Shen Zhou Announces Acceptance of Its Plan to Regain Compliance by
NYSE MKT LLC
BEIJING, Jan. 16, 2013 /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 the Company received notice from the NYSE MKT LLC
(the "NYSE Amex" or the "Exchange") advising that China Shen Zhou's plan to regain compliance
previously submitted to the Exchange has been approved with an
extended compliance date of April 24,
2013.
On October 24, 2012, the Company
received notice from the NYSE Amex advising that it was not in
compliance with Section 1003(a)(iv) continued listing standards,
which applies if a listed company has sustained losses that are
substantial in relation to its overall operations or its existing
financial resources.
The Company presented a plan of compliance to the Exchange on
November 30, 2012 and has provided
supplemental information as requested. On January 11, 2013, the Exchange communicated that
it accepted the Company's plan of compliance and granted the
Company an extension until April 24,
2013 to regain compliance with the continued listing
standards. The Company will be subject to periodic review by the
Exchange Staff during the extension period. Failure to make
progress consistent with the plan or to regain compliance with the
continued listing standards by the end of the plan period could
result in the Company being delisted from the NYSE Amex.
China Shen Zhou's management fully
expects to execute the plan within the time frame prescribed by the
Exchange.
About China Shen 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
Grayling
+1-646-284-9413
min.liu@grayling.com
Shiwei Yin
Grayling
+1-646-284-9474
shiwei.yin@grayling.com
SOURCE China Shen Zhou Mining & Resources, Inc.