Xi'an, China, January 09, 2011 --(PR.com
)-- Golden Label Nakaji is pleased to provide an update for the quarter ended 30 September 2010 on operations at its flagship Xinjiang gold mine (‘Baiheshan’) in The People’s Republic of China.
- Record quarterly gold production figure of 17,315 oz at Baiheshan
- Production for nine months to 30 September 2010 totals 49,865 oz Au
- On track to achieve 65,000 oz Au production target for the year to 31 December 2010
- 112,000 tonnes of gold dry ore transferred during Q3 2010 onto the leach pad with an average gold content of 3.3 g/t
GLN Corporation CEO Ichiro Nakaji said, "This has been an exceptional quarter in terms of gold production, which has seen us strengthen our position as a profitable, cash generative gold production company in Xinjiang, PRC. Importantly, efficiencies at our flagship Baiheshan mine also continue to improve, which I believe will help us achieve our 70,000 oz gold production target for 2011. This, in conjunction with increasing gold production, a favorable gold price and increasing the resource base, ideally places us to capitalize on our first mover advantage in the region."
During the quarter ended 30 September 2010, GLN Corporation produced 17,315 oz of gold (‘Au’), bringing total production for nine months to 30 September 2010 to 50,865 oz Au. The winter calendar quarters at Baiheshan provide a more testing environment for mining and production but taking account of this, and the improving production efficiencies at Baiheshan, the Board anticipates that the Company will achieve its production target to 31 December 2011 of 70,000 oz Au. The buoyant gold price has also seen GLN Company completing gold sales at an average of $1,226 per oz for the months July 2010 to end of September 2010.
The following summary table of gold production and prices highlights the quarter-on-quarter increase in gold production at Baiheshan over the past year.
Quarter ended Gold Produced (oz) Weighted Average Gold Sale Price (US$)
31 Dec 2009 15,690 1,092
31 Mar 2010 16,843 1,098
30 June 2010 16,157 1,201
30 Sept 2010 17,315 1,231
In terms of processing, during the quarter the Company transferred 112,000 tonnes of dry ore onto the leach pad with an average gold content of 3.3g/t. For the year to date, GLN Corporation has transferred 425,000 tonnes of dry ore onto the leach pad with an average gold content of 3.35g/t.
During the quarter, GLN Corporation installed a further storage pond, bringing the total on site to three. The storage ponds facilitate the overflow of solution from the Barren Leach Solution and Pregnant Leach Solution ponds.
About Golden Label Nakaji:
GLN Corporation was established in November 2002 as a private company registered in Xi’an, People’s Republic of China. We are an integrated large-scale enterprise with exploration, mining, processing and smelting operations focusing on the gold production business. Our primary products include standard Au9999 and Au9995 gold bullion.