4 June 2009
CHANGES TO EXPLORATION ALLIANCE WITH GOLD FIELDS
Sino Gold Mining Limited (ASX: SGX, SEHK:1862) and Gold Fields Limited have agreed to alter their existing Alliance Agreement (�Alliance�) following Gold Fields� decision to sell its 19.8% shareholding in Sino Gold to Eldorado Gold Corporation.
Since November 2006, Sino Gold and Gold Fields have cooperated under the Alliance in an exploration program aimed at discovering large-scale gold deposits in China. In summary, the key changes are:
- The parties have agreed not to extend their existing Alliance Agreement;
- The parties will continue to joint venture with each other in connection with designated projects that had been identified under the Alliance. These projects will be pursued in 50/50 joint ventures; and
- The parties will be free to pursue other opportunities in China independently from each other.
Commenting on the changes, Sino Gold�s Chairman Mr Jim Askew said:
�Gold Fields has been a supportive Sino Gold shareholder for seven years and the strong relationship has been greatly appreciated. We look forward to our continuing work with Gold Fields as a joint venture partner in our designated projects. We welcome Eldorado to our share register and will be seeking to add value for Eldorado along with all our other shareholders.�
Eldorado is restricted from acquiring additional shares in Sino Gold before 6 March 2010 without the approval of the Sino Gold board unless any arms length third party engages in such an acquisition in which case the restriction against Eldorado no longer applies.
Sino Gold considers China very prospective for large-scale gold deposits and will continue exploring China for the large tonnage, bulk-mineable styles of gold mineralisation that were targeted by the Alliance.
Resignation from Sino Gold Board
Mr Thomas David McKeith has resigned from the Sino Gold Board as a non-executive director with effect from 4 June 2009. The Board has extended its appreciation to Mr McKeith for his contributions to Sino Gold during his tenure of service.
Enquiries:
Investor Enquiries:
Jake Klein, CEO or Roger Howe, Investor Relations
+61 2 8259 7000, info@sinogold.com.au
Media Enquiries:
Kate Kerrison
+61 2 6746 3221, kate@katekerrison.com.au
About Sino Gold
Sino Gold is the leading international gold exploration and mining company in China.
The 82%-owned Jinfeng Gold Mine in southern China�s Guizhou Province has Ore Reserves containing 3.2 million ounces at an average grade of 5.2g/t gold.
Jinfeng is now the second largest gold mine in China with 2008 gold production of 151,000 ounces. Jinfeng�s gold production is planned to increase as the processing plant is de-bottlenecked and as higher-grade ore from the underground mine supplements ore from the open pit.
The 95%-owned White Mountain Gold Mine in northeast China�s Jilin Province has Ore Reserves containing 0.8 million ounces at an average grade of 3.7g/t gold.
White Mountain commenced commercial gold production in January 2009. Upon reaching design production rates, White Mountain will produce an average of 65,000 ounces of gold annually.
The high-grade Eastern Dragon Project in northern China�s Heilongjiang Province has excellent potential to produce very low-cost gold and is being rapidly progressed towards becoming Sino Gold�s third mine.
Sino Gold continues to assess the potential of the Beyinhar Project in Inner Mongolia to be developed into an open-pit, heap-leach gold operation.
Sino Gold is listed on the Australian Stock Exchange (ASX Code: SGX) and The Stock Exchange of Hong Kong (HKEX Code: 1862).
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Sino Gold |
Level 22, 44 Bridge St
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CODE : SGX.AX |
ISIN : AU000000SGX4 |
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Sino Gold est une société de production minière d'or basée en Australie. Sino Gold est cotée à Hong Kong, en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 383,3 millions (349,7 millions US$, 235,4 millions €). La valeur de son action a atteint son plus bas niveau récent le 06 décembre 2002 à 1,05 , et son plus haut niveau récent le 20 mars 2008 à 8,81 . Sino Gold possède 47 442 200 actions en circulation. |