CHINA HANKING HOLDINGS LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
中國罕王控股有限公司
(incorporated in the Cayman Islands with limited liability)
(Stock code: 03788) INSIDE INFORMATION HANKING GOLD ACCOMPLISHED DRY COMMISSIONING OF ITS MARVEL LOCH PROCESSING PLANT
This announcement is made by China Hanking Holdings Limited (the "Company" or "Hanking") pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong).
The board of directors of the Company (the "Board") is pleased to announce that Hanking Gold Mining Pty Ltd ("Hanking Gold", a wholly-owned subsidiary of the Company) successfully started the operation of its Marvel Loch processing plant on 18 December 2014, following the increase of its gold resources, smooth progress of open-pit mining and the agreed-upon joint development of the Nevoria East Underground Gold Mine with Australia-based Pit n Portal Corporate Services Pty Ltd ("PNP").
The Marvel Loch processing plant, which is 100% owned by Hanking Gold, is located centrally at the
120 km-long Southern Cross metallogenic belt. Before the acquisition of the SXO Gold Project by Hanking Gold, the plant had been in smooth operation till the end of November 2012. Since then it had remained in maintenance state. After technological upgrade and maintenance carried out by Hanking Gold along with its feasibility study on the development of the gold mine, the Marvel Loch processing plant successfully completed its dry commissioning on 18 December 2014. The plant had crushed 10,000 tonnes of ore till 31 December 2014, and is scheduled to crush 1,000,000 tonnes of ore and produce 100,000 ounces of gold in 2015.
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"The successful dry commissioning, thanks to the joint efforts of our staff, marked another milestone for Hanking Gold along its path from exploration, development to production, laying a solid ground for meeting its production target in 2015", said Dr. Qiu Yumin, President and Chief Executive Officer of Hanking Gold regarding the successful dry commissioning at the Marvel Loch processing plant.
The Marvel Loch processing plant of Hanking Gold employs proven and reliable technological processes which combine crushing, ball-milling, gravity approach for gold separation and all-slime cyanidation carbon-in-pulp for gold adsorption. With annual ore processing capacity of 2,400,000 tonnes, the plant will produce crude gold ingots for direct sale to a refinery at Perth. As the only processing plant with ancillary facilities located centrally at the Southern Cross metallogenic belt, it is positioned to benefit from the vast potential in partnering with the surrounding mines. "The successful dry commissioning of the Marvel Loch processing plant of Hanking Gold is a substantial step towards the diversification strategy of Hanking, in addition to iron ore, gold production and sale will become a new growth point of the Company's earnings, which may be effective for preventing the market volatility risk of a single mineral. The dry commissioning also lays a foundation for the Company to strategically expand operations in the region. The Company will ride on the infrastructure to pursue regional consolidation, and create new values for shareholders of the Company", said Dr. Pan Guocheng, Chairman and Executive Director of the Company.
By order of the Board
Chairman and Executive Director
Shenyang, the PRC, 8 January 2015
As at the date of this announcement, the executive directors of the Company are Mr. Pan Guocheng, Mr. Yang Jiye, Mr. Zheng Xuezhi, Mr. Xia Zhuo and Mr. Qiu Yumin; the non-executive directors of the Company are Ms. Yang Min, Mr. Lan Fusheng and Mr. Kenneth Jue Lee; and the independent non-executive directors of the Company are Mr. Wang Ping, Mr. Johnson Chi-King Fu, Mr. Wang Anjian and Mr. Jiang Zhouhua.
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