China Gold International Reports 2019 Third Quarter Financial Results

Friday, 15. November 2019 00:05

VANCOUVER, Nov. 14, 2019 (GLOBE NEWSWIRE) -- China Gold International Resources Corp. Ltd. (TSX: CGG; HKEx: 2099) (the “Company” or “China Gold International Resources”) reports on the Company’s financial and operational results for the three months (“Q3”, or “third quarter 2019”) and nine months (“nine months 2019”) ended September 30, 2019.  This news release should be read in conjunction with the Company’s Financial Statements, Notes to the Financial Statements and Management’s Discussion and Analysis.

Selected Production and Financial Highlights: Q3 2019 Compared to Q3 2018
  • Revenue increased by 17% to US$186.4 million from US$158.8 million for the same period in 2018.
  • Mine operating earnings decreased by 25% to US$26.3 million from US$35.1 million for the same period in 2018.
  • Net loss after tax decreased from US$4.6 million for the 2018 period to US$0.3 million for the same period in 2019.
  • Total gold production increased by 24% to 63,113 ounces from 50,860 ounces for the same period in 2018.
  • Total copper production increased by 11% to 18,347 tonnes (approximately 40.4 million pounds) from 16,515 tonnes (approximately 36.4 million pounds) for the same period in 2018.
Selected Production and Financial Highlights: Nine Months 2019 Compared to Nine Months 2018
  • Revenue increased by 21% to US$495.1 million from US$407.6 million for the same period in 2018.
  • Mine operating earnings decreased by 37% to US$48.8 million from US$77.4 million for the same period in 2018.
  • Net loss after tax increased from US$2.2 million for the 2018 period to US$27.8 million for the same period in 2019.
  • Total gold production increased by 7% to 162,640 ounces from 151,502 ounces for the same period in 2018.
  • Total copper production increased by 32% to 49,306 tonnes (approximately 108.7 million pounds) from 37,313 tonnes (approximately 82.3 million pounds) for the same period in 2018.

Mr. Liangyou Jiang, the CEO and Executive Director of the Company, stated, “The Company will continue to leverage the technical and operating experience of the Company’s substantial shareholder, China National Gold Group Corporation, to improve operations at its mines.  In addition, the Company continues to focus its efforts on increasing production while minimizing costs at both mines”. 

Analysts, investors, media and general public are encouraged to visit the Company’s website at www.chinagoldintl.com, The Stock Exchange of Hong Kong Limited’s website at www.hkex.com.hk or SEDAR at www.sedar.com to view the complete set of the financial statements and MD&A or contact the Company with any questions.

About China Gold International Resources
China Gold International Resources Corp. Ltd. is based in Vancouver, BC, Canada and operates both profitable and growing mines, the CSH Gold Mine in Inner Mongolia, and the Jiama Copper-Polymetallic Mine in Tibet Autonomous Region of the People’s Republic of China. The Company’s objective is to continue to build shareholder value by growing production at its current mining operations, expanding its resource base, and aggressively acquiring and developing new projects internationally. The Company is listed on the Toronto Stock Exchange (TSX: CGG) and the Main Board of The Stock Exchange of Hong Kong Limited (HKEx: 2099).

For further information on the Company, please refer to its SEDAR profile at www.sedar.com

Cautionary Note About Forward-Looking Statements
Certain information regarding China Gold International Resources contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although China Gold International Resources believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. China Gold International Resources cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what China Gold International Resources currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.

Telephone: 604-609-0598, Email: info@chinagoldintl.com, Website: www.chinagoldintl.com.

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