SRK's Preliminary Assessment Demonstrates Xinyi No. 1 Mine as a Large-scale Fluorite Mine
BEIJING, Dec. 13, 2012 /PRNewswire-FirstCall/ -- China Shen Zhou Mining & Resources, Inc. ("China Shen Zhou", or the "Company") (NYSE Amex: SHZ), a company engaged in the exploration, development, mining and processing of fluorite, barite, zinc, copper, and other nonferrous metals in China, today announced that SRK Consulting China ("SRK") (Beijing office) will provide a complete, JORC-compliant technical report on the reserves of Xinyi No. 1 Mine by the end of 2012.
Xinyi has commissioned Beijing Zhongse Geological Exploration and Technology Co., Ltd. to perform tunnel prospecting and drilling on Xinyi No. 1 Mine, the entire geological prospecting and exploration process were monitored by SRK specialists. All the findings have been submitted to SRK recently, which will be used as a reference to determine the fluorite reserves of Xinyi No. 1 Mine.
SRK's preliminary assessment showed that the Xinyi No. 1 Mine satisfied the definition of large-scale fluorite mine in China. SRK is expected to provide a complete, JORC-compliant technical report on the reserves of Xinyi No. 1 Mine by the end of this year.
"SRK's independent preliminary assessment indicates that fluorite resources in the Xinyi No. 1 mine are high grade and have better quality than previously expected," commented Ms. Xiaojing Yu, Chairperson and CEO of China Shen Zhou. "We look forward to SRK's final assessment report and remain confident that the acquisition of Xinyi will reward our shareholders in the long run."
About JORC Code
The JORC Code has been adopted by The Australasian Institute of Mining and Metallurgy ("The AusIMM") and the Australian Institute of Geoscientists ("AIG") and is therefore binding on members of those organizations. It is endorsed by the Minerals Council of Australia, and the Securities Institute of Australia as a contribution to good practice. The JORC Code has also been adopted by and included in the listing rules of the Hong Kong Exchanges and Clearing Limited (HKEx). It is an 'acceptable foreign code' of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI43-101) 2011 edition.
About China Shen Zhou Mining & Resources, Inc.
China Shen Zhou Mining & Resources, Inc., through its subsidiaries, is engaged in the exploration, development, mining, and processing of fluorite, barite and nonferrous metals such as zinc, lead and copper in China. The Company has the following principal areas of interest in China: (a) fluorite extraction and processing in the Sumochaganaobao region of Inner Mongolia; (b) fluorite and barite extraction and processing in the Wuchuan County of Guizhou province (c) fluorite and barite extraction and processing in the Yanhe County of Guizhou province.(d) fluorite extraction and processing in Jingde County, Anhui Province; (e) zinc/copper/lead processing in Wulatehouqi of Inner Mongolia; and (f) zinc/copper exploration, mining and processing in Xinjiang. For more information, please visit http://www.chinaszmg.com/.
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as "will", "believes", "expects" or similar expressions. These forward-looking statements may also include statements about our proposed discussions related to our business or growth strategy, which is subject to change. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov.
SOURCE China Shen Zhou Mining & Resources, Inc.