Hengxing Gold is an emerging gold mining company in China.The
Company owns and operates Gold Mountain Mine, the largest
gold mine in Xinjiang, China as of April 14, 2014, in terms of designedannualore
and estimated gold production volume
at full production level, accordingto
Located in Yining County of Xinjiang, the Gold Mountain Mine is about 40 km north of the downtown of Yining County and 500 km west of Urumuqi, the capital city of Xinjiang. Gold Mountain Mine covers a mining area of about 5.7 sq. km. As of December 31, 2013, the total gold resources and reserves were approximately 3.2 million troy ounces (~100.1tonnes) and 2.2 million troy ounces (~67.3 tonnes), respectively, according to Independent Technical Report.
Gold Mountain Mine includes five prospects, namely Yelmand prospect,Mayituobi prospect,Jinxi-Balake prospect,Kuangou prospect and Lion prospect.
The Company commenced ore
mining operation in July
2013 and trial productionin
December 2013. It expects to commence formal production in the secondhalf
and to achievethe
designed ore processing
capacity of 5.0 million tonnes per annum
According to the Independent Technical Report, by using heap leaching technology, Gold Mountain Mine is estimated to produce an average of approximately 78,000 troyounces (~2.4 tonnes) of gold per annum over an estimated mine life of 22 years.