CHEYENNE, Wyo. and HONG KONG, June 29, 2010 (GLOBE NEWSWIRE) -- Element92 Resources Corp. (OTCBB:ELRE) ("E92R" or the "Company") announced today that it has closed on the acquisition of an additional 23% interest in Legarleon Precious Metals, Ltd. ("LPM" or "Legarleon"), bringing the Company's interest in LPM to a majority interest total of 51%. The Company previously announced the acquisition of a 28% interest in LPM on May 11, 2010.
Legarleon is a Hong Kong company with a history of more than 30 years of gold bullion trading, serving clients in Hong Kong and greater China and has recorded revenues of USD3.42 million and net profit of USD1.04 million for 2009. Legarleon owns a seat on The Chinese Gold & Silver Society Exchange based in Hong Kong. The Gold Exchange provides local and international investors with a gold market 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.
E92R will pay 902,000 restricted shares for the additional 23% stake, bringing the total cost for the full 51% stake in LPM to 2,000,000 restricted shares.
Element92 Resources 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 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.