CHEYENNE, Wyo., July 24, 2013 (GLOBE NEWSWIRE) -- Yinfu Gold Corporation ("Yinfu") (OTCQB:ELRE) today has filed a Form 15 to withdraw as a SEC filer and will proceed to apply to OTCMarkets to file all of its filings under the OTC Alternate Reporting Standard.
Tsap Wai Ping, Yinfu's CEO, stated, "We have already mobilized our accounting staff and consultants and they have started the process to transition from being an SEC filer to filing on the OTC Alternate Reporting Standard. Although this will be an enormous undertaking after taking over the Company from the previous board and management we have made the commitment to the shareholders to get our house back in good order and become current in all our filings. By using the OTCMarkets Alternate Reporting Standard we will be able to bring all our filings and disclosures current more quickly."
The Company is negotiating funding to start production at its Zambian Copper mine in Africa. Yinfu announced on February 6, 2013 that it had acquired a 65% stake for $2 million. 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.
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.
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.