China Shen Zhou Signs Contract With SRK For Asset Assessment Of Xinyi Fluorite Mine & Keyinbulake Zinc-Copper Mine
BEIJING, Nov. 17, 2011 /PRNewswire-Asia-FirstCall/ -- China Shen Zhou Mining & Resources, Inc. (NYSE AMEX: SHZ), (" China Shen Zhou" or the "Company"), a Company engaged in the exploration, development, mining and processing of fluorite, zinc, lead, copper, and other nonferrous metals in China, today announced that it has contracted SRK Consulting China Ltd. (SRK) to initiate an independent assessment of the current status and prospective future production of the Xinyi Number 1 Mine of Qingzheng mine of the Xinyi Fluorite Company, Ltd. ("Xinyi"), based in Jingde County, Anhui Province, and the Keyinbulake zinc-copper mine of Xingzhen Mining Co., Ltd., located in Xinjiang Buerjin County. A Joint Ore Reserves Committee (JORC) compliant technical report will be generated containing an estimate of mineral resources and ore reserve specifications to meet the disclosure requirements of publicly listed companies.
SRK will visit the exploration sites of mines involved; design and review the relevant analysis procedures and select the sample used for field analysis. SRK will then manage on-site project quality, supervise weekly exploration progress and confirm that proper procedures are followed to ensure quality control of the final sample. SRK will provide a JORC-compliant asset assessment report of mineral resource estimation and ore reserve conversion, since China Shen Zhou provides the required materials and support. SRK has agreed to complete the first draft of the report in the first half of 2012.
Ms. Xiaojing Yu, CEO of China Shen Zhou, commented, "Following successful completion of SRK's reports on some of our other assets, we felt that commissioning these reports would help investors better understand the true underlying value of our company, especially of those assets that were acquired earlier this year."
The JORC Code has been adopted by The Australasian Institute of Mining and Metallurgy ('The AusIMM') and the Australian Institute of Geoscientists ('AIG') and is therefore binding on members of those organizations. It is endorsed by the Minerals Council of Australia, and the Securities Institute of Australia as a contribution to the industry's good practice. The JORC Code has also been adopted by and included in the listing rules of the Hong Kong Exchanges and Clearing Limited (HKEx). It is an 'acceptable foreign code' of the National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI43-101) 2011 edition.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 Kevin Theiss/ Min Liu Tel +1 (646) 284-9400
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