 | U0000422 | 1/2/Dr | 1 | 0.8 | 11.13 |2008.11.26 |2008.11.28 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1535 | U0000423 | 1/2/Dr | 1.25 | 1.1 | 6.62 |2008.11.26 |2008.11.28 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1536 | U0000424 | 1/2/Dr | 1 | 0.8 | 13.08 |2008.11.26 |2008.11.28 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1538 | U0000426 | 1/2/Dr | 1.2 | 1.1 | 15.26 |2008.11.26 |2008.11.28 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1540 | U0000428 | 1/2/Dr | 1 | 0.9 | 11.53 |2008.11.26 |2008.11.28 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1558 | U0000077 | 4/1/Dr | 0.4 | 0.4 | 7.27 |2008.11.28 |2008.11.29 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1574 | U0000442 | 3/1C/Mu | Grab | Grab | 29.2 |2008.11.30 |2008.12.03 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1576 | U0000079 | 4/1/Dr | 1.4 | 1.3 | 61.56 |2008.11.29 |2008.12.09 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1579 | U0000329 | 8/1/Dr | 1 | 1 | 15.21 |2008.12.02 |2008.12.03 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1585 | U0000621 | 5/1/Mu | Grab | Grab | 28.56 |2008.12.03 |2008.12.05 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1609 | U0000466 | 3/4/Dr | 1 | 1 | 7.1 |2008.12.03 |2008.12.06 |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
| 1632 | U0000500 | 7/4/Mu | Grab | Grab | 12.82 |2008.12.08 |2008.12.09 |
| | | | Sample | Sample | | | |
+--------+---------------+-----------+---------------+-----------+----------+------------+------------+
Table 1. Production Results for the Dec 2008 quarter, 79 samples with results
over 6g/t.
Drilling Results
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| Drill | Beijing |Beijing |Beijing | From | To |Interval | Au | | Au | From | To |Interval |
| hole | Grid | Grid |Grid RL | (m) | (m) | (m) |(g/t) | | (g/t) | (m) | (m) | (m) |
| | East | North | (m) | | | | | | | | | |
| | (m) | (m) | | | | | | | | | | |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| SJDD0026 | 37498084 | 3159178 | 257.42 | 60 | 61 | 1 | 1.54 | | 1.54 | 60 | 61 | 1 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| SJDD0037 | 37501178 | 3160304 | 265.75 | 430.05 | 433 | 2.95 | 6.25 | Includes | 7.09 | 430.05 | 431 | 0.95 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and | 5.75 | 431 | 432 | 1 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and | 5.96 | 432 | 433 | 1 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| SJDD0037 | | | | 435.85 | 437.25 | 1.4 | 1.35 | | 1.35 | 435.85 | 437.25 | 1.4 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| SJDD0037 | | | | 452 | 453 | 1 | 1.64 | | 1.64 | 452 | 453 | 1 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| SJDD0042 | 37501253 | 3160342 | 206.81 | 433.7 | 434.45 | 0.75 | 2.62 | | 2.62 | 433.7 | 434.45 | 0.75 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| SJDD0045 | 37501677 | 3160256 | 403.84 | 45 | 45.85 | 0.85 | 1.49 | | 1.49 | 45 | 45.85 | 0.85 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| SJDD0048 | 37501447 | 3160324 | 313.82 | 425 | 434 | 9 | 3.00 | Includes | 4.31 | 425 | 426 | 1 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and | 2.26 | 426 | 427 | 1 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and | 1.91 | 427 | 428 | 1 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and | 1.34 | 428 | 429 | 1 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and | 8.35 | 429 | 429.83 | 0.83 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and | 1.56 | 429.83 | 431 | 1.17 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and | 5.21 | 431 | 431.67 | 0.67 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and | 1.72 | 431.67 | 433 | 1.33 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and | 2.45 | 433 | 434 | 1 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| SJDD0048 | | | | 478 | 479.17 | 1.17 | 1.64 | | 1.64 | 478 | 479.17 | 1.17 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| SJDD0048 | | | | 482.3 | 486.65 | 4.35 | 24.09 | Includes | 4.00 | 482.3 | 483.2 | 0.9 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and |53.20 | 483.2 | 484 | 0.8 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and |26.90 | 484 | 485 | 1 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and |30.30 | 485 | 486 | 1 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
| | | | | | | | | and | 2.18 | 486 | 486.65 | 0.65 |
+----------+----------+---------+---------+--------+--------+----------+-------+----------+--------+--------+--------+----------+
Table 2. Significant assay results - over 1g/t (Au).
+----------+--------+--------+----------+---------+----------+----------+----------+----------+----------+----------+-----------+
| Drill | From | To |Interval |Au-AA25 |Au-AA25D |Au-SCR21 |Au-SCR21 |Au-SCR21 |Au-SCR21 |Au-SCR21 |Potential |
| hole | (m) | (m) | (m) | | | | | | | | % change |
+----------+--------+--------+----------+---------+----------+----------+----------+----------+----------+----------+-----------+
| | | | | Au | Au | Au | Au | Au | WT. | WT. - | |
| | | | | | | Total | (+) | (-) | + | Frac | |
| | | | | | | (+)(-) |Fraction |Fraction | Frac | Entire | |
| | | | | | |Combined | | | Entire | | |
+----------+--------+--------+----------+---------+----------+----------+----------+----------+----------+----------+-----------+
| | | | | ppm | ppm | ppm | ppm | ppm | g | g | % |
+----------+--------+--------+----------+---------+----------+----------+----------+----------+----------+----------+-----------+
| SJDD0022 | 480.95 | 481.75 | 0.80 | 0.99 | 1.01 | 1.01 | 2.31 | 1 | 5.63 | 984.4 | 2% |
+----------+--------+--------+----------+---------+----------+----------+----------+----------+----------+----------+-----------+
| SJDD0022 | 486.00 | 487.00 | 1.00 | 1.21 | 1.06 | 1.13 |
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