Griffin Mining Limited Announces First Quarter Production 2024

LONDON, UK / ACCESSWIRE / April 11, 2024 / Griffin Mining Limited ("Griffin" or the "Company") announces the production results from the Caijiaying Zinc-Gold Mine for the three months ended 31 March 2024.

Overview

As in previous years, first quarter production at Caijiaying was impacted by the Chinese Lunar New Year and Spring Festival holidays causing disruption to operations by government department shutdowns and the travel of staff and contractors throughout the period. The slower activity period was utilized by scheduling mine and processing plant maintenance.

Whilst maintenance has resulted in ore processed being down 10.5% on the first quarter of 2023, Griffin expects to recoup this lost production in subsequent quarters such that circa 1.5 million tonnes of ore will be mined and processed in 2024. Despite lower throughput, better precious metals' grades led to a higher precious metals concentrate production on that achieved in the first quarter of 2023. This was particularly beneficial in light of the continuing higher gold prices.

Gold in concentrate production up 527 ozs (11.1%) on that achieved in in the first quarter 2023;

Silver in concentrate production up 3,227 ozs (4.7%) on that achieved in in the first quarter 2023;

Lead in concentrate production up 47 tonnes (20.4%) on that achieved in in the first quarter 2023; and

Zinc metal concentrate production down 2,542 tonnes (18.2%) on that achieved in the first quarter 2023

Mladen Ninkov, Chairman, commented:

"As expected, the first quarter of 2024 produced subdued results not only because of the Chinese Lunar New Year holidays but also due to the relatively late date this year of the Chinese Lunar New Year which brought the holiday period tangentially into conflict with the week long annual parliamentary meetings of the National People's Congress in Beijing. This caused the shut-down of government departments for a much longer period than normal causing delays to day-to-day approvals needed for daily production, such as explosives deliveries. Nevertheless, these lower production numbers were expected and the Company remains on target to produce its budgeted 1.5 million tonnes of throughput this calendar year.

We continue to look forward to the year ahead with the continuing development of Zone II for ore production and the increasing world zinc and gold prices.

About Griffin Mining Limited

Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited owns and operates through its 88.8% owned Joint Venture in China, the Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and lead metals in concentrates. For more information, please visit the Company's website griffinmining.com.

Further information

Griffin Mining Limited

Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director

Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500

Dominic Morley
Douglas McLeod

Berenberg Telephone: +44(0)20 3207 7800

Matthew Armitt
Jennifer Lee
Deltir Elezi

8th Floor, Royal Trust House, 54-56 Jermyn Street, London. SW1Y 6LX, United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773
E mail: griffin@griffinmining.com

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SOURCE: Griffin Mining Ltd