China mining company pours its first gold at Pakrut Project in Tajikistan

07/01/2016 09:38
Asia-Plus
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DUSHANBE, January 7, 2016, Asia-Plus - China Nonferrous Gold Limited, the mineral exploration and mining company currently mining the Pakrut Gold Project in Tajikistan, has announced that the first gold ingots were poured at the Pakrut Gold Project on December 29, 2015.

The company top manager, Mr. Wu Xiang, said that “this is a significant milestone in the project’s history, and is reward for the hard efforts of the workforce who have done such a great job at bringing Pakrut to fruition.”

“I look forward to updating the market as to further gold production in the near future,” Mr. Wu added.

Pakrut gold mine, located approximately 120 kilometers north-east of Dushanbe, is owned by China Nonferrous Gold (formerly known as Kryso Resources). The mine development is being undertaken in two phases, which are expected to cost $223 million in total.

1,300 people now work for the Pakrut Gold Project and more than 60 percent of them are nationals of Tajikistan.

China Nonferrous Gold Limited (CNG) (formerly Kryso Resources Corporation Limited) is a London Stock Exchange AIM-listed mineral exploration and development company, focused on projects in Tajikistan.

The mining license for the Pakrut Gold Project was issued in January 2012 and is valid until November 2030.  Construction of the mine began in September 2012 and operations are expected to commence in 2014.  As of March 2014, the main decline was developed to a depth of 600m out of the planned 1,800m. The west ventilation access decline was developed to 285m out of the planned 520m.

According to the Mining Technology site, the mine is estimated to process 660,000t of ore per annum initially and 1.32 million tons per annum from 2017.

The JORC-compliant resources of Pakrut gold mine are estimated at 4.72 million ounces of gold at a cut-off grade of 0.5g/t.

The mine is expected to extract 2,000t of ore per day and approximately 9.8 million tons over its estimated 19-year life.

The reserves of the Pakrut project under the Russian classification system, which total 1,257,454oz Au at a cut off grade of 0.5g/t, were approved by Tajikistan’s State Committee for Reserves on December 15, 2008.

The Pakrut deposit remains open and is expected to yield further JORC Code-compliant resources over time.  Over 42,000 meters of drilling has been carried out to date, including 7,730 meters in 2012.

China Nonferrous Gold Limited is the first foreign company to obtain 100% ownership of a mining and exploration project in Tajikistan.

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