Nimu Copper Project Update
February 11 2008 - 2:15AM
UK Regulatory
Central China Goldfields plc
("GGG" or "the Company")
NIMU COPPER PROJECT UPDATE
All Exploration Licences now held by JV company
Positive independent technical review by CSA
LONDON - 11 February 2008 - Following the announcement of 10 December 2007,
Central China Goldfields plc (AIM: GGG) is pleased to announce that all seven
Exploration Licences at the Nimu Project in Tibet have now been transferred to
the Joint Venture company Lhasa Tian Li Limited, of which GGG indirectly owns
75%.
The Company is also pleased to announce that CSA Australia Proprietary Limited
("CSA") has conducted an independent technical review of the exploration work
conducted by the Company at the Nimu project.
CSA concluded that GGG has undertaken a considerable amount of due diligence
and exploration work which resulted in the discovery of at least one quality
prospect at Gangjiang which has the potential to be brought to resource stage.
Jeff Malaihollo, Managing Director of Central China Goldfields plc, comments:
"The review by CSA has confirmed our assessment that there is a potentially
significant copper system in the Nimu Project. Our work in 2008 will
concentrate on defining a resource at Gangjiang and testing the regional extent
of the mineralised zone(s) based on what we believe is a sound technical
model."
Geological Summary:
The Gangjiang prospect is at the core of a geological complex which potentially
could include the nearby Bairong prospect. The potential of the prospect is
supported by a strong geological model developed by the Company's geologists,
and supported by CSA, backed by good results from initial trench sampling and
diamond drilling which were completed to western standards.
CSA stated "the Gangjiang-Bairong porphyry copper-molybdenum system has the
potential to be large although identifying a continuous and higher grade zone
of mineralisation is the big challenge. The current drill-hole indicated grades
for copper of 0.2 to 0.5% and molybdenum of 0.01 to 0.03% are near average,
possibly above for this variety of porphyry systems, which is potentially in
economic range should a sizeable deposit in the order of 300 to 700Mt be
identified. Alternatively, smaller higher-grade zones within the systems may be
economically attractive if significant molybdenum credits are present."
The grade, setting and assumed geometry of mineralisation of the
Gangjiang-Bairong system is recognised in other global porphyry deposits such
as Rio Blanco in Peru.
On technical capability CSA commented that "GGG's exploration programme at its
Nimu Project is managed and run by a highly experienced management team that
has the relevant experience in this kind of mineralising system. The technical
competence has led to the rapid identification and classification of the
mineralised system at several locations on the project and the rapid
application of effective exploration tools. Technical expertise is very
valuable and will allow the company to assess the geological terrain rapidly.
Whilst a significant amount of work is still left to be completed, CSA believes
that GGG's current team can advance this work as effectively and as efficiently
as possible under the environmental and logistical conditions of the project."
The report concluded that GGG has identified a potentially significant porphyry
system at its Nimu Project within a regional porphyry belt.
Technical information in Company news releases has been reviewed and approved
by CSA Australia Pty Ltd an international geological consulting firm and by Dr.
Jeffrey Malaihollo. Dr. Malaihollo holds a BA and PhD in Geological Sciences
and is a Fellow of the Geological Society.
For Further Information:
Central China Goldfields plc Hanson Westhouse Limited
Dr. Jeffrey Malaihollo. Louis Castro / Anita Ghanekar
Tel: 020 7621 0200 Tel: 020 7601 6100
Paul Mc Groary. Tel: 07930 568160
Email: info@ccgoldfields.com
www.ccgoldfields.com
END
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