HONG KONG, Dec. 10, 2012 (GLOBE NEWSWIRE) -- Yinfu Gold Corporation ("Yinfu") (OTCQB:ELRE) has entered into a definitive agreement to acquire a 100% interest in the Dabao Lead-Zinc mine, in Yunnan, China.
Yinfu management negotiated terms to acquire a 100% ownership of the Yunnan Qiaojia County Jintang Xiang Dabaochang Lead-Zinc Mine Company Ltd. for 50.12 million restricted Yinfu Gold shares. The Dabao mine has a permit with an area of 1.0382 square kilometers, which is valid until December 9, 2019, with a capacity of 30,000 tons of zinc ore per year.
Tsap Wai Ping, Yinfu's CEO, stated, "Acquiring the Dabao Lead-Zinc mine is an excellent end of the year success toward building up to our metals asset base and increasing our resource revenue streams."
The Company also confirmed the cancellation of the Joyous Fame shares as announced on August 16, 2012. Total shares outstanding are now 133,290,362.
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.
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.