HONG KONG, March 24, 2011 /PRNewswire/ -- CHINA NATURAL RESOURCES, INC. (Nasdaq: CHNR), a company based in the People's Republic of China, today announced that it had engaged Behre Dolbear Asia, Inc., a subsidiary of Behre Dolbear Group Inc., to perform Independent Technical Analyses of the Company's seven anthracite coal mine properties located in Guizhou Province in the People's Republic of China. It is anticipated that the Independent Technical Analyses will be prepared in accordance with, and will comply with, inter alia, Securities and Exchange Commission Industry Guide 7, which is applicable to the reporting of mineral resources and reserves.
The mines which are the subject of the Technical Analyses are Yongsheng Coal Mine, Dayun Coal Mine, Baiping Coal Mine, Dayuan Coal Mine, Linjiaao Coal Mine, Xinsong Coal Mine and Gouchang Coal Mine. It is anticipated that completion of the Independent Technical Analyses will occur in approximately two months.
Behre Dolbear Group Inc. is an international mineral industry advisory and consulting group, with offices in 11 cities internationally including in China, Mongolia, the United States, Canada, Australia, Mexico and Chile. The firm specializes in performing mineral industry studies for mining companies, financial institutions and natural resource firms.
Mr. Feilie Li, the Company's Chairman and CEO, commented on the engagement of Behre Dolbear: "The independent technical reports to be prepared by Behre Dolbear are intended to enable the Company to provide useful, transparent and internationally comparable coal reserve information to the shareholders and the investment community. We are 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, exploration, development and production of coal resources in Guizhou Province in the PRC; and (b) 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 at mines primarily located in Anhui Province in the PRC.
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.