Sinogold
Sino Gold Mining Limited (Sino) is an Australia-based company. The principal activities of the Company are mining and processing of gold ore, and sale of recovered gold, and exploration and development of mining properties. The Company mined 692,000 tons of ore through open-cut mining during the year ended December 31, 2007. At December 31, 2007, Sino had acquired a 94% interest in Golden China Resources Corporation. The operation in Jinfeng Mine achieved commercial production on September 1, 2007. A total of 449,000 tons of ore were treated during 2007, with an overall recovery of 71.9% producing 56,981 ounces of recovered gold. In 2007, 43,483 ounces of gold were sold. As of December 31, 2007 the 230 meter of underground development was achieved in White Mountain. Compulsory acquisition of Gold China Resource Corporation was completed on January 16, 2008.
See more information about Sinogold
Sino Gold sees record production and starts developing third mine
Sino Gold announced today that its operations for the quarter produced a record 51,142 ounces of gold at a cash operating cost of US$403 per ounce.
The company has also approved the US$65m development of Sino Gold’s third gold mine, the Eastern Dragon Mine in Heilongjiang Province, which is due to have a mine life of around seven years.
The company predicts production of gold for the first five years will average 90,000 ounces a year, at around US$125 per ounce. The forecast capital requirement of US$65m is set to be funded internally. Commissioning of the mine is due to commence late in 2010, and commercial gold production early in 2011. The ambitious proposed schedule implies commissioning the entire plant just 18 months from now.
Eastern Dragon is a high grade gold and silver deposit, with 0.5m ounces of gold and 4.4m ounces of silver, at grades averaging 8.4g/t gold and 70g/t silver. The mine is intended to be a relatively simple open-pit operation, with average cash operating costs of around US$125 per ounce over the first five years of production.
As of 31 December 2008, Sino Gold’s mineral resources were 7.1m ounces of gold, while its ore reserves were 4.4m ounces of gold.
Other Sinogold news
- Eldorado Gold to acquire Sinogold for A$2.2bn
2009-08-27 - Sino Gold increases stake in high grade Eastern Dragon prospect in China
2009-03-12 - Sino Gold in $176 million loan facility with China Construction Bank
2009-02-25
