Yinfu Gold Corp. Acquires Interest in Kalimantan Coal Mine
01 Noviembre 2012 - 6:30AM
Yinfu Gold Corporation ("Yinfu") (OTCQB:ELRE) has entered into a
definitive agreement to acquire a 51% interest in Hitric Resources
(S) PTD Ltd., a Singapore limited company, which owns 80% rights of
a coal mine located in Tanah Bumbu, South Kalimantan, Indonesia.
The exploration license was granted on 25 February 2010 and
consists of 1116 hectares, valid until February 25, 2017. The
exploration license is currently upgraded into a full production
license with an expected approval period of 15 years grant from the
Indonesian Government. Initial Exploration and mine design and
plans have been concluded and production due to start in March 2013
after the issuance of the production license. Initial Year one
production is projected at 150,000 metric tons of high grade
thermal coal with an estimated year one revenue at just above
USD13,500,000 and an earnings before interest and tax just
above USD4,500,000. This is achievable because the
infrastructure is already in place with modern roads and more than
5 port locations available for our access, including integrated
crushing and conveyor loading facilities serving the area where the
coal mine is located. Year two revenues and production projections
are projected to be at double year one, as a mining production plus
shipment efficiencies gain traction.
Yinfu management negotiated terms to acquire a 51% ownership of
the Kalimantan coal mine for 3.3 million restricted Yinfu Gold
shares, which values the acquisition at USD 1,250,000.
Tsap Wai Ping, Yinfu's CEO, stated, "We are very pleased to have
acquired the Kalimantan coal mine to add to our asset base and
diversify our resource revenue streams. We have existing coal
buyers from power plants in China which we will supply via long
term supply contracts. We believe that this acquisition will
produce excellent revenues for Yinfu."
About Yinfu Gold Corp.
Yinfu Gold Corp. is a mineral exploration and mining company
incorporated in the state of Wyoming and 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:
Mr. Tsap Wai Ping
info@yinfugold.com or
tommytsap@yinfucorp.com
www.yinfucorp.com
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