PEOPLES' REPUBLIC OF CHINA - The Chinese Ministry of Land and Resources is transferring the mining licence for the Jinonggou deposit to QDML, the 85%-owned joint venture company of Toronto-based AFCAN MINING. With the licence and recent equity and debt financing proposals, Afcan is planning to complete a feasibility study this year and begin construction at Jinonggou in January 2005.
The Jinonggou deposit is part of the Tanjianshan (TJS) gold project, which began heap leaching in April 2003 in Qinghai Province. The Jinonggou and nearby Qinlongtan deposits are estimated to contain 3.11 million tonnes of indicated resources at 5.79 g/t Au, or 579,000 oz of gold.
Visit the Afcan web site at www.afcan-mining.com where information is also available in Chinese.