China Resources International is delighted to announce it has located high grade underground vein intersects at its Xiaoluo project site and will now expand the exploration zone.
Jan. 30, 2013 - China Resources International had, in the final quarter of 2012, already announced the intent to pursue exploratory drilling at its Xiaoluo site, and is therefore delighted to report that as of this week it has successfully located, accessible, high grade vein intersects in another exploratory zone. At this stage the geochemical samples taken from around the zone suggest an average grade of 4.85 g/t Au, although the exact extent of the mineralisation has yet to be determined.
Attempts to assess the ore grade on this site prior to the festive period had suggested grades as high as 3.68 g/t, based on initial samples taken at hole XIA-NL-001, which led to a 2013 estimated throughput on the Xiaoluo site of 12,000 ounces. This published estimation according to CEO Mr Wang Yu, will at present remain unchanged despite this positive news.
Company President Mr Wei Feng said "Of course this comes as no surprise to myself or to our board of directors as our earlier samples had indicated the presence of high grade gold mineralisation on the site, but what is noteworthy is that these intersects should prove accessible as well as yielding an ore which is economical to produce, meaning our expenditure remains within our designed budget. 2012 was a strong year for us, but I believe holds even more promise."
In a further announcement China Resources Internationals President Mr Wei Feng said that despite having revised down the number of jobs the company expected to create this year, a considerable number of new positions will now be created over the coming weeks, not only on the ground but also within the administrative departments.
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, such as the Company's plans for continuing exploration, which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any mineralization, development or exploration of the Company's properties and the timing of any work program or exploration activities, and any results that may be obtained or the commencement of production.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
About the company
China Resources International, is primarily engaged in the exploration, mining of gold in east and south east China. The Company also processes, produces and distributes gold and other precious metals. In late 2004, China Resources International purchased 2000 hectares in the Guizhuo Province in south-east china, an area already well known for gold mining.