At 10:00 a.m. on January 28, Jintai Mining held a grand commencement ceremony for the 140,000 TPY Mining and Beneficiation Engineering Construction Project of Xidengping Gold Mine,Eryuan County, Dali, Yunnan.

Eryuan County Party Committee and Eryuan County Government put a high value on this event. Tan Liqiang, secretary of Eryuan County Party Committee, led a team to attend in person. The commencement ceremony was presided over by Yang Juechan, deputy secretary of Eryuan County Party Committee. Zhu Jiande, Chairman of Jintai Mining, introduced the basic situation of the project. Li Xinqi, member of the Standing Committee of Eryuan County Party Committee and Executive Vice County Mayor of Eryuan, delivered a speech in which he said that the County Party Committee and the County Government attached great importance to and actively supported the Xidengping Gold Mine Project. At the same time, they required all departments of the county, the Party Committee and the government of Liantie Township, and all village committees to work together to support the construction of Xidengping Gold Mine Project, firmly establish the concept of “flourishing enterprise for local development and benefiting the people”, and ensure the smooth progress of project construction. Finally Tan Liqiang announced the commencement of the project.

Nearly 100 people including the four leading groups at the county level, main leaders of relevant departments at the county level, and all cadres and staff from Liantie Township and Liantie Village Committee attended this event. In the afternoon of the same day, Eryuan County Party Committee and Eryuan County Government held an Industrial Development Conference, at which Jintai Mining made a key exchange speech on the Xidengping Gold Mine Project. The project commencement is not only the first of the 10 centralized projects to be started in the first quarter of 2023 in Eryuan County, but also one of the major projects to be started in the first quarter of 2023 in Dali Prefecture.

On December 30, 2022, Board of Directors of Chifeng Gold deliberated and approved the acquisition of 51% equity of Xinhenghe Mining and completed the equity transfer. Xinhenghe Mining holds 90% equity of Jintai Mining. The core asset of Jintai Mining is Xidengping Gold Mine in Eryuan County, Yunnan Province, with one mining right and one exploration right. The amount of proved ore (proved + controlled + inferred) within the scope of mining right is 10.285 million tons, and the amount of gold metal is 13,558 Kg. The project is in construction. The preliminarily designed mining and beneficiation scale of Phase I project is 140,000 TYP. After the exploration right is transferred to the mining right, the mining and beneficiation scale and gold output will be further increased.