CITY OF INDUSTRY, Calif., March 15, 2011 /PRNewswire-FirstCall/ -- US China Mining Group, Inc., ("US China Mining") (OTC Bulletin Board: SGZH) a Chinese leader in coal production and exploration in the People's Republic of China, announced today the appointment of Tony (Xinyu) Peng to the position of Chief Financial Officer and Secretary of the Company effective immediately. Mr. Peng replaces the interim CFO Ms. Weiwei Li and Mr. Hongwen Li who resigned as the Secretary of the Company on March 11, 2011.
Mr. Peng joins US China Mining after working with China Recycling Energy Corp. as Chief Financial Officer and Secretary of the Board from August 2008 to December 2010, where he was responsible for financial, accounting and U.S. investor relations. He also led the up-list process for China Recycling Energy from the OTCBB to NASDAQ. Prior to joining China Recycling Energy, Mr. Peng served as Vice President of Tavistock Group Asia. From November 2006 to July 2008, Mr. Peng served as Chief Financial Officer and Director of MOD3 Cabinets & Home LLC. From July 2003 to July 2008, he served as Chief Financial Officer of Creative Hospitality Concepts LLC. Mr. Peng received his master of business administration ("MBA") from the University of Miami in Florida and his Bachelor of Arts degree from Fudan University in Shanghai, China where he majored in international finance.
"We are pleased to have Tony join us as a key member of our senior management team," said Mr. Hongwen Li, President of US China Mining Group. "His leadership and broad expertise in accounting and finance, including capital markets, will be a tremendous asset as we work to expand our operations and grow our resource base. We are confident in his ability to manage all financial reporting and financial controls and helping us enhance our stature as a public company."
About US China Mining Group
US China Mining Group is a company engaged in coal production and sales by exploring, assembling, assessing, permitting, developing and mining coal properties in the People's Republic of China ("PRC"). After obtaining permits from the Heilongjiang Province National Land and Resources Administration Bureau and the Heilongjiang Economic and Trade Commission, we extract coal from properties to which we have the right to mine capped amounts of coal, and then sell most of the coal on a per metric ton ("ton") basis in cash on delivery, primarily to power plants, cement factories, wholesalers and individuals for home heating. We do not own the coal mines, but have mining rights to extract a capped amount of coal from a mine as determined by government authorized mining engineers and approved by the Heilongjiang Department of Land and Resources. Our business consists of the operations of Tong Gong coal mine in northern PRC, located approximately 175 km southwest of the city of Heihe in the Heilongjiang Province and the Hong Yuan and Sheng Yu coal mines located in the city of Mohe in Heilongjiang Province.
Safe Harbor Statement
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SOURCE US China Mining Group, Inc.