Yinfu Gold Corp Terminates Joyous Fame Acquisition
17 Agosto 2012 - 7:30AM
Yinfu Gold Corporation ("Yinfu" or the "Company") (OTCQB:ELRE)
announced today that it has executed a Deed of Termination to
cancel the Joyous Fame acquisition.
According to the signed Deed of Termination and Mutual Release,
Wilson Huang Dong Sheng, Managing Director of Joyous Fame
International Limited and the previous president as well as a
director of Yinfu, now represents that the main asset, the Penglai
gold mining operation, was unable to generate profits as originally
envisaged without tremendous expenditure to satisfy the tightened
regulations on mining and upgraded safety regulations issued by
both the local provincial government and central government as a
result of mining incidents that occurred in the past two years.
Mr. Tsap Wai Ping, CEO of Yinfu commented, "In addition to the
representation made by Wilson Huang Dong Sheng, the previous
management and Board of Directors has failed to turn over any
documents, financial records or licenses proving ownership of the
Penglai gold mine which made it impossible for us to continue
forward with any further SEC filings or large acquisitions until
this issue was settled."
The Company will cancel the most of the shares related to this
acquisition.
Management is now free to focus its efforts on rebuilding the
assets and business of the Company, rather than as in the past few
months, on the previous clean-up issues left by the former board.
The Company plans a rapid roll-up of resource mining
acquisitions.
About Yinfu Gold Corp.
Yinfu Gold Corp. is a mineral exploration and mining company
incorporated in the state of Wyoming. The Company owns the Abbots
Brook Gold Claim in Newfoundland, Canada. 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.
CONTACT: For up-to-date corporate information about the
Company contact:
info@yinfugold.com
www.yinfucorp.com
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