HONG KONG, Aug. 11, 2010 (GLOBE NEWSWIRE) -- Element92 Resources Corp. (OTCBB:ELRE) announced today that it has executed a sales & purchase agreement to acquire a gold mine in Guangdong Province, China.
The Company is acquiring 100% of the Guolanchong gold mine, a producing gold property with a mining license for 0.8 sq. km, by the issuance of 26.88 million newly issued restricted shares. The closing is scheduled for September 30, 2010.
Daniel Mckinney, CEO remarked, "Our chief geologist, Daniel Huang, returned from the mine yesterday and commented that this mine acquisition would almost double our current ore assets."
The Company has applied for an exploration license for a total of 18 sq km of favorable mineralization zones surrounding the existing mining license area. The application has being processed with the related government authorities.
The area has gold mining history going back more than 100 years. The placer gold deposits in the down stream riverbeds are well developed, and placer gold mining is still active. A series of geological surveys and explorations have been conducted in the area since 1960.
Element92 Resources Corp. is a mineral exploration and mining company incorporated in the state of Wyoming. The Company owns two gold mines in Shandong, China, and holds options on fourteen mineral claims located in Huddersfield Township and Clapham Townships in the Province of Quebec, Canada. E92R trades on the OTCBB under the symbol "ELRE." The transfer agent is Transfer Online, Inc. of Portland, Oregon.
Statements, which are not historical facts, are forward-looking statements. The Company, through its management makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.