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Discovery of World-Class Gold Deposit with Potential Value of over RMB150 Billion- Shandong Gold Group Held Prospecting Results Conference on Xiling Gold Mine

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Early this year, a world-class giant single gold deposit was discovered in Shandong Province - the largest province of gold production in China. "Xiling Gold Mine of Sanshandao Mining Area" detected by SD-GOLD currently has a recorded gold metal amount of 382.58 tons and it is estimated that the deliverable gold resource will be up to 550 tons after completion of exploration, and expected to become the largest gold mine throughout history of China.

On March 28, SD-GOLD held the prospecting results conference on Xiling Gold Mine of Sanshandao Mining Area, and released this information to the public. Mr. Chen Yumin, Chairman and Secretary of Party Committee; Mr. Li Guohong, General Manager and Chairman of Shandong Gold Mining Co., Ltd. (600547) and Vice General Manager Cui Lun attended the conference. Xinhua News Agency, China Central Television, China News Agency, Land and Resources News, China Mining News, China Gold News, Dazhong Daily, Shandong TV, People's Daily Online, Xinhua  News Online,, Dazhong Daily Online and other news media covered the conference.
Laizhou-Zhaoyuan Region of Northwestern Jiaodong Peninsula is the most important gold concentration area, and also a national Integrated Exploration Area. Its gold reserves and gold yield rank first in China, and it is a rare extremely large gold enrichment area in the world. In this area, the gold mines are distributed intensively and the mineral deposits have an immense scale, in which the Linglog-Jiaojia type gold deposit enjoys a worldwide reputation, and it has been the important gold production base of SD-GOLD. Xiling gold mine is contained in this area, adjacent to Sanshandao gold mine; the geological structure of this mining area is located in the west of North China Plate - Jiaobei Upfault - Jiaobei Uplift Zone, adjacent to Yishu fault zone in the west, Linglong super unit intrusive rocks in the east; the deep seated fault developed zone in this area provides a unique condition for gold enrichment and mineralization.

SD-GOLD has always attached importance to resource exploration and reserve. As early as the beginning of this century, the Group has carried out "geological prospecting breakthrough operation" relying on the previous survey results and scientific research theories in the principles of "from known to unknown, from shallow to deep". Since then, after 16 years of constantly optimizing the implementation plans, adjusting the construction layout, with a accumulated investment of about RMB320 million, construction drills of 88, completed drilling engineering volume of 133,000 meters and test samples of over 20,000, this extremely large gold deposit contained in Xiling for millions of years and buried underground more than 1,000 meters was discovered. The strike length of the deposit ore body exceeds 2,000 meters, the local thickness of the single ore body is 67 meters, currently the detected gold metal amount is 382.58 tons and the average grade is 4.52g/t. This result was filed with Shandong Provincial Department of Land and Resources for record on March 8, 2017, and officially transferred to exploration stage. Through drilling-intensive engineering, it is estimated that the accumulated deliverable gold resource amount can reach over 550 tons after two years, and the potential economic value will come to up to BMB150 billion yuan, and it will become the largest monomeric gold deposit since the beginning of recorded history in China. If calculated on a production scale of 10000 tons/day, it will be explored for 40 years with continuous full load.

The major discovery of Xiling gold deposit benefits from SD-GOLD's resource reserve guideline of "geological prospecting, scientific research taking first" to which it always adheres. Since 2008, the Group, through cooperation with Chinese Academy of Science and other geological and scientific research institutions, carried out structural superimposed halo and deep penetrating geophysical exploration, three-dimensional visualization and other multi-directional and multi-means comprehensive research within the exploration area, reappeared the ore-forming process of Sanshandao gold mining belt, constructed the prospecting and exploration mode in Sanshandao fault zone and determined the favorable ore-forming target area, thus providing the theoretical base for discovery of Xiling gold deposit. During the period, through the major scientific project "comprehensive geological research and resource predication of super depth section in gold concentration area of Northwest Jiaodong Peninsula", the Group has completed the first deepest drilling of 4,006.17 meters in China's history of rock and metal exploration in Xiling mining area, which sets the deepest record of deep exploration of metal ore in China, thereby blazing a trail in deep prospecting of metallic ore in China, filling the gap of deep gold exploration in China and promoting the theoretical and technical development of ore-forming rule. Meanwhile, SD-GOLD focused on improvement and innovation in exploration techniques, and obtained 5 patents successively in drilling technology. The Group has won "National Model Unit in Geological Prospecting", "Shandong Provincial Advanced Group of Breakthrough Strategic Operation in Mineral Exploration" and many other honors.

Since the "13th Five-Year", SD-GOLD put forward the operation philosophy of "resource first". As Xiling mining area is the most important high-quality resource exploration area owned by the Group, its successful discovery and assessment not only enriches the gold strategic resource reserve of Shandong Province, but is more conducive to integrated development layout and comprehensive use of resources because it is in the same area with multiple gold deposits. It will generate considerable economic and social benefits and provide strong support for achievement of the "13th Five-Year" development strategy. More importantly, the discovery of Xiling gold deposit creates a precedent for deep exploration of rock and metal in China, and promotes the progress of research into deep ore-forming theory and deep exploration technology, which will not only have an important pragmatic significance for deep exploration in the gold concentration area of Northwest Jiaodong Peninsula, but provide a reference model in the deep exploration research in China, and exert an important guiding role to Shandong Province and even the whole country in deep gold geological exploration.