China Hanking (03788): High-grade copper underground gold mine receives approval for drainage project.

CHINA HANKING (03788) announced that the Department of Water and Environmental Regulation of the Government of Western Australia, after thorough consultation with relevant authorities and local communities, has granted approval for the drainage project of the high-grade Copperhead underground gold mine in accordance with section 102(1)(c) of the Environmental Protection Act 1986 of the Government of Western Australia. The approved plan includes the construction of an evaporation pond above the former tailings dam of the mine to store and evaporate water pumped from the Copperhead underground gold mine. The evaporation pond was designed by the independent engineering consulting company Tetra Coffee Tech Engineering. This approval allows for the low-cost discharge of underground mine water before underground mining operations commence at Copperhead. The Cygnet Gold Project is located approximately 360 kilometers east of Perth, Western Australia. It encompasses the high-grade Copperhead and Golden Pig underground gold mines as well as the Corinthia open-pit gold mine, with a total JORC-compliant resource of 2.07 million ounces of gold at an average grade of 2.42 grams per ton. The project is wholly owned by the company's subsidiary, Hanking Gold Mining Pty Limited (Hanking Gold). Copperhead was previously one of Australia's largest underground gold mines, having produced approximately 1.5 million ounces of gold in its history. The current JORC-compliant gold resource at Copperhead is 935,000 ounces at an average grade of 2.35 grams per ton. In response to the receipt of this engineering approval, Dr. Yu Min Qiu, Executive Director and Vice President of the company, as well as Managing Director and CEO of Hanking Gold, said, "This approval marks a significant milestone in the development of the high-grade Copperhead underground gold mine project. It is particularly important because the southern ore body, which is not currently included in the mine production plan, is best suited for underground drilling. This low-cost drainage method allows the company to plan ahead for the development of underground slopes, which can not only be used for underground mining operations but also for expanding and upgrading the gold resource and reserves through low-cost drilling, creating more value for all shareholders." The company will continue to work closely with regulatory authorities and other stakeholders to progress other applications and will keep shareholders informed of developments in a timely manner.