MISSISSAUGA, Canada, Nov. 15, 2004 (PRIMEZONE) -- China Resources Group Ltd. (Pink Sheets:CAEO) (the "Company" or "CRG"), an emerging resource exploration company, is pleased to announce that it has commenced preliminary due-diligence evaluations of several exploration projects in China.
CRG has successfully formed co-operative alliances with several exploration groups which have extensive business histories in China. CRG and its alliance partners intend to jointly pursue projects (non-exclusive) and are currently evaluating potential gold, oil, coal, and coalbed methane projects in Henan, Guangxi, Hebei, and Hunan Provinces.
China is rich in natural resources and a Global Top 5 producer of tin, iron, rare earth concentrates, coal, zinc, gold, silver, and oil. Recent Chinese government policy reforms have positively affected the business of resource exploration in China. Entry into the World Trade Organization (WTO), changes regarding foreign ownership, and more streamlined and favorable laws governing joint ventures and the repatriation of funds have caused a rush to explore China's vast and underdeveloped resources.
By Western standards, China's resource sector is tremendously underdeveloped and China remains underexplored. Lack of investment capital and modern exploration and processing technologies have prevented many high quality projects from being fully explored and developed. As was the case in North America over the past 20 years, the use of modern and next-generation exploration technologies will directly impact the rate of new resource discoveries made in China.
CRG has begun to implement plans to introduce and utilize cutting edge Western developed exploration and recovery/processing technologies within China. Several proprietary technologies and their providers have been identified that have potential applications in China. CRG is continuing to discuss various technology partnership opportunities and has targeted Q4 2004 for the completion of due diligence.
"We recognize China as an excellent environment for us to successfully conduct exploration activities and introduce new technologies," said Gerry Belanger, President & CEO of China Resources Group. "Our core business strategy of acquiring projects that will benefit from the application of next-generation technologies has set China Resources Group apart as a valued-added joint-venture partner in China. We look forward to building a significant portfolio of projects in China and generating ongoing value for our shareholders."
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 harbour 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.