Bay Area Gold Group Limited (formerly known as Maisheng Capital Group Limited) (the “Company”) was incorporated as an exempted limited company in the Cayman Islands under the Cayman Islands Companies Act on January 14, 2004. On December 12, 2017, the Company was deregistered in the Cayman Islands and continued as an exempted limited company in Bermuda under Bermuda law. The Company's shares (“Shares”) have been listed on the Main Board (“Main Board”) of the Stock Exchange of Hong Kong Limited (the “Stock Exchange”) since October 12, 2004, with stock code 1194. The Company and its subsidiaries (collectively, the “Group”) are mainly engaged in gold mining, processing and sale of gold products in the People's Republic of China (“China”), trading metals and minerals in China, and providing financial services in Hong Kong and mainland China, including asset management, securities brokerage, financing and consulting services. The Group is a non-state-owned gold mining company located in China. Its main gold mining assets are located in the central and western regions of China. The Group currently has five gold mines in operation, located in central, western and northern China, namely the Jinxing Gold Mine and Luan Ling Gold Mine in Henan Province, the Mojiang Gold Mine and Hengyi Gold Mine in Yunnan Province, and the Yongfeng Gold Mine in Inner Mongolia. The total amount of gold resources is about 7.1 million ounces. For the year ending 2019 and December 31, 2018, the Group produced 65,000 ounces and 62,000 ounces of gold, respectively. Henan Jinxing Gold Mine The Jinxing Gold Mine is currently the Group's largest gold mine in terms of total gold resources and 2018 production. The Jinxing Gold Mine is located in Luanchuan County, Henan Province, about 6 kilometers from Baitu Town and about 110 kilometers southwest of Luoyang City in Henan Province. The gold mine is an underground mine and consists of two mining areas, namely Jinxing District and Slope Well Area. It has gold resources of 74.9 tons (2,406 thousand oz) according to the Australian Joint Ore Reserves Commission standard (“JORC standard”) and its analogue standard, with an average grade of 4.6 g/ton. The Jinxing Gold Mine is located at the junction of the southern edge of the complex tectonic belt in the Qinling Mountains and the rising belt of Taihang Mountain in the summer of Xinhua. The Jinxing Gold Mine is a polymetallic mine. Due to the weak weathering of the area, most of the mineralization occurred in raw rock. Two types of mineralization have been identified, namely pyrite mineralization, which includes silver, lead, and copper mineralization in addition to gold mineralization; and lead/gold mineralization, which consists of lead, gold, and a small amount of silver mineralization. Mineralization is located in the quartz vein fracture zone, rich in integrated ores. Ten mineral clusters have been identified within the mining area. Henan Luanling Gold Mine The Luanling Gold Mine is located in Luanchuan County, Henan Province, about 40 kilometers from the Jinxing Gold Mine. The Luanling Gold Mine consists of an underground mine in the north and an open and underground mine in the south, covered by a single mining license covering an area of 9 square kilometers. The Luan Ling Gold Mine has JORC standard gold resources of 60.1 tons (1,933 thousand oz), with an average grade of 3.2 g/ton. The Luanling Gold Mine includes two mining areas with different mineralization characteristics, namely the northern mining area and the southern mining area. The total mining area under the mining license is approximately 9 square kilometers. The Luan Ling Gold Mine is located at the junction of the southern edge of the complex tectonic belt of the Qinling Mountains and the rising belt of Taihang Mountain in the summer of Xinhua. The mineralization areas of the two mining areas have been defined. The main Golden Mile includes nine mineral lines. The main mineralized materials are pyrite, followed by marshmite, and a small amount of lead sulfide and tellurite (lead minerals). The main varicose minerals include quartz, feldspar, silica, and chlorite. Gold-containing minerals include silver gold ore and a small amount of tellurium gold ore and tellurium gold ore. Yunnan Mojiang Gold Mine The Mojiang Gold Mine is located in Mojiang County, Pu'er City, Yunnan Province, about 300 kilometers southwest of Kunming, the capital of Yunnan Province. The Mojiang Gold Mine is located in the Ailao Mountain fold zone, which contains favorable geological properties of the Sanjiang Metamorphic fold system. It has JORC standard gold resources of 14.1 tons (458 thousand oz), with an average grade of 1.4 g/ton. The Mojiang Gold Mine holds a mining license covering an area of about 7.2 square kilometers. In addition to gold deposits, the Mojiang mine also has abundant nickel metal resources. In the Mojiang mining area, the nickel ore body is parallel to the gold ore body. This nickel deposit is partly a typical hydrothermal type deposit, and its nickel minerals are mainly sulfide ores. Yunnan Hengyi Gold Mine The Hengyi Gold Mine is located in Zhenyuan County, Yunnan Province, about 380 kilometers southwest of Kunming. The Hengyi Gold Mine is located between the Mojiang Jinping fold belt of the Sanjiang Metamorphic Wrinkle System and the Ailao Mountain Wrinkle Belt. It has JORC standard gold resources of 51.3 tons (1,650 thousand ounces), with an average grade of 2.7 g/ton. The Hengyi Gold Mine includes two mining areas, namely the Bat Mountain mining area and the Shangzhai mining area. The total mining area under the mining license is approximately 9.1 square kilometers. It also has four exploration licenses with a total area of about 36.7 square kilometers in the neighboring mining area. Inner Mongolia Yongfeng Gold Mine The Yongfeng Gold Mine is located in Honghuagou, Inner Mongolia. Currently, the mine holds a mining license, and the total mining area is 1.9 square kilometers. The mine is an underground gold mine located in the Honghuagou Ore Formation Zone in Inner Mongolia, which has a high gold grade. It has gold resources of 16.1 tons (519 thousand oz), with an average grade of 9.5 g/ton. Seven mineralized veins have been identified at Yongfeng Gold Mine. These mineralized veins have similar characteristics, with an average width of 1 to 1.5 meters, and are gold-quartz veins.
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