HONG KONG, June 15, 2012 (GLOBE NEWSWIRE) -- Yinfu Gold Corporation ("Yinfu" or the "Company") (OTCBB:ELRE) announced today that it has replaced its entire Board of Directors and management.
Mr. Tsap Wai Ping has been appointed as the sole Officer and Director. Tsap Wai Ping is a securities and gold trading professional with 30 years of experience in the industry and is based in Hong Kong.
A new management team is being appointed to review the accuracy of all disclosures as well as all previous share issuances and acquisitions made by the previous board.
The new management is also in the process of completing due diligence on a new mining property.
Yinfu Gold owns a gold mine in Penglai, Shandong Province, China with a capacity of as much as 5,000 tons of gold ore a month. The Penglai Gold Mine is also referred to as the Huwei Gold. The mine and processing plant are located 70 km west of Yantai City and are accessed by a paved road which connects to the mine and processing plant. The Mining License area covers 0.222 km2 within the existing Exploration License area of 0.34 km2. Both the Mining License and Exploration License are owned by our 100% owned subsidiary, Huwei Mineral Invest Co., Ltd.
The Company plans to continue its current mining activities on the Penglai mine and complete exploration to extend the current area and expand operations based on additional sampling.
About Yinfu Gold Corp.
Yinfu Gold Corp. is a mineral exploration and mining company incorporated in the state of Wyoming. The Company owns the Penglai gold mine in Shandong, China. Yinfu Gold trades on the OTCQB 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.