CGG:CC - China Gold International Resources Reports 2022 First Quarter Results with Quarterly Net Profit Increases by 26% Year on Year and 22% Quarter by Quarter

(TheNewswire)

VA NCOU VE R – TheNewswire - May 16 , 202 2 - C h i n a G o l d I n t e rn a ti o na l R es o u r c es C o rp . L t d . ( T S X :C G G ) ; ( H KE x : 2099 ) (“ C h i n a G o ld I n t e r na t i ona l R es o u r c e s ” o r t h e “ C o m p a n y ” ) is p l eas ed t o report financial and operational results for the threemonths ended March 31, 2022 (“ Q1 ”, “ first quarter ” or“ first quarter of2022 ”). This news release should be read inconjunction with the Company’s Financial Statements, Notes to theFinancial Statements and Management’s Discussion and Analysis(“ MD&A ”).

For detailed information, please read the Company’sFinancial Statements and MD&A for the quarter ended March 31, 2022which are available on SEDAR’s website at www.sedar.com, The StockExchange of Hong Kong Limited’s website at www.hkex.com.hk, theCompany's website at www.chinagoldintl.com, or call the Company at+1-604-609-0598 and email to info@chinagoldintl.com.

2022 FIRST QUARTERFINANCIAL HIGHLIGHTS

•        Revenue increased by 12% to US$304.0million from US$272.1 million for the same period in 2021.

•        Mine operating earnings increased by 26%to US$105.5 million from US$83.8 million for the same period in2021.

•        Net income increased by 26% to US$71.8 million from US$57.0 millionfor the same period in 2021.

2022 FIRST QUARTERPRODUCTION AND OPERATION HIGHLIGHTS

• Total gold productionincreased by 9% to 58,583 ounces from 53,521 ounces for the sameperiod in 2021.

•        Total copper production decreasedslightly by 1% to 48.3 million pounds (21,923 tonnes) from 48.9million pounds (22,191 tonnes) for the same period in 2021.

•        An exploration report of CSH Mine onzones along boundary and at depth was reviewed and approved by theEvaluation Centre for Mineral Resources and Mineral Reserves of theMinistry of Natural Resources (PRC) in November 2021 and was filed tothe Ministry of Natural Resources (PRC) in January 2022, providing abasis for development studies of mineral resources at depth.

•        The Company has not experienced anysignificant impact on its operations by the COVID-19 pandemic. Both ofthe Company’s mines have been able to operate and sell productswithout significant interruption during the first quarter of 2022. TheCompany continues to closely monitor the health of its employees andsupply chains to be able to respond to any potential disruptions,should any arise. The Company is also managing its cash reserves to beable to withstand any financial ramifications of potentialdisruptions.

The Company’s Chairman and CEO, Mr. Liangyou Jiang,stated, “In 2021, the company achieved the best performance in ourhistory, following the enhancement of the company’s overalloperations. We continued in maintaining the upward momentum into thefirst quarter of 2022. Jiama Mine Phase II production was stabilizedand further optimized. CSH Mine continued to operate smoothly. A goodstart in 2022 has laid a solid foundation for the whole year. We areconfident that we will achieve our annual targets for production andoperation, resource and reserve update, technological innovation, safety and environmental protection, and continueto create greater value for our shareholders.”

AboutChina Gold International Resources

China Gold International Resources is a gold and basemetal mining company incorporated in BC, Canada and operates twomines, the CSH Gold Mine in Inner Mongolia, China and the JiamaCopper-Gold Polymetallic Mine in Tibet, China. The Company’sobjective is to build shareholder value through growing production atits current mining operations, expanding its resource base, andacquiring and developing new projects internationally. The Company islisted on the Toronto Stock Exchange (TSX: CGG) and the Main Board ofThe Stock Exchange of Hong Kong Limited (HKEx: 2099).

For further information on the Company, please refer toSEDAR’s website at www.sedar.com, The Stock Exchange of Hong KongLimited’s website at www.hkex.com.hk, the Company's website atwww.chinagoldintl.com, or call the Company at +1-604-609-0598 andemail to info@chinagoldintl.com.

Cautionary NoteAbout Forward-Looking Statements

Certain information regarding ChinaGold International Resources contained herein may constituteforward-looking statements within the meaning of applicable securitieslaws. Forward-looking statements may include estimates, plans,expectations, opinions, forecasts, projections, guidance or otherstatements that are not statements of fact. Although China GoldInternational Resources believes that the expectations reflected insuch forward-looking statements are reasonable, it can give noassurance that such expectations will prove to have been correct.China Gold International Resources cautions that actual performancewill be affected by a number of factors, most of which are beyond itscontrol, and that future events and results may vary substantiallyfrom what China Gold International Resources currently foresees.Factors that could cause actual results to differ materially fromthose in forward-looking statements include market prices,exploitation and exploration results, continued availability ofcapital and financing and general economic, market or businessconditions. The forward-looking statements are expressly qualified intheir entirety by this cautionary statement. The information containedherein is stated as of the current date and subject to change afterthat date.

Copyright (c) 2022 TheNewswire - All rights reserved.