Crescent Gold Limited: Business License Granted in China.PERTH, Australia -- Crescent Gold Limited (ASX ASX See: Australian Stock Exchange :CRE CRE Commercial Real Estate CRE Corporate Real Estate CRE Commission for Racial Equality (Scotland) CRE CCD (Charge Coupled Device) and Readout Electronics CRE Camp Response Element ) - HIGHLIGHTS - Crescent Gold is pleased to announce that the Business License for its Chinese operating entity, XINJIANG TIANAU MINING COMPANY LIMITED (XTM XTM XML Topic Maps XTM Experimental Test Model ), has been granted by the Administration Bureau of Industry and Commerce, Xinjiang Uyghur Autonomous Region in North Western China. - The XTM Wulaste EL covers some 93.5 km2 and has been applied for by the Chinese Partner (National 305 Project) in September 2003, and subsequently renewed in February 2005. - The EL covers a significant co-incident Copper Gold Tungsten Molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. Geochemical anomaly which extends over a 20 km2 area. - Geochemical and Geophysical (IP) surveying of the anomaly is scheduled to commence in June. - Additional projects have been assessed and EL's are being sought. - The first Exploration License (Wulaste) is now being transferred from the Chinese Partner to XINJIANG TIANAU, a procedural matter. - XINJIANG TIANAU MINING COMPANY LIMITED completed its first Board meeting in April 2005. This represents the culmination of nearly 18 months of negotiation and subsequent Chinese Government approvals. More information regarding Wulaste is available on Crescent's web site, www.crescentgold.com/press/WulasteMay2005.pdf Business License - 18 month procedure now behind us Granting of the Business License occurred subsequent to the following approvals over the past 18 months; - Exploration License Granted and subsequently renewed (MOLAR). - Military approval obtained for the Project. - Foreign Trade and Economic Co-operation Bureau approval. - Ministry of Land and Resources (MOLAR) approvals. - And finally the Administration Bureau of Industry and Commerce, Xinjiang Uyghur Autonomous Region, North Western China. Upon completion of due diligence by Crescent, Crescent Gold will effectively own a 70% interest in Wulaste (95.5% of 75%). Furthermore, Crescent Gold has re-negotiated the purchase of the 25%/75% contributing CJV CJV Cooperative Joint Venture company from the vendors, RAB Rab (räb), Ital. Arbe, island (1991 pop. 9,205), 40 sq mi (104 sq km) off Croatia, in the Adriatic Sea. One of the Dalmatian islands, it is a popular seaside resort. Fishing and agriculture are the main occupations. Projects. The consideration includes 1.5m CRE shares, A$45,000 cash and the granting of a 4.5% free carried interest in the holding Company to bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study. Upon completion of a Feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. , the Chinese partner can elect to contribute financially to the JV and maintain its 25% interest or dilute its holding. To view the map attached to this release please click on the following link: http://www2.ccnmatthews.com/database/fax/2000/0505cre.jpg Regards Crescent Gold Limited Andrew Haythorpe, Managing Director Crescent Gold Limited (ASX.:CRE) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion