OAKLAND PARK, Fla., May 2, 2007 (PRIME NEWSWIRE) -- Tung Ding Resources Inc. (Pink Sheets:TGDR) announced today that the Company has signed a definitive agreement to acquire the controlling interest in a substantive gold/silver property in China.
The acquisition will be through the issuance of common stock of TGDR and through this agreement TGDR will own 70% of a Chinese Joint Venture Company named Zhen Ding Mining Corp. The Joint Venture in turn is with Xinzhou Mining Co. Ltd., a private mining company located in Anhui Province, China. The partners contributed $1.6 million (USD) to form the venture and in addition Xinzhou transferred 70% ownership of their mining project, the Wuxi Gold Project to the Joint Venture company.
Going forward the JV plans to start construction of the mine and oversee continuous exploration on the property to add to the proven reserve.
Wuxi Gold Project
The Wuxi gold mine is located in Jingxian County, in the southwest region of Anhui Province, China, in an area known to have previous gold discoveries, on a concession covering approximately 35 sq. km. Much exploration has been done on a small portion of the property and the information available also includes a mining feasibility study on the exploration data collected to date. The Company has engaged a "Qualified" geologist to review this information and a produce a 43-101 type report.
Safe Harbor
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.