CHEYENNE, Wyo., March 31, 2010 (GLOBE NEWSWIRE) -- Element92 Resources Corp.(OTCBB:ELRE) (the "Company") announced today that it has amended its sales and purchase agreement for the acquisition of three gold mines in Shandong Province, China: the Penglai (Huwei) producing gold mine, the Roncheng gold deposit and the Wendeng producing gold mine.
As reported in a News Release dated January 25, 2010, Element92 Resources Corp. signed a sales and purchase agreement to acquire the three gold mines. Based on its continuing due diligence, the Company has decided to terminate the Wendeng mine acquisition at this time. The proposed acquisition, however, will be revisited at a later date. The Company was to pay a total of 90 million shares for the acquisition of the three mines. That amount has been changed to 76,500,000 restricted common shares. Additionally, the closing of the Penglai (Huwei) and Roncheng acquisitions will be extended by 60 days in order to complete due diligence on the two properties. Mervyn Cragg, the Company's CFO, visited the mine sites from March 26th and 27th and noted that "the Penglia mine was well managed and more extensive than we had envisaged while the Roncheng site was relatively flat surrounded by an adequate network of roads and a good supply of water and electricity nearby."
Minarco-MineConsult ("MMC"), a wholly owned subsidiary of Runge Limited, carried out site inspections of the properties via its Senior Chinese Geologists from February 2nd to February 4th 2010 (See News Release dated March 1, 2010). MMC has submitted a drilling and evaluation proposal to the Company for the Penglai mine to evaluate and prove possible gold reserves.
The planned exploration drilling work required to confirm the resource includes 19 diamond drill holes within Vein 2 and 3 totalling 8,070m of drilling. Based on standard Chinese drilling rates and the use of 4 drill rigs, it is estimated that the work can be completed in 2-3 months at a cost of approximately 5.1M RMB (US$747,000). Further work required includes underground surveys and resample old workings to improve understanding of orebodies.
As also reported in the January 25, news release, the Company plans to change its name to Yinfu Gold, Inc after the closing and is developing a website (www.yinfugold.com) to reflect this new opportunity.
Element92 Resources Corp. is a mineral exploration and mining company incorporated in the State of Wyoming. The Company holds options on 14 mineral claims located in Huddersfield Township and Clapham Townships in the Province of Quebec, Canada. E92 trades on the OTCBB under the symbol "ELRE." There are currently 9,048,000 fully diluted shares issued consisting of 5,722,000 restricted and 3,326,000 free trading. The transfer agent is Transfer Online, Inc. of Portland, Oregon.
For up-to-date corporate information about the Company contact:
Investor Relations
Dennis Burns
NVESTrain
419-951-4842
denny@nvestrain.com
www.nvestrain.com
Forward-Looking Statements
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, 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.
On Behalf of the Board
/s/ Geoff Armstrong
President, Element92 Resources Corp.