CHINA HANKING (03788) announced that the Water and Environmental Regulation Division of the Western Australian Government, following full consultation with relevant authorities and the local community, has granted approval for the dewatering works at the high-grade Copperhead underground gold mine under Section 102(1)(c) of the Environmental Protection Act 1986. The approved plan includes the construction of an evaporation pond over the mine's historical tailings storage facility, which will be used to store and evaporate water extracted from the Copperhead underground mine. This evaporation pond was designed by the independent engineering consultancy firm, Tetra Coffee Tech Engineering. This approval enables the low-cost discharge of underground mine water from Copperhead prior to the commencement of underground mine development. 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, along with the Corinthia open-pit gold mine, with a total JORC-compliant resource of 2.07 million ounces at an average gold grade of 2.42 grams per tonne; the project is 100% owned by the company's controlled subsidiary, Hanking Gold Company Limited (Hanking Gold). Copperhead was historically one of Australia's largest underground gold mines, having produced approximately 1.5 million ounces of gold. Copperhead currently holds a JORC-compliant gold resource of 935,000 ounces at an average grade of 2.35 grams per tonne. Commenting on receiving this approval, Dr. Qiu Yumin, the company's Executive Director and Vice President, and the Managing Director and CEO of Hanking Gold, stated, "This approval marks a significant milestone in the development of the high-grade Copperhead underground gold mine project." "This approval is particularly important because the southern ore body, which is not yet included in the current mine production plan, is most suitable for underground drilling." "This low-cost dewatering method allows the company to advance the planning for the underground decline development, which is not only suitable for underground mining but also enables the expansion and upgrading of gold resources and reserves through low-cost underground development drilling, creating more value for all shareholders." The company continues to work closely with regulatory authorities and other stakeholders to advance other applications and will keep shareholders informed in a timely manner.
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