Central China Goldfields plc
| Chinese | ||
| GGG | ||
| www.ccgoldfields.com |
Company Statement
Central China Goldfields plc brings together a high level management team, with many years of experience in China, and a large ground holding in the Sichuan Province which is prospective for the discovery of large Carlin-like gold deposits.
The Company's principal objective is to increase shareholder value by exploring for, acquiring and developing gold and other mineral prospects in the People's Republic of China. While the initial focus will be on the Snow Mountain Gold Project, the Directors intend that other mineral property acquisitions or joint venture may, where appropriate and available, be pursued by the Company.
Current Operations
The Snow Mountain Gold Project includes seven non-contiguous exploration licences totalling approximately 54.31 sq.km. In addition, the Company also has a first right of refusal to apply for licenses in two areas, prospective for Carlin-like gold deposits, totalling over 4,600 sq.km within the western Qinling Belt.
Several gold prospects and deposits have been discovered within the Snow Mountain Project area in the last twenty years, mostly through geochemical exploration by our Joint Venture partner, the Sichuan Bureau of Metallurgy and Geological Exploration ("SBMGE"). Between 1987-1999 SBMGE undertook detailed mapping, sampling, trenching, drilling and adit development. SBMGE drilled 41 drill holes (+ 10,000m) in one deposit (Qiaoqiaoshang) and developed + 6,600m of adit. Significant intersections include 26m @ 4.5 g/t Au, 15m @ 3.3 g/t Au (both at Qiaoqiaoshang deposit); 8.5m @ 5.4 g/t Au and 11 m @ 4 g/t Au (both at Songpanguo deposit).
SBMGE work defined 950,500 oz of Inferred Resources, of which 225,500 oz is compliant to the Canadian 43-101 standard. Grade varies from 2.21 - 5.23 g/t.
Under the terms of the Cooperative Joint Venture Contract, the Company is entitled to earn a seventy five percent (75%) interest in the projects by providing funding for exploration expenditure of US$7.04 million over six years commencing 2nd December 2004, and by making property payments totalling US$640,000 over the three years commencing 2nd December 2004. Upon the Company earning a 75% interest, further exploration costs will be funded according to the participants' percentage interest, although SBMGE cannot be diluted below 12 percent.
Geographical Spread
Board of Directors and Key Management
Directors
Nigel Bruce Clark, Non-Executive Chairman
Nigel Clark has over 30 years' experience in new business development and management in the precious and base metals industry. He started working for Billiton in Brazil as an exploration geologist, later as an exploration manager in Portugal and Indonesia, as well as a general manager of both underground and open-pit gold mines in Indonesia, business development manager in Singapore and ultimately as general manager in China. Presently he is the Managing Director of the British Chamber of Commerce in China and the Chairman of the China International Mining Group - an informal association which promotes western interests in the mining industry in China, working with review groups on Chinese mining legislation and related tax issues. Nigel resides in Beijing.
Dr. Jeffrey Francis Anthony Malaihollo, Managing Director
Dr. Jeff Malaihollo graduated with a bachelor's degree from the University of California, Santa Barbara, majoring in Geological Sciences. He completed his doctorate at University College, London, working on the tectonics and geochemistry of Eastern Indonesia. Jeff worked for Newcrest on grass roots exploration for gold and base metals before joining Rio Tinto, working mainly on area selection and project evaluation in the Former Soviet Union and Indonesia. Subsequently he worked and consulted for Billiton on generative programmes and target selection in South East Asia, China and Eastern Europe. Jeff is currently a director and Head of Research at Loeb Aron & Company Ltd., a corporate finance house specializing in natural resources
John Charles Forrest, Finance Director
John (Chuck) Forrest is a Chartered Accountant who commenced his career with Price Waterhouse and has since had over 25 years experience in advising private and public companies in Canada, including 16 years in mining and exploration companies. He is currently a director of TSX-V listed, Majestic Gold Corp. which is exploring and developing gold properties in the People's Republic of China (Majestic Gold Corp. is a shareholder in CCG). He is also the Finance Director of TSX-V and AIM-listed BDI Mining Corp.
