HONG KONG, March 14, 2022 /PRNewswire/ -- China Natural
Resources, Inc. (NASDAQ: CHNR) (the "Company") announced today that
it has secured an extension of its exploration permit for the
Moruogu Tong mine in Inner Mongolia. Apart from lead and
silver, there is the prospect that
further surveying and exploration may indicate the presence of
other ores such as copper, which the Company believes could lead to
a revaluation of its exploration rights. Given the increased
scarcity of valuable minerals, the Company plans to increase its
capital expenditures to fund exploration and pre-mining programs in
2022.
Mr. Wong Wah On Edward, Chairman
of the Company, commented, "The global surge in raw materials costs
has put an even greater urgency on exploration opportunities and a
higher valuation on assets like our Moruogu Tong mine. This has
been compounded by import restrictions, which are further
increasing the value of such assets. Given the substantial global
pressure and ever increasing demand, we intend to increase capital
expenditures in 2022 to fund exploration and pre-mining programs.
We hope to accelerate discovery, development and production as fast
as possible to both help in the shortage and to better monetize our
asset for shareholders."
Mr. Wong Wah On Edward,
continued, "The bottom line is we do not see the global supply
shortage or pricing pressures easing any time soon. We expect the
situation will become more severe as effects ripple across key
manufacturing markets, impacting end market inventory and pricing.
Even before the recent global conflict, commodity prices were
volatile. Many steel mills are running very low on raw materials,
automotive production has slowed in some markets and many other
industries are expected to be impacted through 2022 due to the
limited availability and higher prices of lead, silver, lithium and
other precious minerals. As part of our exploration efforts, we
also plan to assess the viability of the economic extraction of
copper over the coming year based on the close proximity of a large
copper mine currently under exploration near our mine. Although
there can be no assurance that the Company will be able to extract
any minerals found in the Moruogu Tong mine in an economically
viable manner, if this proves to be another positive finding, it
would add yet another value layer onto our Moruogu Tong mine."
About China Natural Resources:
China Natural Resources, Inc., a British Virgin Islands corporation, through
its operating subsidiaries in the
People's Republic of China (the "PRC"), is currently engaged
in the acquisition and exploitation of mining rights in Inner
Mongolia, including preliminary exploration for lead, silver,
copper and other nonferrous metal, has recently entered the
wastewater treatment industry, and is actively exploring further
business opportunities in the healthcare sector, natural resources
sector and other sectors.
Forward-Looking Statements:
This press release includes forward-looking statements within
the meaning of the U.S. federal securities laws. These statements
include, without limitation, statements regarding the intent,
belief and current expectations of the Company, its directors or
its officers with respect to: the impact of rising commodity
prices; the level of demand for lead, silver, lithium, copper and
other precious minerals; the potential presence of minerals in the
Moruogu Tong mine; and the ability of the Company to extract any
minerals found in the Moruogu Tong mine in an economically viable
manner. Forward-looking statements are not a guarantee of future
performance and involve risks and uncertainties, and actual results
may differ materially from those in the forward-looking
statement as a result of various factors. Among the risks and
uncertainties that could cause the Company's actual results to
differ from its forward-looking statements are: the potential lack
of appetite for the Company's current holdings as consideration for
an acquisition or other strategic transaction; possible downturns
in the sectors that the Company may invest in; the results of the
next assessment by the Staff of the Nasdaq Listing Qualifications
department of the Company's compliance with the Nasdaq Listing
Rules; uncertainties related to governmental, economic and
political circumstances in the PRC; uncertainties related to metal
price volatility; uncertainties related to the Company's ability to
acquire a mining permit for the Moruogu Tong mine; uncertainties
regarding the ability to profitably extract minerals from the
Moruogu Tong mine, as well as the nature of any such minerals;
uncertainties regarding the successful integration, costs, revenues
and profitability associated with the Company's recently acquired
wastewater treatment business; uncertainties related to the
Company's ability to fund operations and planned capital
expenditures; uncertainties related to possible future increases in
operating expenses, including costs of labor and materials;
uncertainties related to the impact of the COVID-19 pandemic;
uncertainties related to the political situation between the PRC
and the United States, and
potential negative impacts on companies with operations in the PRC
that are listed on exchanges in the
United States; uncertainties relating to geopolitical
turmoil or conflict; and other risks detailed from time to time in
the Company's filings with the U.S. Securities and Exchange
Commission. When, in any forward-looking statement, the Company, or
its management, expresses an expectation or belief as to future
results, that expectation or belief is expressed in good faith and
is believed to have a reasonable basis, but there can be no
assurance that the stated expectation or belief will result or be
achieved or accomplished. Except as required by law, the Company
undertakes no obligation to update any forward-looking
statements.
For more information please contact:
David Pasquale
Global IR Partners
New York Office Phone: +1-914-337-8801
CHNR@GlobalIRPartners.com
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SOURCE China Natural Resources, Inc.