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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. During the year of 2015, approximately 57,103 tons of ores were processed at the West Mine.

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. During the year of 2015, the Group continued to conduct more in-depth exploration work with increased drilling coverage and density in the East Mine. Application of the mining permit is currently under processing.

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 2010–2020
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 2015-2016
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
0.07
As at 30 November 2015
Inferred resources (million tons) 1.64 1.73
Indicated resources (million tons) 0.80 6.35
Probable ore reserves (million tons) 0.75 5.95

Note: The above information are extracted from technical report issued by SRK Consulting China Limited dated 10 March 2014 after deduction of actual output up to 31 December 2015 based on Leixin’s record.

 
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