CHINA - Aohan Qi mine expansion on schedule

A massive expansion and facility upgrade at Sino Prosper State Gold Resources’ Aohan Qi mine in Inner Mongolia has put the company on schedule to ramp up to full production at the site by the end of the year. Construction of the new dry tailings facility and an upgrade of the processing facility are complete, meaning Sino Prosper can work up to a daily 500 tonne capacity operation in the next few months.

Within the mine itself, four new vertical access shafts are nearly complete, while more than 7000 metres of new underground tunnels have been constructed.

The successful investment and development of Aohan Qi has prompted the People’s Government of the Aohan Banner to invite Sino Prosper to investigate potential mining opportunities in the region.

The company’s chief executive officer Richard Sung says, “This was a year of expansion for Sino Prosper. The group has moved a big step forward to achieving full production and processing capacity.

“At the same time, the group has actively looked into potential acquisition targets including the Guizhou Qing Jiao gold mine, so as to increase the total mineral reserves.”

Sino Prosper also agreed to potentially acquire this gold project in Guizhou province, and the circular will be distributed to shareholders for approval in September.

The company also holds a 92% stake in Heilongjiang Zhongyi Weiye Economic and Trade Company and its five contiguous exploration licences which take in about 360sqkm in Heilongjiang province within the Zhongyi Weiye polymetallic project. Further test drilling, surface trenching and sampling programs are planned at the site.

The company’s strategy is focused on using its strategic relationships in China to acquire producing or near-production assets where it can rapidly expand resources and production per share.

www.sinoprosper.com