SRK's Preliminary Assessment Demonstrates Xinyi No. 1 Mine As A Large-scale Fluorite Mine
BEIJING, Dec. 13, 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 SRK Consulting China ("SRK") ( Beijing office) will provide a complete, JORC-compliant technical report on the reserves of Xinyi No. 1 Mine by the end of 2012.
Xinyi has commissioned Beijing Zhongse Geological Exploration and Technology Co., Ltd. to perform tunnel prospecting and drilling on Xinyi No. 1 Mine, the entire geological prospecting and exploration process were monitored by SRK specialists. All the findings have been submitted to SRK recently, which will be used as a reference to determine the fluorite reserves of Xinyi No. 1 Mine.
SRK's preliminary assessment showed that the Xinyi No. 1 Mine satisfied the definition of large-scale fluorite mine in China. SRK is expected to provide a complete, JORC-compliant technical report on the reserves of Xinyi No. 1 Mine by the end of this year.
"SRK's independent preliminary assessment indicates that fluorite resources in the Xinyi No. 1 mine are high grade and have better quality than previously expected," commented Ms. Xiaojing Yu, Chairperson and CEO of China Shen Zhou. "We look forward to SRK's final assessment report and remain confident that the acquisition of Xinyi will reward our shareholders in the long run."About JORC Code 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 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 National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI43-101) 2011 edition.
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