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.
Contact Information
Min Liu
Investor Relations
Grayling
Tel: +1-646-284-9413
min.liu@grayling.com
Shiwei Yin
Grayling
Tel: +1-646-284-9474
shiwei.yin@grayling.com
SOURCE China Shen Zhou Mining & Resources, Inc.
