Join our Mailing List

"On my part, I remain committed to the process of dialogue. It is my firm belief that dialogue and a willingness to look with honesty and clarity at the reality of Tibet can lead us to a viable solution."

China Gold International to Acquire Tibetan Copper Mine for $742 Million

September 1, 2010

By Laura Marcinek
Bloomberg
August 30, 2010

China Gold International Resources Corp.,
formerly known as Jinshan Gold Mines Inc., said
it will acquire Skyland Mining Ltd. for $742.3
million to gain control of the Jiama copper mine in Tibet.

China Gold International, based in Vancouver,
will issue 170.3 million common shares to buy
Skyland from Rapid Result Investments Ltd. and
China National Gold Group Honk Kong Ltd., a
subsidiary of China National Gold Group Corp., the company said in a statement.

China National Gold Group owns a 39 percent stake
in China Gold International and is using that
company to consolidate holdings outside its core
China operations, Frank Lagiglia, a spokesman for
China Gold International, said today in a
telephone interview. The all-stock transaction is
subject to investor and regulatory approvals.

China National Gold Group Hong Kong will receive
about 51 percent of the shares issued for the
purchase, and Rapid Result Investments will
receive about 49 percent, Lagiglia said. The
shares are valued at $4.36 each, he said.

China Gold International fell 19 cents, or 3.9
percent, to C$4.73 at 4 p.m. in Toronto Stock
Exchange composite trading. The shares have gained 49 percent this year.
CTC National Office 1425 René-Lévesque Blvd West, 3rd Floor, Montréal, Québec, Canada, H3G 1T7
T: (514) 487-0665   ctcoffice@tibet.ca
Developed by plank