HONG KONG, Dec. 11, 2013 (GLOBE NEWSWIRE) -- Yinfu Gold Corp. ("Yinfu" or the "Company") (OTC:ELRE), a Nevada Corporation, announced today that it has sold its 70% interest in three mining claims in China's Xinjiang Province.
The Company is selling its 70% interest in three gold claims to Apolo Gold & Energy, Inc. and will receive six million APLL restricted shares valued at US$1.2 million for the following claims:
|(a)||Gold Mine Reconnaissance in the West of Daqing Gerry River, Qinghe County, Xinjiang Province.Certificate NO. T65120081202020895|
|Period of Validity: March 2, 2012 to March 27, 2014.|
|(b)||Gold Mine Detailed Survey in the Northwest of Sensha Water Mountain, Heshuo Country, Xinjiang Province. Certificate NO. T65120080202006459|
|Period of Validity: July 3, 2012 to July 3, 2015.|
|(c)||Keler Nebrack Gold Mine Detailed Survey in Habar Country, Xinjiang Province. Certificate NO. T65120091102036631|
|Period of Validity: January 18, 2012 to February, 20, 2015.|
The claims have not yet been explored for commercially viable quantities of minerals.
Tommy Tsap, CEO commented, "We are pleased to make this sale to APLL and realize a profit."
The Company recently started filing on the OTC Alternate Reporting Standard and targets to be current soon.
About Yinfu Gold Corp.
Yinfu Gold Corp. is a mineral exploration and mining company incorporated in the state of Wyoming and trades on the OTC under the symbol "ELRE." The transfer agent is Transfer Online, Inc. of Portland, Oregon. In October 2012, the Company acquired a 70% interest in the Dayu Gold Mine, Zhaoping County, Hezhou, in the Province of Guanxi, China. The concession, consists of one claim with an area of 15.31Km2. The mine has been in production since May 2011 and produces 150 tons of ore per day, with an average of 2.03g / ton of gold. Average monthly revenues amount to RMB 1.85 Million (Approximately US$294,000).
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, 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.