HONG KONG, Dec. 15, 2010 (GLOBE NEWSWIRE) -- Yinfu Gold Corporation ("Yinfu" or the "Company") (OTCBB:ELRE) announced today that CEO Daniel Mckinney purchased 2,000 common shares in the open market on December 14th at $1.25 per share and on December 15th for 2,500 shares at $1.00.
The Company said it was encouraged with the progress in the Company's operations and acquisition targets.
As reported on September 28th, two Memorandums Of Understandings ("MOU") were signed with the China International Economic Cooperation Development Bureau and the China Overseas Oil and Mineral Resource Company, respectively, to negotiate on behalf of Yinfu for the Maoling gold mine in Liaoning Province and the Zhaishang gold property in Min County in Gansu Province.
Geological surveys of the Gansu Zhaishang gold exploration property in 2009 included mapping, sampling and diamond drilling. These surveys, combined with historical results, have identified 30 gold ore bodies outlining a possible 108 tons of gold resources, under Chinese reporting standards. These assets have good potential for large-scale, low-cost open pit mining.
The Liaoning Maoling gold exploration property had a pre-feasibility study completed in 2005. This study and subsequent work has outlined mineral resources under Canadian 43-101 standards, as 4.8 million contained gold ounces in the Measured and Indicated category and an additional 4.4 million contained gold ounces in the Inferred category. Development work continues on the property, which has great potential also for large-scale, low-cost open pit mining.
Daniel Mckinney, Yinfu Chief Executive Officer, commented, "These two gold mines represent two of the largest gold opportunities in China. With the price of gold hitting all time highs earlier this month, the market is not recognizing the inherent value and potential of these assets and Yinfu."
"The recent stock price has been impacted by market factors and it does not reflect our long-term value. The increase in my stock position reflects my confidence in the Company's operations and its future. As a shareholder, my interests are aligned with my fellow shareholders, to build shareholder value."
About Yinfu Gold Corp.
Yinfu Gold Corp. is a mineral exploration and mining company incorporated in the state of Wyoming. The Company owns two gold mines in Shandong, China, and holds options on fourteen mineral claims located in Huddersfield Township and Clapham Townships in the Province of Quebec, Canada. Yinfu Gold 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.