• Shares of Tongguan Gold Group climb 5.1% to HK$2.08

• Chinese gold miner says it proposes to use up to HK$300 mln ($38.30 mln) to repurchase shares in the open market to safeguard the intrinsic corporate value of the company

• The share repurchase, which is to be funded by the company's own resources, is to reinforce management's confidence in the Tongguan's future and underscoring its positive business outlook - co

• YTD, stock down 28.2%, benchmark Hang Seng Index down 5.1%
($1 = 7.8334 Hong Kong dollars)

(Reporting by Donny Kwok)