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China Shen Zhou Mining & Resources Announces the Finding

更新时间:2018-11-08  责任编辑:AG88

Company Plans to Conduct More Exploring Activities in 2008

BEIJING, Dec. 26 /Xinhua-PRNewswire-FirstCall/ -- China Shen Zhou Mining & Resources, Inc. (OTC Bulletin Board: CSZM), a leading company in the exploration, development, mining and processing of fluorite, zinc, lead, copper, and other nonferrous metals in the PRC, today announced it has found a prospective mining area with great potentials in its large-scale gold and copper mine in Kyrgyzstan.

The Company indirectly owns 100% of Kichi-Chaarat Closed Joint Stock Company, whose major assets include:

(1) a license on usage of subsoil for the purpose geological

exploration of precious metal and stones within 395 sq km

(39,500 hectares) of Kuru-Tegerek area, anAAAAAAAA> (2) a licensing agreement and license on usage of subsoil for the purpose

of mining precious metal and stones in the land of "Kuru-Tegerek"

deposit within an area of 9 sq km (900 hectares)

This prospective mining area in Kuru-Tegerek region is approximately 8.5 sq km, within the scope of 395 sq km of the exploring area and to the east of the 9 sq km of the mining area held by the Company. After a series of exploring programs by the Company in 2007, the highest grade is found to be as high as 7.6 g/ton for gold (Au) and 5.98% for copper (Cu).

Jessica Yu, Chairwoman and CEO for China Shen Zhou Mining & Resources commented, “We are very excited to find such a mining area with great potentials in high-grade gold and copper metals. The Kuru-Tegerek area is situated in one of the most geologically prospective regions of Kyrgyzstan. Since 1960’s, multistage and long term exploration activities have been conducted within this region, resulting in detailed geological documents, geophysical surveys, drillings and underground mining works.”

Ms. Yu added, “As proved by world-famous SRK Consulting’s authoritative evaluation report, the nonferrous reserves owned by the Company in Kyrgyzstan are extremely plentiful and valuable: a contained metal content of 97.36 tonnes for gold and 1.02 million tonnes for copper. We are quite confident such deposits will support the Company’s development and improve its long-term profitability.”

Ms. Yu concluded, “These exploring findings are very significant for the Company’s non-ferrous business. In 2008 we plan to conduct more and more exploring activities in this prospective area in order to enhance the Company’s resources reserves. The Company is committed to its development strategy to maximize shareholders’ value and maintain long-lasting development.”

About The Kuru-Tegerek Cu-Au Skarn Deposit and Exploration Area

The Kuru-Tegerek deposit is located in Chatkal region of the province of Jalal-Abad in the western part of Kyrgyz Republic. It occupies a southern slope of the Chandalash range, which is part of the Talas Altai mountains between the Chakmakus river and the Kuru-Tegerek river.

The area where the Kuru-Tegerek copper-gold deposit is located is one of most geologically prospective regions of Kyrgyzstan. The region already hosts numerous deposits including primary hard rock and secondary placer deposits. The gold placer deposits occupy valleys of western tributaries of the Chatkal river and the primary deposits of copper, molybdenum and gold are found on the slopes of arms of the Chandalash mountain range. To date about 200 deposits, mineralized zones and mineral occurrences have been inventoried in this region.

The Kuru-Tegerek copper-gold deposit was a subject of multistage and long term exploration activities which resulted in detailed geological mapping geochemical and geophysical survey, drillings and underground mining works. During the period from 1975 to 1980 pre-feasibility studies were conducted over the deposit area which included 38,191m of diamond core drillings and 18,590 underground workings. These works are described in detail in the appropriate reports. As a result of all exploration works, the resources of ores and contents of metals were estimated according to the regulation of the former Soviet Union governmental authorities.

Kichi Chaarat Closed Joint Stock Company currently hold two licences: a mining licence covering 9 sq km over the Kuru-Tegerek deposit and an exploration licence covering 39,500 hectares (h) of the area of the eastern slope of the Sandal mountain range which includes the Kuru-Tegerek mountain.

The Kuru-Tegerek Copper-Gold (Cu-Au) deposit includes 172.7 million tonnes (Mt) (C1+C2) with a contained metal content of 97.36t for gold and 1.02Mt for copper. The Molybdenite ore body in Kuru-Tegerek also contains resources (C2) of molybdenum and rhenium which contain 4,883t of Molybdenum (Mo) and 2,328 kilograms (kg) of Rhenium (Re).

If the mine is selectively mined at a higher cut off grade, the underlying resources would have a much higher grade without losing significant amount of metal concentrate.

About China Shen Zhou Mining & Resources, Inc.

China Shen Zhou Mining & Resources, Inc. conducts all of its business through its subsidiary, American Federal Mining Group ("AFMG"), which, in turn, conducts its business through its Subsidiaries. The principal business of AFMG is the exploration, development, mining, and processing of fluorite, zinc, lead, copper, and other nonferrous metals in the PRC. AFMG has its principal areas of interest in the PRC: (a) fluorite exploration and extraction in the Sumochaganaobao region of Inner Mongolia Autonomous Region; and (b) zinc/copper exploration, mining and processing in Xinjiang Uygur Autonomous Region; and (c) zinc/copper/lead exploration, mining and processing in Wulatehouqi of Inner Mongolia Autonomous Region

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, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.

For more information, please contact:

Sterling Song

Senior Investor Relations Manager

China Shen Zhou Mining & Resources, Inc.

Tel: +86-10-6887-2811

Email: investor@chinaszky.com

Web: http://www.chinaszmg.com

本文源自: 环亚国际

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