HONG KONG, Feb. 6, 2013 (GLOBE NEWSWIRE) -- Yinfu Gold Corporation ("Yinfu") (OTCQB:ELRE) has entered into a definitive agreement to acquire a 65% interest in the African Resources Copper Mine, in Zambia.
Yinfu management negotiated terms to acquire a 65% ownership of the African Resources (Zambia) Limited, for US$2,000,000 through its Element Resources International Limited, subsidiary. African Resources has a mining and processing permit and concession license. The company is based in Lusaka, Zambia. The mine is located 240 kilometers from Lusaka.
The mine engineers have exposed an area of approximately 120 meters by 30 meters, to a depth of about 100 meters. This ore body has produced sampling results with a potential high-grade copper ore. The Company plans to hire its own geological firm to drill and sample the results.
Tsap Wai Ping, Yinfu's CEO, stated, "Acquiring this 65% interest in this Zambian copper mine is an excellent first acquisition for the year. The US$2 million investment will allow the mine to start ore production within 90 days with a target yield of 300 tons per day. Yinfu is now in negotiations to forward sell the first 3 years of copper ore production."
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.