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HONG KONG, June 17, 2010 - (ACN Newswire) - Sino Prosper State Gold Resources Holdings Limited ("Sino Prosper" or the "Group"; Stock Code: 766.HK), a Chinese precious metals miner and producer, is pleased to announce that the ordinary resolution approving the acquisition of target gold mine in Aohanqi, Inner Mongolia (the "Aohanqi Gold Mine") was duly passed by way of poll at the Extraordinary General Meeting held today.
Pursuant to the acquisition agreement, Sino Prosper is acquiring a 70% interest in the Aohanqi Xinruien project for a consideration of RMB147 million (approximately HK$167 million), which will be settled by cash. Upon the completion, Sino Prosper will hold 70% equity interest in Aohanqi Xinruien project, which is located at Gouliang town, Inner Mongolia, in one of the most productive gold belts in the world. The project has 1 mining license with an operating mine and pre processing plant, covering an area of about 2.1 km2. Currently, the mine has a production capacity for processing of 50 tonnes per day. The Group is in the process of expanding this capacity to mine and process 1,000 tonnes per day. Production at the expanded level is expected to be commenced in September of this year.
Mr. Richard Sung, CEO and Executive Director of Sino Prosper commented "We are delighted to have the approval from our shareholders and expect to shortly complete this acquisition, which is a significant milestone for Sino Prosper. With strong support from our shareholder base, including some of the world's major institutional investors, Sino Prosper is committed to the expansion of the Aohanqi Gold Mine, while also undertaking significant exploration of our portfolio of quality assets. We believe our future plans have the potential to be highly accretive to the Group."
Contact:
Sino Prosper State Gold Resources Holdings Limited
Mr. Garry Stein
Director, Corporate Development
Tel: +852-2877-2789
E-mail: garrystein@sinoprosper.com
Quam IR
Ms. Anita Wan
Tel: +852-2217-2687
E-mail: anita.wan@quamgroup.com
Topic: Shareholders Meeting
Source: Sino Prosper State Gold Resources
Sectors: Metals & Mining
http://www.acnnewswire.com
From the Asia Corporate News Network
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