China Goldmines acquires gold mining licenses

China Goldmines plc has finally received the license certificates for the eight gold mines it had acquired in November 2007, at the Shenjiaya Prospect in the Hunan province of China.

As per company expectations, the first gold output is expected in early 2008. “We are making good progress at Shenjiaya, which is an endorsement of our development strategy to increase performance and output,” said China Goldmines chief executive Frank Vanspeybroeck. China Goldmines will implement a three year development plan after the initial output, and it expects a consolidated output of 160,000 ounces of gold per year by 2011.