[26 July 2016, Hong Kong] China Hanking Holdings Limited ("China Hanking" or the "Group"; Stock code: 3788) announced that that Hanking Gold Mining Pty Ltd ("Hanking Gold"), a subsidiary of the Company, has increased its JORC Code resource by approximately 50.96% and JORC Code 2012 reserve by approximately 48.09%.
The major increases in resource and reserve were achieved by Hanking Gold, together with its contractors and independent consultants, through successful exploration programs, interpretation of the new and existing geological data, and feasibility studies at the Yilgarn Star, Copperhead, Cornishman and Edward's Find North gold projects. The total JORC Code resource of Hanking Gold has been increased to approximately 35.42 million tons at 4.1 g/t for 4.63 million ounces of gold, up 50.96% as compared to the announced resource on 19 May 2016. The total JORC Code reserve increased to approximately 9.56 million tons at 3.3 g/t for 1.01 million ounces (production depleted to 30 June 2016), up 48.09% as compared to the announced resource on 19 May 2016.
Commenting on this major resource and reserve update, Dr. Yumin Qiu, Executive Director of China Hanking, President and Chief Executive Officer of Hanking Gold said, "We have nearly doubled our JORC Code resource over three years and grown our reserve from zero to more than 1 million ounces of gold. This is a fantastic testimony to our team's capacity in creating values for shareholders through exploration, feasibility studies, mine development and operations. We have now built high-grade long life gold operations with well-established infrastructure in the highly prospective and under-explored Southern Cross Greenstone Belt, on track to become Australia's next middle-tier gold producer."
Hanking Gold mined 68,501 ounces gold in the first half of 2016, and is currently ramping up its open pit mining at Axehandle and its underground mine at Nevoria. With 3 million ounces of gold in Measured and Indicated high-grade JORC Code resources and more than 1 million ounces gold in high-grade JORC Code reserve, based on the Hanking Gold's feasibility studies, Hanking Gold targets to produce an average 162,000 ounces of gold per year over the next seven years.
Dr. Pan Guocheng, Executive Director, President and Chief Executive Officer of China Hanking expressed, "The successful adding resource extension and reserve conversion near our existing facility has again demonstrated the team's capacity for growth in Australia. The Group will continue to support value creation exploration and expand gold production".
| Projects | Tonnes (Kt) | Grade(g/t) | Contained Gold (Koz) |
| Open Pit | |||
| Axehandle | 2,712 | 2.5 | 214 |
| Cornishman | 35 | 1.5 | 2 |
| Yilgarn Star Pit | 1,547 | 2.9 | 144 |
| Aquarius | 616 | 3.3 | 65 |
| Frasers | 340 | 3.4 | 37 |
| Edwards Find North | 327 | 2.7 | 28 |
| Underground | |||
| Nevoria Underground | 1,076 | 4.0 | 128 |
| CNC Underground | 473 | 4.3 | 65 |
| Frasers South Underground | 550 | 4.5 | 80 |
| Jaccoletti Underground | 988 | 3.5 | 111 |
| Yilgarn Star Underground | 896 | 4.7 | 134 |
| Total | 9,560 | 3.3 | 1,010 |
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About China Hanking Holdings Limited
China Hanking Holdings Limited (stock code: 3788) is a fast-growing international mining and metals group that focuses on finding, mining, processing and marketing the Earth's mineral resources. Hanking focuses on precious metals coupled with nickel and other strategic metals. Our approach is driven by investment and development of long-life, low-cost, expandable operations in the most attractive geographical areas.
Issued by Anli Financial Communications Limited and on behalf of China Hanking Holdings Limited.
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