CHINA HANKING: Defines 1.38 million ounces of high-grade gold resources at the CYGNET gold project in Western Australia

According to the latest announcement from CHINA HANKING (03788) on the Zhitong Finance and Economics APP, following the highly successful first phase exploration program, the gold resource at its Cygnet Gold Mine project in Western Australia has increased to 1.38 million ounces, with an average grade of 3.9 grams per ton, in compliance with the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (2012 version). The Cygnet Gold Mine project is 100% owned by Cygnet Gold Pty Ltd, a wholly-owned subsidiary of Hanking Australia Investment Pty Ltd. Located approximately 360 kilometers east of Perth along the Great East Highway, the project is adjacent to the historic mining town of Southern Cross. The two main ore bodies of the Cygnet Gold Mine project are only 30 kilometers apart and are connected by existing sealed roads. The project also has associated groundwater wells and other rights. Dr. Qiu Yumin, Executive Director and Vice President of the company, as well as Managing Director of Hanking Australia Investment Pty Ltd, commented on the resource update and progress of the second phase exploration program: "The high-grade gold resource updated in the first phase exploration program of the newly acquired Cygnet Gold Mine project in Western Australia has laid the foundation for the ongoing mine design and feasibility study. We have observed visible gold in the diamond drill core from the ongoing second phase exploration program, further confirming the high-grade nature of the project, consistent with the gold production records from 2005. The preliminary drilling results from the historical waste dumps are excellent and promising, potentially providing low-cost ore for the start-up of mine production. These results once again affirm the company's strategic goal of becoming a gold producer within three years. The company will inform shareholders of the progress of the Cygnet Gold Mine project."