China Natural Resources Consummates Acquisition of Coal Mining Company in Guizhou Province, PRC
July 17 2009 - 10:30AM
PR Newswire (US)
HONG KONG, July 17 /PRNewswire-FirstCall/ -- CHINA NATURAL
RESOURCES, INC. (NasdaqCM: CHNR), a company based in the People's
Republic of China ("PRC"), today announced that, on July 10, 2009,
it consummated the acquisition of (a) all of the issued and
outstanding capital stock of Pineboom Investments Limited and its
wholly-owned subsidiaries (the "Coal Group") and (b) the
outstanding indebtedness owing by the Coal Group to the
related-party seller on the closing date. Pineboom, through its
operating subsidiary, Guizhou Dayun Mining Co., Ltd. ("Guizhou
Dayun"), a company established under the laws of the PRC with a
registered capital of RMB4,000,000 (US$585,000), owns exploration
rights to Huajuejingtian North Sector Coal Mine ("Exploration
Rights"), a coal mine located in Jinsha County, Guizhou Province,
the PRC, which covers a total area of 16.93 square kilometers. The
permit for the Exploration Rights is valid from February 1, 2008 to
February 1, 2010. Additional details of the transaction are
contained in the Company's Current Reports on Form 6-K filed with
the Securities and Exchange Commission on July 15, 2008 and July
17, 2009. Mr. Feilie Li, the Company's CEO and Chairman commented:
"Pineboom is the second coal mine acquisition in our continued
development of CHNR's coal business. We will continue our coal
resources acquisition strategy in Guizhou Province, as well as our
continued acquisition of other non-ferrous/iron metal assets." For
the convenience of the reader, amounts in Renminbi ("RMB") have
been translated into United States dollars ("US$") at the rate of
US$1.00=RMB6.8320 quoted by The People's Bank of China as at July
13, 2009. The RMB is not freely convertible into foreign currencies
and no representation is made that the RMB amounts could have been,
or could be, converted into US$ at that rate, or at all. About
China Natural Resources 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, micaceous oxide and copper concentrate
extracted or produced at mines primarily located in Anhui Province
in the PRC, (b) operating a copper smelting facility in Inner
Mongolia, PRC, and the sale of copper, gold, silver and sulfuric
acid resulting from the smelting process; and (c) the acquisition,
exploration, development and production of coal resources in the
PRC. Forward-Looking Statements This press release includes
forward-looking statements within the meaning of federal securities
laws. These forward-looking statements are based upon assumptions
believed to be reliable, but involve risks and uncertainties that
may cause actual results of operations to differ materially from
the forward-looking statements. Among the risks and uncertainties
that could cause our actual results to differ from our
forward-looking statements are our intent, belief and current
expectations as to business operations and operating results of the
Company, uncertainties regarding the governmental, economic and
political circumstances in the People's Republic of China, risks
and hazards associated with the Company's mining activities,
uncertainties associated with ore reserve estimates, 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
Securities and Exchange Commission filings. Although the Company's
management believes that the expectations reflected in
forward-looking statements are reasonable, it can provide no
assurance that such expectations will prove to be accurate.
DATASOURCE: China Natural Resources, Inc. CONTACT: Edward Wong,
Chief Financial Officer, China Natural Resources, Inc.,
+011-852-2810-7205,
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