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Share Name | Share Symbol | Market | Type |
---|---|---|---|
China Gold International Resources Corp Ltd | TSX:CGG | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.13 | -1.41% | 9.08 | 9.06 | 9.10 | 9.19 | 9.07 | 9.19 | 1,510 | 15:34:21 |
The Company completes construction of the facilities for stage one of Phase II expansion at Jiama. The Company reduces total and cash production costs at both mines.
VANCOUVER, Aug. 14, 2014 /CNW/ - China Gold International Resources Corp. Ltd. (TSX: CGG; HKEx: 2099) (the "Company" or "China Gold International Resources") reports financial and operational results for the three months ("Q2", "quarter" or "second quarter 2014") and six months ("first half" or "six months 2014") ended June 30, 2014. The Company revises its 2014 annual production guidance.
Selected Production and Financial Highlights: Q2 2014 Compared to Q2 2013
CSH Mine |
Three months ended June 30, | |
2014 |
2013 | |
Total production cost (US$) of gold per ounce |
733 |
877 |
Total Cash production cost* (US$) of gold per ounce |
446 |
734 |
* Non-IFRS measure |
Jiama Mine |
Three months ended June 30, | |
2014 |
2013 | |
Total production cost* (US$) of copper per pound after by-products credits |
1.78 |
2.11 |
Cash production cost** (US$) of copper per pound after by-products credits |
1.09 |
1.55 |
* |
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 |
Selected Financial Highlights: First Half 2014 Compared to First Half 2013
Mr. Bing Liu, the CEO and Executive Director of the Company, commented, "We have achieved numerous milestones so far in 2014. We have completed the first stage of construction of the Jiama Mine's Phase II expansion on time. We have successfully managed a US$500 million bond issue. We are reducing costs at both of our mines. At the same time, our company and the rest of the industry are facing challenging market conditions. We believe our superior technical and operating experience and our ability to raise financing will help us weather this downturn in the industry and still deliver profits and growth to our shareholders".
Selected 2014 Operational Achievements
2014 Revised Production and Operating Outlook for CSH and Jiama
Analysts, investors, media and general public are encouraged to visit the Company's website, sedar.com or hkexnews.hk to view the complete set of the financial statements and MD&A or contact the Company with any questions.
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-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, 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 a detailed look at the financial statements and MD&A for the quarter ended March 31, 2013, 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.
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 give 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 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 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.
SOURCE China Gold International Resources Corp. Ltd.
Copyright 2014 PR Newswire
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