MISSISSAUGA, Canada, Aug. 9, 2005 (PRIMEZONE) -- China Resources Group Ltd. (Pink Sheets:CAEO) (the "Company" or "CRG") is pleased to provide this corporate update to shareholders regarding its previously announced strategy of acquiring advanced stage exploration projects in China.
"We have accelerated our business strategy in China and made significant progress towards the conclusion of project due diligence and contract negotiations," said Gerry Belanger, President and CEO of the Company. "Remaining due diligence and current negotiations are moving forward at a rapid pace and both are expected to be concluded shortly."
CRG has identified advanced stage exploration projects in Anhui, Shaanxi, and Gansu provinces for possible acquisition. Each potential project contains previously identified mineral resources and has valid exploration licenses already in place. The acquisition of advanced stage and previously licensed projects will allow CRG to quickly move forward with an aggressive exploration and development program.
The projects target gold, silver, copper, and molybdenum mineralization in regions with established mining production and infrastructure. CRG has selected these opportunities because they fit with the Company's business strategy of acquiring projects that will immediately benefit from new capital investment and the utilization of modern exploration and mining technologies and techniques.
"The select projects and opportunities that we are currently considering are the results of our successful relationship building in China and extensive due diligence programs," said Belanger. "I look forward to completing these transactions and establishing a solid foundation of high-potential projects for the Company."
CRG's management and senior geologist will be in China for the upcoming weeks to complete project due diligence and conclude discussions with possible Chinese joint-venture partners. Additional information regarding project acquisitions will be made available in subsequent press releases.
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.