HONG KONG, Nov. 13, 2012 (GLOBE NEWSWIRE) -- Yinfu Gold Corporation ("Yinfu") (OTCQB:ELRE), and its strategic partner Guolong Investment Management Jiangsu Co., Ltd., have entered into a definitive agreement with Chongqing Number One Jewelry Co., Ltd. (www.ypt.hk) to acquire a 30% ownership stake of Chongqing Number One Jewelry for 30 million Yinfu Gold Corp. common shares.
Chongqing Number One Jewelry Limited, a corporation specializing in jewelry investment and distribution, was founded by Mr. Liu Chao—a National Level I Jewelry Appraiser who has 30 years of experience. The company possesses a mining company in Burma, processing workshop in Yunnan and cooperative brand distributor in France. It also has total assets of over RMB 500 million (US$80 million) and 23 franchised jewelry stores in China. We intend to help "Number One Jewelry" become a world famous brand in the coming years.
Yinfu will carry out a due diligence to the assets and licenses of Chongqing Number One Jewelry for 4 months, after which, further cooperation should be initiated based on a satisfactory result.
Tsap Wai Ping, Yinfu's CEO, stated, "We are excited to consider acquiring the Chongqing Number One Jewelry to add to our asset bases. Our estimates indicate that this acquisition will produce annual profits of more than USD 2 million for Yinfu. This is another exciting opportunity in a related industry 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.
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