Patrick Aloysius Harford, Non-Executive Director
Patrick Harford is Managing Director of AIM-listed Mercator Gold Plc which is actively exploring for gold in Western Australia. He graduated with Honours in Geomorphology from Melbourne University in 1973. He has had extensive experience in gold and diamond exploration and production, including being managing director of Grants Patch Mining Limited (when that company operated an alluvial gold mine in the Northern Territory, Australia), Zapopan NL (during the period that it located and developed the Mt Todd and Tanami mines in the Northern Territory) and Auridiam Consolidated NL (during that company's successful construction of a 2 million tonne per annum diamond mine in Zimbabwe). Prior to joining the Company , he was engaged to supervise exploration and drilling programmes in western China by Tianshan Goldfields Limited of Australia.
John Merfyn Roberts, Non-Executive Director
Merfyn Roberts has a MSc. degree in Geochemistry from the University of Oxford and a BSc.(Hons) degree from the University of Liverpool. He also qualified as a Chartered Accountant and since 1982 has been a fund manager for Charter Consolidated, Target Investment (now part of Lloyds/TSB Group), Minorco Services, Endeavour Securities and Arc Advisers. He is currently an Executive Director of Ocean Resources Capital Holdings plc, a Non-Executive Director of Resources Investment Trust plc and a Non-Executive Chairman of Global Nickel Plc.
Senior Management
Jun Angeles, Exploration Manager
Jun Angeles is a geologist with 28 years of experience in gold-base metal exploration in Asia, mainly Indonesia, Philippines, Malaysia, China and Iran, with minor assignments in Vietnam, Fiji, Papua New Guinea, Myanmar and Kyrgyzstan. His fields of specialization include epithermal gold-silver, porphyry copper-gold and Carlin styles of mineralisation. He obtained his MSc in Mineral Exploration from the University of New South Wales, Australia in 1985 and is Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Jun was the Asia Exploration Manager for Newcrest during which time Newcrest brought the Gosowong Mine into production. Subsequently Jun spent 2 years in 2002-2004 working in the Inner Mongolia and Heilongjiang Provinces of China.
Dr. Richard Shao, JV Liaison Manager
Dr. Richard (Xuxin) Shao was born and educated in China. After receiving his Ph.D. in Mineral Processing, he taught as an Associate Professor and was acting Department Head in Mineral Processing for six years. In 1996, he accepted a position as Research Scientist at the University of Kentucky. Since 1998, Dr. Shao has worked as an advisor to a number of companies in the evaluation and processing of minerals in North America and China. He is currently President of Sterling Group Ventures Inc.
Company Address
London Address:
Peek House, 3rd Floor, 20 Eastcheap, London EC3M 1EB
Telephone: +44 (0) 20 7621 0200
Fax: +44 (0) 20 7621 0300
E-mail: info@ccgoldfields.com
Website: www.ccgoldfields.com
China Address:
22 Gaopeng Avenue,
Hi-tech South District,
Chengdu, Sichuan 610041,
P.R. China
Telephone: +86 28 851 -46632
Fax: +86 28 851 -46631
| Nominated Brokers | Nominated Adviser |
| Phillip Securities (UK) Limited 6th Floor Ruegg & Co. Limited Candlewick House 39 Cheval Place 120 Cannon Street London SW7 1EW London EC4N 6AS |
Latest Broker's report
TBA
Major Shareholders
As at 11 April 2005
Societe Privee Gestion de Patrimoine 8.6%
Majestic Gold Corp. 6.7%
Directors 6.5%
Pershing Keen Nominees a/c TYCLT 6.4%
Green Dragon Nominees Pty Ltd. 6.1%
Pershing Keen Securities a/c HHCLT 6.0%
W.B. Nominees Limited 4.4%
Hoodless Brennan & Partners plc 4.4%
Frank Lucas 4.1%
Wills & Co. 3.5%
Phoenix Gold Fund Limited 3.4%
Capital
52,245,000 shares as at 19 May 2005
| Listing Symbol | (Click in Symbol to get Live Share Price) |
| AIM(Alternative Investment Market) | GGG |
| Year End | Annual General Meeting |
| 31 December | TBA |
Most Recent Statement
13/02/06 - APPOINTMENT OF NEW EXPLORATION MANAGER
01/02/06 - ADDITIONAL RESULTS FROM SONGPANGUO AND SHUINIUJIA
08/12/05 - APPOINTMENT OF JOINT BROKER
26/10/05 - NEW GOLD ZONES IDENTIFIED IN HUJIAGOU LICENCE
20/10/05 - SHUINIUJIA DEPOSIT SOIL SAMPLING SURVEY RESULT
29/09/05 - INTERIM RESULTS FOR THE PERIOD ENDED 30 JUNE 2005
26/09/05 - SHUINIUJIA DEPOSIT INITIAL TRENCHING RESULTS
04/08/05 - EXPLORATION UPDATE
25/07/05 - GRANTING OF EXPLORATION LICENCES
24/06/05 - GRANTING OF OPTIONS
20/06/05 - TRANSFER OF EXPLORATION LICENCES
09/05/05 - START OF FIELD SEASON
07/04/05 - NEW GOLD ZONES IDENTIFIED
30/03/05 - Admission to AIM
www.ccgoldfields.com for further information about this story and other recent press releases.
