HONG KONG, Sept. 28, 2010 (GLOBE NEWSWIRE) -- Yinfu Gold Corporation (OTCBB:ELRE) (Yinfu) announced today that it has executed a memorandum of understanding to acquire two gold mines in China.
The MOU's were signed with the China International Economic Cooperation Development Bureau and the China Overseas Oil and Mineral Resource Company to negotiate on behalf of Yinfu for the Maoling gold mine in Liaoning Province and the Zhaishang gold property at Min County in Gansu Province.
Gansu Zhaishang gold exploration property has been subject to significant geological exploration for a number of years. Recent geological surveys in 2009 included, mapping, sampling and diamond drilling. These surveys combined with historical results have identified 30 gold ore bodies outlining a possible 108 tons of gold resources, under Chinese reporting standards with good potential for large scale, low cost open pit mining. (See Yinfu's Form 8-K filed September 27, 2010)
Liaoning Maoling gold exploration property has been subject to extensive exploration and development by Mundoro Mining since 2000 and in 2005 a pre-feasibility study was completed. This study and subsequent work has outlined mineral resources under Canadian 43-101 standards as 4.8 million ounces contained gold ounces in the Measured and Indicated category and an additional 4.4 million ounces contained gold ounces in the Inferred category. Development work continues on the property, which has great potential also for large scale, low cost open pit mining. (See Yinfu's Form 8-K filed September 27, 2010
Daniel Mckinney, Yinfu CEO commented, "We believe these gold properties represent two of the largest gold opportunities in China at this time."
Andrew Ryan, General Manager of Runge Asia Ltd, said "If Yinfu is able to successfully acquire these gold mines, it would be a 'game changer' for Yinfu, based upon their current understood potential." Ryan further added: "The successful acquisition of these assets, could elevate Yinfu Gold to being one of the most significant gold resource holders in China."
Runge Asia Limited is a mining and geological consultant company which provides engineering support services for mines worldwide from start up to production, including feasibility studies, due diligence and valuation, mine planning and scheduling, mine optimization, business systems and software implementation. (Disclosure: Runge is a shareholder of Yinfu.)
Yinfu Gold Corp. is a mineral exploration and mining company incorporated in the state of Wyoming. The Company owns two gold mines in Shandong, China, and holds options on fourteen mineral claims located in Huddersfield Township and Clapham Townships in the Province of Quebec, Canada. Yinfu Gold trades on the OTCBB under the symbol "ELRE." The transfer agent is Transfer Online, Inc. of Portland, Oregon.
Statements, which are not historical facts, are forward-looking statements. The Company, through its management makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.
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