Jinshan Gold Mines Inc.

Jinshan Gold Mines Inc.

November 17, 2009 08:30 ET

Jinshan Announces 2009 Third Quarter Financial Results and Management Changes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2009) - Jinshan Gold Mines Inc. (TSX:JIN) has filed its third quarter Financial Statements and MD&A with SEDAR. Copies of these documents are available at www.sedar.com or on the company's website www.jinshanmines.com.

Financial Results

($ in millions of US dollars, except per share information)

Three months ended Nine months ended
September 30, September 30,
2009 2008 2009 2008
Revenue $ 21.04 $ 13.10 $ 47.04 $ 13.10
General and administrative (1.28) (1.49) (2.95) (5.09)
Exploration expenses 0.40 (1.03) (1.00) (3.33)
Foreign exchange gain
(loss) (3.31) 1.67 (5.44) 2.74
Interest on notes payable (2.16) (1.48) (5.66) (1.82)
Net loss and comprehensive
loss (2.68) 2.49 (5.13) (2.53)
Mine operating earnings 6.55 4.98 13.21 4.98
Basic and diluted loss per
share $ (0.02) $ 0.02 $ (0.03) $ (0.02)

Highlights for the Quarter

- In excess of a 50% increase in revenue from gold sales as compared to Q3
2008, to $21 million from $13 million
- Record gold production for the quarter of 28,543 ounces
- Mine operating earnings (revenue less cost of sales) of approximately $5
- Reduction in cost of gold sold per ounce compared to Q3 2008 to $526
from $646
- Income of ($0.9 million) after accounting for $3.31 million in
unrealized foreign exchange charges
- Reduction in G&A to $1.28 million

Jinshan is pleased to announce the appointment of Ms. Heather King as Vice President of Finance of the company. Ms. King has 20 years of experience in financial reporting for public and private companies and for government. Ms. King has been with Jinshan since January 2009 and has been responsible for the preparation of the company's annual and quarterly financial statements, management discussion and analysis and business and financial management. Ms. King is a former Director of Finance for Creation Technologies Inc. and a former VP of Finance for Uniserve Communications Inc. Ms. King is a Chartered Accountant and holds a Bachelor of Business Administration & Commerce from the University of Alberta and has recently completed the CICA In Depth Tax Course. "Ms. King brings financial expertise to the company and is already familiar with the company's financial reporting. The appointment of Ms. King will play a key role in the growth and success of Jinshan," said Mr. Song, CEO.

Jinshan also announces the resignation of Mr. Rick Low as Vice President of Finance. Mr. Low tendered his resignation to devote more time to other business interests. "Mr. Low has made a strong contribution towards the growth and success of the Company and we thank him for his contributions," said Mr. Song, CEO.

About Jinshan

Jinshan is a mining company whose principal asset is the CSH gold mine located in Inner Mongolia, China. Jinshan's shares are listed on the Toronto Stock Exchange under the symbol JIN. China National Gold Corporation, the largest gold producer in China, owns approximately 41% of Jinshan's shares.

Please visit our website at: www.jinshanmines.com

Forward-Looking Statements: Statements in this release that are forward-looking statements, are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the company's MD&A, financial statements and other periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The company does not assume the obligation to update any forward-looking statement, except to the extent required under applicable securities laws.

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