China Gold International Resources Corp. Ltd. Provides Preliminary 2019 Production results and 2020 Outlook

VANCOUVER, British Columbia, Jan. 22, 2020 (GLOBE NEWSWIRE) -- China Gold International Resources Corp. Ltd. (TSX: CGG; HKEx: 2099) (“China Gold International Resources” or the “Company”) is pleased to provide preliminary full year production results for 2019 and announce annual production guidance for 2020.

2019 Production Highlights - Gold:

• The consolidated gold production from both of the Company’s mines was approximately 212,870 ounces, exceeding the original production guidance forecasted 210,000 ounces at the beginning of the year by 1.37%.
  
  
  • Gold production of approximately 67,870 ounces from the Jiama Copper-Gold Polymetallic Mine (“Jiama Mine”), representing a 3.0% decrease compared to 2018.
    
    
  • Gold production of approximately 145,000 ounces from the Chang Shan Hao Gold Mine (“CSH Mine”), stayed at the same compared to gold production in 2018.

2019 Production Highlights - Copper:

• Copper production was approximately 137 million pounds from the Jiama Mine representing an increase of approximately 12.9% compared to 2018 and exceeded its original production guidance forecasted 132 million pounds by 3.8%.

Guidance Highlights for 2020:

• The Company anticipates production of approximately 212,000 ounces of gold in 2020.
  
  
• The Company anticipates production of approximately 145 million pounds of copper in 2020.

CSH Mine – Operation update

The Company plans to continue its study on development plans outside the current pit limits.

Jiama Mine – Operation update

The Company improved metallurgical recovery of copper at the Jiama Mine, growing 2019 copper production beyond the original production guidance through improvements in efficiency that resulted in significant gains in its financial performance despite challenging copper prices. The Company is considering the possibility of partnering up with a telecom service provider to upgrade Jiama Mine to become an intelligent mine by utilizing 5G technology.

The Company’s CEO, Mr. Liangyou Jiang, said, “I am very pleased with the performance of our Company and our team.  2020 marks a new decade for China Gold International Resources. Having grown our business operations from 111,000 ounces to 212,870 ounces of gold and 21.6 million pounds to 137 million pounds of copper in 9 years, I credit our proven technical team for all of their achievements.