Granting of Exploration Licences
July 25 2005 - 3:01AM
UK Regulatory
Central China Goldfields plc
`GGG' or `The Company'
GRANTING OF EXPLORATION LICENCES
* All seven exploration licences are now held directly by the Joint Venture
Company where Central China Goldfields plc is earning a 75% interest
* Exploration work is on-going and results will be released as they become
available
LONDON - 25 July 2005 - Central China Goldfields plc (AIM:GGG, GGGW) reports
that following the announcement of 20 June 2005, the Sichuan Bureau of Land
Resources has now transferred all seven exploration licences in the Company's
Snow Mountain Gold Project to Sichuan Snow Mountain Mining Exploration United
Center ("SSMMEUC"). The Company, through its wholly owned BVI-registered
subsidiary Nexon Asia Group Limited, is earning a 75% interest in SSMMEUC.
The Snow Mountain Gold Project includes seven non-contiguous exploration
licences totalling approximately 54.3 km2. Our partner the Sichuan Bureau of
Metallurgy and Geological Exploration ("SBMGE") has identified an inferred
resource of 950,500 ounces of gold, in three out of the seven licences, of
which 225,500 ounces are compliant to the Canadian 43-101 standard.
The new exploration licences commenced on 14 July 2005 and all seven are
renewable. The Company is currently conducting exploration work in the licence
areas (see announcement of 9 May 2005) and results will be released as they
become available.
SSMMEUC also has the first right of refusal to apply for licences over two
areas totalling 4,600 km2 within the western Qinling Belt. This geological
terrane is the site of many recently discovered sediment-hosted gold deposits
with similar characteristics to the renowned Carlin district of Nevada, western
USA.
Schedule of exploration licences are as follows:
Name Code Licence No. Drawing Area Licence Period County
No.
(km2)
Qiaoqiaoshang QQS 5100000520264 I48E020007 3.07 14/07/2005 - 14/07 Songpan
/2007
Shuniujia SNJ 5100000520265 I48E020009 3.61 14/07/2005 - 14/07 Pingwu
/2007
Gaojiamo GJM 5100000520266 I48E20009 4.51 14/07/2005 - 01/09 Pingwu
/2006
Xiangshujia XSJ 5100000520278 I48E20009 5.77 14/07/2005 - 04/02 Pingwu
/2006
Hujiagou HJG 5100000520279 I48E020009 12.99 14/07/2005 - 10/02 Pingwu
/2006
Erdaoqiao EDQ 5100000520280 I48E017009 3.59 14/07/2005 - 10/02 Jiuzhaigou
/2006
Shangpengzi SPZ 5100000520281 I48E015008 20.77 14/07/2005 - 20/05 Jiuzhaigou
and /2006
I48E016008
Ends
For further information, please contact:
Central China Goldfields plc Ruegg & Co Limited
Dr. Jeffrey Malaihollo Brett Miller
Tel: 020 7621-0200 Tel: 020 7584-3663
Email: jeff@ccgoldfields.com
www.ccgoldfields.com
Parkgreen Communications King & Shaxson Capital Limited
Victoria Thomas / Justine Howarth Nick Bealer
Tel: 020 7493-3713 Tel: 020 7426-5986
NOTES TO EDITORS
About Central China Goldfields plc
Central China Goldfields plc brings together a high level management team with
a large ground holding in Sichuan Province prospective for the discovery of
large Carlin-like gold deposits. The Company listed on 30 March 2005 and has
approximately �2m in cash. There are 52,245,000 shares outstanding.
Central China Goldfields plc, through its wholly owned subsidiary Nexon Asia
Group Limited, is earning a 75% interest in the Joint Venture company, Sichuan
Snow Mountain Mining Exploration United Center by providing funding for
exploration expenditure incurred by SSMMEUC of US$7.04 million over six years
commencing on 2 December 2004, and by making property payments totalling
US$640,000 over the three years commencing on 2 December 2004. Upon Nexon
earning a seventy five percent interest, further exploration costs will be
funded according to the participants' percentage interest in SSMMEUC, although
SBMGE cannot be diluted below 12 percent.
On 4 July 2005 GGG signed a Memorandum of Understanding to enter into a
Cooperative Joint Venture Contract with the Hubei North East Geological Team
over the Xiang Shui Tan Project ("XST") in the Luotian County, Hubei Province
has a resource, reported to various Chinese standards, of some 200,000 oz. of
gold, 4 million oz. of silver, with some base metal credits.
END
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