HONG KONG, Sept. 18, 2012 (GLOBE NEWSWIRE) -- Yinfu Gold Corporation ("Yinfu") (ELRE-OTCQB) has entered into an agreement to provide technical and management services for the Niutoushan Copper Ore mine and Monk Bridge Copper-gold Ore mine of Zongyang County, Anhui Province, China.
The Niutoushan Copper Ore mine and Monk Bridge Copper-gold mine, are operating mines located in Anhui Province consisting of 1.84 square kilometers and 0.7316 square kilometers respectively. Niutoushan is producing copper and silver ore and Monk Bridge produces copper and gold ore.
The team at Yinfu successfully negotiated favorable terms to derive 35% of the monthly net profit from the mine production for 3 years. The Company also has the right to acquire the entire interest in the mine for RMB 330 million (US$52.21 million)
Tsap Wai Ping, Yinfu's CEO stated, "We are extremely pleased to have executed this agreement to provide operating services to the Monk's Brook and Niutoushan mines. This is a new dimension of our business from which we expect to derive significant revenues. Management is also in current negotiations on other such opportunities. This is a significant step for Yinfu!"
About Yinfu Gold Corp.
Yinfu Gold Corp. is a mineral exploration and mining company incorporated in the state of Wyoming and trades on the OTCQB under the symbol "ELRE." The transfer agent is Transfer Online, Inc. of Portland, Oregon.
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