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Silver Mining
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The Group operates two quality silver mines namely the West Mine and the East Mine via its subsidiary, Fujian Leixin Mining Company Limited, in Fujian Province, the PRC. The West Mine has a valid mining permit with approved production capacity of 100,000 ton per annum (“tpa”) and a processing plant with daily ore processing capacity of 300 tons per day is already in place. According to the JORC Standard, the indicated and inferred mineral resources of the West Mine are approximately 0.87 million tons (“Mt”) and 1.71 Mt respectively and its probable reserve is approximately 0.82 Mt with ore grade of silver averaging 211.4 g/t.

The East Mine is an advanced development project with a valid exploration permit. According to the JORC Standard, the indicated and inferred mineral resources of the East Mine are approximately 6.35 Mt and 1.73 Mt respectively and its probable reserve is approximately 5.95 Mt with ore grade of silver averaging 128.6 g/t.

FUJIAN LEIXIN SILVER MINES
Fu’an Silver Mine (the West Mine)
Name Fu’an City Leixin Mining Company Limited
Location Fu’an City, Fujian
Licensed area 2.1 km2
Mining rights validity 2017–2018
Designed capacity 198,000 tons per annum
Status Operating

Zherong Silver Mine (the East Mine)
Name Zherong County Leixin Mining Company Limited
Location Zherong County, Fujian
Licensed area 4.97 km2
Exploration rights validity 2017-2018
Designed capacity 660,000 tons per annum
Status Under construction
 
The West Mine The East Mine
As at 30 November 2013
Inferred resources (million tons) 1.71 1.73
Indicated resources (million tons) 0.87 6.35
Probable ore reserves (million tons) 0.82 5.95
Ore grade (g/t) 211.4 128.6
Silver metal (tons) 173 765
Actual output in 2013 (million tons)
Actual output in 2014 (million tons) 0.01
Actual output in 2015 (million tons) 0.06
Actual output in 2016 (million tons) 0.01
Actual output in the 6-month period ended 30 June 2017 (million tons)
0.08
 
As at 30 June 2017
Inferred resources (million tons) 1.63 1.73
Indicated resources (million tons) 0.79 6.35
Probable ore reserves (million tons) 0.74 5.95

Note: The above information are extracted from reserve report issued by Cawley, Gillespie & Associates Inc, on 3 March 2015 after adjustments based on acreage held and dedution of actual output up to 30 June 2017 based on Craton's record.

 
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