HONG
KONG, March 31, 2022 /PRNewswire/ -- China
Natural Resources, Inc. (NASDAQ: CHNR) (the "Company") announced
today that it plans to accelerate its exploration efforts and
capital expenditures in 2022 at its Moruogu Tong Mine in Inner
Mongolia. Exploration conducted in 2013 revealed geochemical
anomalies associated with nickel and gold in the southern part of
the mine area but did not indicate any concentration. The 2013
exploration was on a lead deposit in the northern part of the mine
area, and no exploration work has been carried out since 2013 in
the southern part of the mine area with nickel and gold anomalies.
In view of the current scarcity of nickel, the Company plans to
accelerate exploration progress and increase capital expenditures
in the southern part of the mine area to continue to explore the
presence of nickel and other minerals.
Over the near term, the Company plans to fund another six
drilling holes to speed the resource capture process in the
southern part of the mine area. The exploration and access holes
are typically 600 meters deep, with an expected initial investment
of CNY2.16 million in total for the
additional six holes.
Mr. Wong Wah On Edward, Chairman
of the Company, commented, "We hope to further increase our
optimism and expectations for the potential value creation of the
Moruogu Tong Mine. Commodities prices remain high, with demand
continuing to outstrip supply. We do not foresee
a significant easing of this situation with demand for
raw materials expected to grow further, led by many segments
of the global economy from electric vehicles to TVs and
electronics. And while demand levels continue to spike, supply
continues to lag, which puts an even greater urgency on exploration
opportunities and the potential for higher valuations of assets
like our Moruogu Tong Mine. In addition to the planned increased
investment in our Moruogu Tong Mine, we are evaluating strategic
options with other natural resource mines, including copper mines,
vanadium mines and kaolin mines, as we work to better monetize
all of our assets for shareholders."
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 nickel, lead,
silver and other nonferrous metal, has recently entered the
wastewater treatment industry, and is actively exploring further
business opportunities in the healthcare sector, natural
resources sectors 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 number of drilling holes that the
Company will add to its exploration program, and the associated
timing and costs thereof, the impact of the rising commodity
prices, the level of demand for nickel, 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 statements 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.
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SOURCE China Natural Resources, Inc.