China Shen Zhou Mining & Resources, Inc. Receives Notice from
NYSE MKT LLC
BEIJING, Nov. 7, 2012 /PRNewswire-FirstCall/ -- China Shen
Zhou Mining & Resources, Inc. (the "Company") (NYSE Amex: SHZ),
today announced that on October 24,
2012, China Shen Zhou Mining & Resources, Inc. (the
"Company") the Company received a letter (the "Letter") from the
NYSE MKT LLC (the "Exchange") advising that the Company currently
is below certain of the Exchange's continued listing standards. The
Exchange indicated that its review of the Company's Form 10-Q for
the quarter ended June 30, 2012,
indicates that the Company is not in compliance with Section
1003(a)(iv), which applies if a listed company has sustained losses
that are substantial in relation to its overall operations or its
existing financial resources, or its financial condition has become
so impaired that it appears questionable, in the opinion of the
Exchange, as to whether the company will be able to continue
operations and/or meet its obligations as they mature.
The Company is afforded the opportunity to submit a plan of
compliance to the Exchange by November 30,
2012 that demonstrates the Company's ability to regain
compliance with Section 1003(a)(iv) of the Company Guide by
April 24, 2013. If the Company does
not submit a plan of compliance, or if the plan is not accepted by
the Exchange, the Company will be subject to delisting procedures
as set forth in Section 1010 and Part 12 of the Company Guide.
The Company believes it can provide the Exchange with a
satisfactory plan by November 30,
2012, to show that it will be able to return to compliance
with Section 1003(a)(iv) of the Company Guide.
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) fluorite
extraction and processing in Jingde County, Anhui Province; (c) zinc/copper/lead
processing in Wulatehouqi of Inner Mongolia; and (d) 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
SOURCE China Shen Zhou Mining & Resources, Inc.