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Kingold Jewelry Announces Engagement Of RedChip Companies To Lead Public And Investor Relations

WUHAN CITY, P.R. China, May 12, 2010 (GLOBE NEWSWIRE) -- Kingold Jewelry, Inc. (OTCBB:KGJI), one of the leading manufacturers of 24-carat gold jewelry in China, today announced that it has retained RedChip Companies, Inc. to lead its public and investor relations programs.

"We selected RedChip to lead our investor relations effort as they were highly recommended for their track record of success in increasing the retail and institutional shareholder base for emerging growth companies," said Jia Zhi Hong, Chairman and Chief Executive Officer of Kingold Jewelry. "Their platform of research, radio, outbound telemarketing, road shows, Internet and social media marketing, investor conferences and virtual conferences is very powerful and effective."

"We are very excited about the opportunity to represent Kingold Jewelry," said Dave Gentry, President and CEO of RedChip Companies, Inc. "We look forward to leveraging our comprehensive investor relations program and introducing them to RedChip's network of international retail and institutional investors."

ABOUT KINGOLD JEWELRY

Kingold Jewelry, Inc. (OTCBB:KGJI), centrally located in Wuhan City, China's fourth largest city, was founded in 2002 and today is one of China's leading designers and manufacturers of 24K gold jewelry sold by weight. The Company sells both directly to retailers and through major distributors across China. Kingold has received numerous industry awards and has been a member of the Shanghai Gold Exchange since 2003. Sales have grown from $29 million in FY 2006 to $250 million in FY 2009 with net income growing from $1.3 million to $8.7 million over the same period.

Forward-Looking Statements

Statements included in this press release include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the Risk Factors, Cautionary Notice Regarding Forward-Looking Statements and Business sections in the Company's filings with the Securities and Exchange Commission. We use words such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," or similar expressions, variations of those terms or the negative of those terms to identify forward-looking statements. The forward-looking statements specified in the following information have been compiled by our management on the basis of assumptions made by management and considered by management to be reasonable. Our future operating results, however, are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward-looking statements.

The assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements.

CONTACT:  RedChip Companies, Inc.
          Investor Relations Contact:
          Dave Gentry 
          1-800-733-2447, Ext. 104
          info@redchip.com
          http://www.RedChip.com

          Baytree Capital Associates
          Investor Relations Contact:
          Gianluca Cicogna
          212-509-1700, Ext. 113
          gc@baytreecapital.com

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