BEIJING, March 31, 2011 /PRNewswire-Asia-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, zinc, lead, copper, and other nonferrous metals in China, today announced that its subsidiary, Xinyi Fluorite Company Ltd. (“Xinyi”), held a grand ceremony at the Zi Yi Shan Hotel in Jingde County, Anhui Province, on March 28, 2011 to celebrate the initial commercial production at the Sanxi Old Town flotation plant.
Xiaojing Yu, CEO of China's Shen Zhou Mining Resources Co., Ltd., attended the ribbon-cutting ceremony together with Guangyong Zhang, the Jingde county magistrate and the deputy secretary of the county, Guanqi Fang, Chairman of the Jinde County Council, Zheng Liu, deputy director of the county’s congress, Fulin Jiang, general secretary of the China Non-metallic Minerals Industry Association Fluorite Committee (CNMIAFC) and Liancheng Li, the general secretary of the National Inorganic Fluoride Collaborative Group.
Xiaojing Yu, CEO of China Shen Zhou, commented: “Benefitting from the excellent investment environment in Jingde County, Xinyi upgraded its mines and processing plants to achieve its operational targets. China Shen Zhou will continue acquiring and combining high-quality resources within its current focus on fluorite and non-ferrous metals. Acquiring Xinyi was a good beginning to this acquisition strategy to achieve further industry leadership.”
Fulin Jiang also commented: “China Shen Zhou is a leading company in China’s fluorite industry with rich investment and management experience. It was the right decision at the right time for China Shen Zhou to acquire Xinyi and to develop additional fluorite resources. We are confident that Xinyi will achieve even more brilliant achievements in the near future with the support of the fluorite special committee and Jingde County.”
Xiangfu Jia, a director of Xinyi, commented, “The Sanxi Old Town flotation plant formally started production today. Xinyi expects to produce 35,000 metric tons of fluorite powder in 2011 with estimated income to reach approximately RMB 70 million, which is consistent with management’s expectation at the time of acquisition”.
About China Non-metallic Minerals Industry Association Fluorite Committee (CNMIAFC)
CNMIAFC is one of the fifteen member committees of China Non-metallic Minerals Industry Association. It was established in 1995 and it now has 120 members including a majority of China's fluorite mining enterprises, significant downstream enterprises and both academic and research institutions. Our subsidiary, Xiang Zhan Mining Group, is the executive member of the Council of China Non-metallic Minerals Industry Association Fluorite Committee.
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 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) zinc/copper/lead exploration, mining and processing in Wulatehouqi of Inner Mongolia; and (3) zinc/copper exploration, mining and processing in Xinjiang. For more information, please visit http://www.chinaszmg.com/
Safe Harbor Statement
Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding our future plans, objectives or performance. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in the People's Republic of China, variations in cash flow, fluctuation in mineral prices, risks associated with exploration and mining operations, and the potential of securing additional mineral resources, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.
For more information, please contact:
Kevin Theiss/Min Liu
SOURCE China Shen Zhou Mining & Resources, Inc.