BEIJING, Nov. 12, 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 it has increased an additional 20% ownership stake
in three of its recently acquired subsidiaries - Wuchuan Dongsheng
Mining Company Ltd. ("Wuchuan Mining"), Qianshi Resources
Development Company Ltd. ("Qianshi Resources"), and Meilan Mining
Company Ltd. ("Meilan Mining").
In January and February, 2012, China Shen Zhou Mining acquired
60% ownership of Wuchuan Mining, Qianshi Resources and Meilan
Mining, all of which are located in Guizhou Province, P.R. China. Per the original agreements, China
Shen Zhou Mining would bear the debts of the acquired entities up
to $7,897,000 and the remaining
liabilities would be settled by the sellers. As a result of failing
to settle the additional liabilities, the sellers of the above
three companies were obligated to transfer an additional 20% of the
ownership to China Shen Zhou.
Therefore, China Shen Zhou now holds
80% interest in all three subsidiaries.
Ms. Xiaojing Yu, Chairperson and
Chief Executive Officer of China Shen
Zhou, commented, "We are very pleased to expand our
ownership position in the three subsidiaries, which are rich in
mining resources. They are currently undervalued due to the slower
growth of Chinese domestic economy and weak global economy. We are
confident that our strategy to acquire mining assets below their
market value will bring benefits to our shareholders in the long
run."
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.