Central China Goldfields plc
("Central China" or the "Company")
Strategic update on the Company
15 October 2009
Chairman's Statement
Dear Shareholder,
Following my appointment as Non-Executive Chairman of Central China Goldfields
plc (AIM: GGG) on 6 October 2009, the Board of Directors and I would like to
update shareholders on our strategy and recent activities.
Our goal is to generate real shareholder wealth by creating a robust
exploration and mining company, with the prime focus on building fundamental
value. Using our technical strengths and available funds we are searching for
and looking to acquire undervalued and underdeveloped projects, with the aim of
advancing them to mining and cash flow.
To this end, led by Jun Angeles the Company's Technical Director, we have been
actively reviewing a wide range of opportunities since the Company's AGM.
Primarily we are seeking a flagship project into which we can inject momentum
towards feasibility and project development over the next 12-18 months. We have
not restricted ourselves geographically, but given our existing experience our
initial focus has been in Southeast Asia (outside China). However, your Board
are firmly of the view that the quality of the project is of greater importance
than the geography, although our preference is for stable, mining-friendly
jurisdictions.
In terms of commodity, we have been, and will continue to focus mainly on gold,
copper and ferrous metals projects - metals that are underpinned by current
Emerging Market urbanisation trends and present or future supply-demand
deficits.
Timing-wise we are keen to make our move as quickly as possible but we will be
constrained by the availability of the cash proceeds of the sale of our Chinese
assets, expected to be released over the next six months.
We look forward to working with our shareholders to make this venture a
success.
Best wishes
Peter Ruxton
Chairman
For Further Information:
Central China Goldfields plc Hanson Westhouse Limited
Dr. Jeffrey Malaihollo Tim Metcalfe / Martin Davison
Tel: 020 7621 0200 Tel: 020 7601 6100
Email: info@ccgoldfields.com
www.ccgoldfields.com Alexander David Securities
Limited
Nick Bealer / David Scott
Tel: 020 7448 9820
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