HONG KONG, Dec. 21, 2011 /PRNewswire-Asia/ -- Zhaojin Mining Industry Company Limited ("Zhaojin Mining"or the "Company" and, together with its subsidiaries, the "Group"; stock code: 01818), a leading gold production enterprise in China, announced on 21 December 2011, Zhaoyuan Jintingling Mining Industry Company Limited, a wholly-owned subsidiary of the Group received from Yantai Joint Property Right Exchange Center a confirmation regarding the successful bidding in relation to the Acquisition, and was therefore qualified for acquisition of the Zaoyangshan Exploration Right and its ancillary assets at a consideration of RMB28,000,000. Subsequently on 21 December 2011, both parties entered into an Asset Transfer Agreement. Zaoyangshan mine owns an exploration area of approximately 16.20 square kilometers. The mine possesses good ore-forming conditions and development prospects as well as good infrastructures and facilities.
Mr. Lu Dongshang, Chairman of Zhaojin Mining, said, "We carefully and proactively look for potential acquisitions and quality mine resources for the Group. We believe this can intensify resource integration in Zhaoyuan and enhance our core competitiveness and profitability"
About Zhaojin Mining Industry Company Limited
Zhaojin Mining Industry Company Limited is a leading gold production enterprise in the PRC. The Group is located in Zhaoyuan City in Shandong Province -- the 'Gold Capital' of China, holding 10% of the country's total gold reserves and having the longest history of gold mining in the PRC. The Group is principally engaged in the exploration, mining, ore processing, smelting and sale of gold products, and is the largest gold smelting enterprise in the PRC. The principal products of the Group include standard Au9999 and Au9995 gold bullion. Zhaojin Mining operates 6 mines in Zhaoyuan City. The Group also owns various gold mines throughout the northern, northwestern, southwestern of China. With its abundant gold resources, advanced technology and management, the Group has maintained a leading position in the industry.
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SOURCE Zhaojin Mining Industry Company Limited
