MISSISSAUGA, Canada, Sept. 19, 2005 (PRIMEZONE) -- China Resources Group Ltd. (Pink Sheets:CAEO) (the "Company" or "CRG") is pleased to announce that it has entered into an agreement with Chandwell Investments Limited ("Chandwell") for the potential acquisition of mineral exploration and development projects in the People's Republic of China (the "Agreement").
Chandwell is a Hong Kong based company which provides investment banking and advisory services to the resource sector.
Under the terms of the Agreement, CRG will conduct project due diligence on high-potential gold, silver, and copper exploration and development projects in Inner Mongolia and Gansu Provinces identified by Chandwell. CRG feels that economic and political conditions of both Inner Mongolia and Gansu Provinces provide a very favorable environment for foreign resource exploration companies.
"CRG's co-operation with Chandwell is another significant event for the Company," said Gerry Belanger, President and CEO. "Chandwell's network of contacts and established presence in Hong Kong and mainland China allow it to access projects that very few foreign companies ever get to see. We look forward to working with Chandwell as we evaluate these exciting prospects."
CRG is presently reviewing project information provided by Chandwell and expects to continue due diligence for several weeks prior to conducting on-site project reviews. The acquisition of any mineral exploration and development project will be subject to the successful negotiation of a definitive acquisition agreement.
About China Resources Group Ltd.
China Resources Group is an emerging resource exploration company focused on the acquisition and development of high-potential exploration properties in China. China Resources Group shares are traded over-the-counter on the Pink Sheets.
To learn more about China Resources Group, visit www.chinaresgrp.com
Disclaimer: Portions of this press release include "forward-looking statements", which may be understood as any statement other than a statement of historical fact. Forward-looking statements contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from management's expectations and projections expressed in this press release.