On February 13, 2006, Central China Goldfields plc announced the appointment of their new exploration manager, Jun Angeles. Jun Angeles is a geologist with 28 years of experience in gold-base metal exploration in Asia, mainly Indonesia, Philippines, Malaysia, China and Iran, with minor assignments in Vietnam, Fiji, Papua New Guinea, Myanmar and Kyrgyzstan. His fields of specialization include epithermal gold-silver, porphyry copper-gold and Carlin styles of mineralisation. He obtained his MSc in Mineral Exploration from the University of New South Wales, Australia in 1985 and is Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Jun was the Asia Exploration Manager for Newcrest during which time Newcrest brought the Gosowong Mine into production. Subsequently Jun spent 2 years in 2002-2004 working in the Inner Mongolia and Heilongjiang Provinces of China.
On February 01, 2006, Central China Goldfields plc reported additional results from recently completed aditing (tunnelling) and trenching programmes at the Songpanguo (SPG) and Shuiniujia (SNJ) deposits in the Baima area, Snow Mountain Project, Sichuan Province of China.
Highlights:
· Assay results from two underground tunnels and eight trenches at the SPG and SNJ deposits are reported
· One new zone discovered in underground tunnels at SPG including a zone of 8 metres @ 4.63 g/t Au
· Results from SNJ verified some areas identified by Sichuan Bureau of Metallurgy and Geological Exploration (SBMGE)
· Other underground tunnelling results include: 3.0 metres @ 3.15 g/t Au and 3.0 metres @ 3.06 g/t Au at SPG and 1.7 metres @ 7.01 g/t Au and 3.0 metres @ 3.49 g/t Au at SNJ
· Trenching results include: 13 metres @ 2.85 g/t Au (at SPG) and 0.6 metres @ 11.40 g/t Au, 1 metre @ 8.24 g/t Au, 0.7 m @ 4.29 g/t Au (at SNJ)
On 8 December 2005, Central China Goldfields plc announced the appointment of Westhouse Securities LLP as joint broker to the Company with immediate effect. King & Shaxson Capital Limited will also remain as broker to the Company.
On 26 October 2005, Central China Goldfields plc reported the results from soil sampling survey at the Hujiagou Licence, Baima area, in the Snow Mountain Project, Sichuan Province of China.
Highlights:
· Soil sampling in the Hujiagou licence identified new gold zones
· The new zones extend the potential strike length of mineralization of the Songpanguo deposit by at least 3 km
· Additional trenching will be carried out to follow-up this discovery
On 20 October 2005, Central China Goldfields plc reported the results from soil sampling survey at the Shuiniujia deposit, Baima area, in the Snow Mountain Project, Sichuan Province of China.
Highlights:
· Soil sampling in the Shuiniujia licence identified new gold zones
· The new zones significantly extend the strike length of mineralization and increase the potential of Shuiniujia
· Additional trenching to follow-up this discovery is in progress
The Company also reported that drilling on Qiaoqiaoshang has been delayed due to earlier than usual onset of winter conditions. In the interim, the focus of exploration will be shifted to the Sonpanguo and Shiuniujia deposits.
On 29 September 2005, Central China Goldfields plc reported the interim results for the period ending 30 June 2005.
Business Highlights:
· Admission to AIM 30th March 2005
· 950,000 ounces of gold in the Inferred Resource category in 3 properties in Sichuan Region
· Field work on prospective Carlin-like area progressing
Subsequent Events:
· New Joint Venture signed on 4th July 2005 on a 200,000 ounces of gold and 4,000,000 ounces of silver project at equivalent 9.3 g/t Au.
