HONG KONG, July 31, 2012 (GLOBE NEWSWIRE) -- Yinfu Gold Corporation ("Yinfu") (OTCQB:ELRE) has entered into a definitive agreement to acquire a 100% interest in the Abbots Brook Gold Claim, located in Labrador, in the Province of Newfoundland, Canada.
The concession, consisting of 3 claims valid for 5 years, has been staked by Anser Enterprises Co.; however, a mineral exploration license may be held for twenty years provided the required annual assessment work is completed and reported upon and the mineral exploration license is renewed every five years.
The team at Yinfu successfully negotiated favorable terms to reach a definitive agreement. The Company is acquiring the three claims for US$25,000 and five million restricted shares. Yinfu will engage its geological team to begin gathering all of the necessary information and commence work on the property. This information will be used towards completion of a NI 43-101 report.
The property was discovered as the result of a regional reconnaissance program carried out by Noranda Exploration Company Limited, in 1986. The initial eighty (80) claims of the former Salmon River Claim Group were staked in February 1986 after preliminary prospecting and we are greatly encouraged by their geochemical sampling and geological mapping.
Tsap Wai Ping, Yinfu's CEO, stated, "Acquiring a concession of this quality and location is an incredible accomplishment and we are extremely excited to have acquired the Abbots Brook claim. This is a very 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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