HONG KONG, Oct. 19, 2011 /PRNewswire/ -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR),
a company based in the People's Republic
of China, today released the results of an Independent
Technical Report ("ITR") prepared by Behre
Dolbear Asia, Inc. ("Behre
Dolbear") relating to the coal resources and reserves
contained at seven coal mines located in Guizhou Province, the PRC, at which the
Company holds mining rights.
The ITR concludes that the seven coal mines which are the
subject of the ITR hold approximately 127.88 million tonnes ("Mt")
of Measured, 200.23 Mt of Indicated, and 83.47 Mt of Inferred
in-situ Coal Resources conforming to the definitions in the 2004
edition of The Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (the "JORC Code").
Included within the in-situ Coal Resources are approximately 30.00
Mt of Proved and 181.17 Mt of Probable Coal Reserves, also
conforming to the JORC Code. Reference is made to the definitions
appearing in the Company's Current Report on Form 6-K furnished to
the Securities and Exchange Commission on October 19, 2011 for an understanding of the
foregoing defined terms. The ITR also concluded that the seven
mines contained approximately 30.00 Mt of Proven and 181.17 Mt of
Probable Coal Reserves, as such terms are used in rules and
regulations promulgated by the Securities and Exchange
Commission.
Mr. Feilie Li, the Company's Chairman and CEO, commented on
the results of the ITR: "The results of the independent technical
report prepared by Behre Dolbear are
encouraging. The Company is committed to providing useful,
transparent and internationally comparable coal reserve information
to our shareholders and the investment community. The progress of
the mine construction and/or upgraded mine development projects of
the coal mines is satisfactory. Both Baiping and Gouchang coal
mines are currently operating while Linjiaao coal mine is in trial
run. The mine construction of Yongsheng mine, which has been
granted a mining right permit to mine 600,000 tonnes per annum in
its first phase of development, is expected to be completed next
year and its trial run will be commenced thereafter. We remain
positive about the prospects for the coal mining industry in the
PRC and we will continue to pursue growth through acquisition and
consolidation of small to medium sized coal mines."
About China Natural Resources, Inc.:
China Natural Resources, Inc., a British Virgin Islands corporation, through
its operating subsidiaries in the
People's Republic of China, is currently engaged in (a) the
acquisition and exploitation of mining rights, including the
exploration, mineral extraction, processing and sale of iron, zinc
and other nonferrous metals, extracted or produced in Anhui Province in the PRC, and (b) the
acquisition, exploration, development and production of coal
resources in Guizhou Province in
the PRC.
About Behre Dolbear:
Behre Dolbear is an affiliate of
Behre Dolbear Group Inc., a mineral industry advisory and
consulting group, with offices in 11 cities internationally, which
specializes in performing mineral industry studies for mining
companies, financial institutions and natural resource firms.
Forward-Looking Statements:
This press release includes forward-looking statements within
the meaning of federal securities laws. These statements include,
without limitation, statements regarding the intent, belief and
current expectations of management with respect to the Company's
policies regarding investments, dispositions, financings, conflicts
of interest and other matters; and trends affecting the Company's
financial condition or results of operations. Forward-looking
statements are not a guarantee of future performance and involve
risks and uncertainties, many of which are outside of our control,
and actual results may differ materially from those in the
forward-looking statement. Among the risks and uncertainties that
could cause our actual results to differ from our forward-looking
statements are: uncertainties relating to our business operations
and operating results; uncertainties regarding the governmental,
economic and political environment in the
People's Republic of China; uncertainties associated with
metal and coal price volatility; uncertainties associated with the
Company's reliance on third-party contractors and other risks
detailed from time to time in the Company's filings with the
Securities and Exchange Commission, including without limitation
the information set forth in our Annual Report on Form 20-F
under the heading "Risk Factors". While management believes that
its assumptions forming the bases for forward looking statements
are reasonable, assumed facts or bases generally vary from actual
results, and there can be no assurance that the expectations or
beliefs expressed in forward looking statements will be achieved or
accomplished.
SOURCE China Natural Resources, Inc.