On 26 September 2005, Central China Goldfields plc reported the initial results from the Shuiniujia deposit in the Snow Mountain Project, Sichuan Province of China.
Highlights:
· Initial trenching results from Shuiniujia confirmed the presence of gold mineralization
· Results support the previous sampling by the Sichuan Bureau of Metallurgy and Geological Exploration ("SBMGE")
· Trench 36R returns 12.8 m @ 3.54 g/t Au including 3.40 m @ 6.29 g/t Au
· Trench 39R shows two areas of mineralization: the eastern section returns 6.1 m @ 5.46 g/t Au and the western section returns 6.8 m @ 4.02 g/t Au
· Additional trenching and underground sampling to increase resources are in progress
On 4 August 2005, Central China Goldfields plc reported the following exploration results from the Snow Mountain Project, Sichuan Province:
· High-Resolution Induced Polarisation survey identified potential lateral extension, for about 400 m, of known resources at Qiaoqiaoshang
· Additional trenching and underground sampling to test new areas in Shuiniujia and Songpanguo
On 25 July 2005, Central China Goldfields plc reported that following the announcement of 20 June 2005, the Sichuan Bureau of Land Resources has now transferred all seven exploration licences in the Company's Snow Mountain Gold Project to Sichuan Snow Mountain Mining Exploration United Center ("SSMMEUC"). The Company, through its wholly owned BVI-registered subsidiary Nexon Asia Group Limited, is earning a 75% interest in SSMMEUC. And the exploration work is on-going and results will be released as they become available.
On June 24, 2005, The Board of Directors of Central China Goldfields plc has granted 230,000 Share Options to Chris Ford, Central China Goldfields plc's Exploration Manager. Following this there are now 3,300,000 Options granted to Directors and Officers, all exercisable at 6p until 13 March 2010.
On 20 June 2005, Central China Goldfields plc announced that the Company has received unconditional approval from the Sichuan Bureau of Land Resources for the transfer of all seven exploration licences in the Snow Mountain Gold Project to the Joint Venture company, Sichuan Snow Mountain Mining Exploration Unite Center ("SSMMEUC"). These licences were previously held by three subdivisions of the Sichuan Bureau of Metallurgy and Geological Exploration ("SBMGE").
Central China Goldfields plc (March 30 - May 9) News Update
On 9 May 2005, Central China Goldfields plc advised that field work, comprising of cleaning and extension of existing trenches and adits, soil sampling and geophysical survey, in the Snow Mountain area commenced on 25th April 2005. Exploration work has been contracted to Brigades 604, 606 and the Metallurgical and Geological Exploration Investigation Institute of Sichuan Province, all of which are subdivisions of the Sichuan Bureau of Metallurgy and Geological Exploration (SBMGE).
Field work is supervised by Chris Ford, Central China Goldfield's Exploration Manager, who is based in Chengdu, Sichuan Province. John Forrest, Finance Director, and Dr. Jeffrey Malaihollo, Managing Director of Central China Goldfields, have recently visited Chengdu and several of the exploration areas to oversee the start of the exploration programme.
On 7 April 2005, Central China Goldfields plc advised that initial soil sampling in the Xiang Shua Jia licence area in Sichuan Province, China, has identified two new gold in soil zones up to 200 metres by 500 metres and 200 metres by 300 metres in area. Both zones (defined by assays exceeding 20 parts per billion "ppb" gold, with a maximum value of 116 ppb) are open, and their extent will be determined by further soil sampling ahead of trenching scheduled to commence later in April.
On 30 March 2005, Central China Goldfields plc announced that with effect from 8:00 am 30 March 2005, its existing Ordinary Shares and Warrants have been admitted to AIM. Ruegg & Co. Limited is acting as the nominated adviser and Phillip Securities (UK) Limited is acting as broker.
Words and expressions defined in the Admission Document published on 22 March 2005 shall have the same meaning as in this announcement.
Key statistics
Number of Ordinary Shares in issue at Admission 52,245,000
Number of CCG Warrants outstanding on Admission* 51,351,250
Number of share options outstanding on Admission 3,070,000
Market Capitalisation of the Company at 8p per Ordinary Share** £4,179,600
*including 31,580,000 listed warrants (trade under the ticker of GGGW) in issue at Admission. Full details of the CCG warrants are set out in the Admission Document.
**being the price per Ordinary share at which Ordinary Shares (with Warrants attached) were issued pursuant to the Share Placing.