CHEYENNE, Wyo. and HONG KONG, May 11, 2010 (GLOBE NEWSWIRE) -- Element92 Resources Corp. (OTCBB:ELRE) ("E92R" or the "Company") announced today that it has closed on a 28% interest in Legarleon Precious Metals, Ltd. (LPM). Legarleon is a Hong Kong company that owns a seat on The Chinese Gold & Silver Society Exchange based in Hong Kong. This represents an amendment to the Company's Sales and Purchase Agreement as reported in a News Release dated April 26, 2010.
E92R has paid 1,098,000 restricted shares for the current 28% stake and will close the remaining 23% of the transaction which is scheduled for June 30, 2010. The closing of the remaining 23% is subject to approval by The Chinese Gold & Silver Society Exchange's Board. "This acquisition represents the execution of an vital step for us which will allow the Company to forward sell gold production as well as trade in gold futures," said President Daniel Mckinney. "As the gold price peaks, we will plan to forward sell gold production via our gold seat to capture this market opportunity."
The Chinese Gold & Silver Exchange provides local and international investors with a gold market of continuity, liquidity and depth, in which they can exploit gold as a vehicle of investment, speculation, hedging and arbitrage. The Exchange dates back to 1910 when it began operations as the "Gold and Silver Exchange Company" and plays a vital role in Hong Kong's gold market. (http://www.cgse.com.hk/index.php)
About Legarleon: With a history of over 30 years of gold bullion trading, LPM serves clients in Hong Kong and greater China and recorded revenues of USD3.42 million and net profit of USD1.04 million for 2009. Their website is: http://www.legarleon.com which is currently being translated into English.
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. E92R trades on the OTCBB under the symbol "ELRE." The transfer agent is Transfer Online, Inc. of Portland, Oregon.
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 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.