China Shen Zhou Mining Provides Update on SRK Technical Assessment Report
BEIJING, June 20, 2012 /PRNewswire-Asia-FirstCall/ -- China Shen Zhou Mining & Resources, Inc. ("China Shen Zhou" or the "Company") (NYSE AMEX: SHZ), a Company engaged in the exploration, development, mining and processing of fluorite, barite, zinc, copper, and other nonferrous metals in China, today announced that SRK Consulting China Ltd. ("SRK") has completed its sampling verification for Xinyi Fluorite Company Ltd. ("Xinyi"), a subsidiary of the Company based in Jingde County, Anhui Province.
SRK completed additional drilling and collected more technical datasets on Xinyi's fluorite reserves in May 2012. Subsequently, SRK commissioned Hefei Mineral Resources Supervision and Inspection Center, an affiliate of the Ministry of Land and Resources of the People's Republic of China, to inspect the fluorite samples.
Based on results from the inspection report, management believes that the length and width of Xinyi's fluorite ore deposits are larger, and the ore grade is better than previously expected. Among the inspected fluorite samples, the highest CaF2 content reached 98.37%.
SRK will build a quantitative model reflecting the data generated from the inspection report to assess the fluorite ore resources of Xinyi. It is expected that SRK will provide a complete and JORC-compliant technical report on Xinyi's reserves by the end of 2012.
About JORC Code
The JORC Code has been adopted by The Australasian Institute of Mining and Metallurgy ("The AusIMM") and the Australian Institute of Geoscientists ("AIG") and is therefore binding on members of those organizations. It is endorsed by the Minerals Council of Australia, and the Securities Institute of Australia as a contribution to good practice. The JORC Code has also been adopted by and included in the listing rules of the Hong Kong Exchanges and Clearing Limited (HKEx). It is an 'acceptable foreign code' of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI43-101) 2011 edition.
About China Shen Zhou Mining & Resources, Inc.
China Shen Zhou Mining & Resources, Inc., through its subsidiaries, is engaged in the exploration, development, mining, and processing of fluorite, barite and nonferrous metals such as zinc, lead and copper in China. The Company has the following principal areas of interest in China: (a) fluorite extraction and processing in the Sumochaganaobao region of Inner Mongolia; (b) fluorite and barite extraction and processing in the Wuchuan County of Guizhou province (c) fluorite and barite extraction and processing in the Yanhe County of Guizhou province; (d) fluorite extraction and processing in Jingde County, Anhui Province; (e) zinc/copper/lead processing in Wulatehouqi of Inner Mongolia; and (f) zinc/copper exploration, mining and processing in Xinjiang. For more information, please visit http://www.chinaszmg.com/.
Safe Harbor Statement
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements. Forward-looking statements can be identified by the use of forward-looking terminology such as "will", "believes", "expects" or similar expressions. These forward-looking statements may also include statements about our proposed discussions related to our business or growth strategy, which is subject to change. Such information is based upon expectations of our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. We do not undertake to update the forward-looking statements contained in this press release. For a description of the risks and uncertainties that may cause actual results to differ from the forward-looking statements contained in this press release, see our most recent Annual Report filed with the Securities and Exchange Commission (SEC) on Form 10-K, and our subsequent SEC filings. Copies of filings made with the SEC are available through the SEC's electronic data gathering analysis retrieval system (EDGAR) at http://www.sec.gov.
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