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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Consol. Gen.Min | LSE:CGM | London | Ordinary Share | GB00B0T4LB03 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 3059A China Goldmines PLC 31 July 2008 For Immediate Release 31 July 2008 China Goldmines plc UNDERGROUND DEVELOPMENT WORK TO COMMENCE AT GUANZHUANG GOLD PROJECT China Goldmines plc ("CGM" or "the Company"; AIM: CGM), the resource company focusing on the discovery and development of gold projects in Hunan Province, announces that it has entered into a contract valued at approximately RMB 46million (USD 6.5m) with Hunan Tunnel Engineering General Corporation to construct a central decline and a 4km underground haulage level, known as "Highway -40", for its Guanzhuang Gold Project. The central decline will be located at the Zheng Jia Shan mine, halfway along the strike of the main ore body. This will also be the location of CGM's central processing facilities, including the large-scale processing facility (2,000tpd), offices and accommodation. Highway -40 will commence at the Shen Jia Ya Mine and, closely following the main ore structure, will link all eight mines together underground, some 350m from the surface. It is anticipated that ore will be produced from the highway area as its development progresses. In parallel, the Company will also develop declines from the De Sheng, Zheng Jia Shan, Jui Fa and Xiang Lu Mines to connect with Highway -40 to expedite the linkage between the mines and to accelerate ore production. The construction is expected to take 18 months to complete and will coincide with the commissioning of the central processing facility. Frank Vanspeybroeck, Chief Executive Officer of CGM, commented: *The commencement of the underground work at Guanzhuang is an important milestone in CGM*s development that will provide multiple exploration drilling platforms and facilitate modern load and haulage practices. More importantly, it ensures that we remain on track to achieve our goal of reaching large-scale production by 2011.* - Ends - For further information, please contact: China Goldmines plc Frank Vanspeybroeck (CEO) +86 731 518 8200 Alec Worrall +44 207 788 7621 Marinko Vidovich (CFO) +61 8 6216 5200 Changsha Office +86 731 518 8200 Brewin Dolphin Limited +44 141 221 7733 (Nominated Adviser) Alan Stewart (Corporate Finance) Parkgreen Communications +44 20 7933 8780 Sue Scott/Leah Kramer This information is provided by RNS The company news service from the London Stock Exchange END MSCWUUMAMUPRURG
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