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Best ever intercept at Beyinhar
Golden China Resources Corporation has announced additional interim drilling....
Golden China Resources Corporation has announced additional interim drilling results for the Company’s ongoing 2007 exploration program at its Beyinhar gold project in Inner Mongolia, China.The latest results continue to demonstrate the continuity of the mineralization and the project’s multi-million ounce potential. The intercepts achieved during June and July 2007 encompass hole BYD194, which returned 68m averaging 5.32 grams per tonne (g/t) gold. Included within this was a significant intersection of 26m at 12.01 g/t, representing the project’s most promising drill hole to date.On April 27, 2007, Golden China announced the results of a NP43-101 compliant Preliminary Assessment of the Beyinhar Gold Project Inner Mongolia, People’s Republic of China by Kappes Cassiday Australia, and Associates Pty Ltd which suggests the project’s ability to initially produce 100,000 ounces per year for a low cash cost per production ounce of between US$260 and US$280, with capital expenditures of only US$29 million. Greg Starr, the company’s president and chief executor officer, said that the company was extremely excited by these intercepts, which continue to clearly demonstrate the project’s strong upside.“The new drilling confirms the extension of the existing Beyinhar ore body to the southwest, which will enable Golden China to significantly increase our measured and indicated ounces over the next few years. As well, these drilling results continue to identify high-grade sulphide mineralization beneath the oxide zone, which in turn strengthens the potential for a second, long-term underground mining operation. “These results combined with the forecasts in the previously announced Scoping Study highlight Beyinhar’s potential to be a low-cost 100,000 ounce per year gold producer in the short-term, but also its longer term potential,” Mr Starr said. According to the company, the results continue to demonstrate continuity of the Beyinhar oxide resource, which was initially defined by a NI 43-101 compliant mineral resource estimate released in January 2007. However, recent drilling results, including BYD194, will be included in the release of an updated NI 43-101 mineral resource estimate this October in which Golden China expects to increase its measured and indicated resource at Beyinhar to more than one million ounces. Following the planned completion of the updated NI 43-101 mineral resource estimate in October, the Company plans to complete an NI 43-101 compliant Feasibility Study for the development of the Beyinhar gold mine, anticipated for release by the end of 2007.Beyond the company’s 2007 exploration program, Golden China aims to further, and significantly, increase the resource base in both the oxide and sulphide zones through additional drilling on the company’s new 100% owned second exploration license, which is proving to host the southwest extension of the Beyinhar ore body. Golden