Golden China Releases Third Quarter 2007 Results
Toronto, Ontario, May 15, 2007 - Golden China Resources Corporation (GCX: TSX; ASX) today released its unaudited financial results for the three months ended March 31, 2007. All figures are expressed in Canadian dollars unless otherwise noted.
For the third quarter ended March 31, 2007, Golden China incurred a net loss of $2,144,000 or $0.04 per share, resulting in a net loss for the year to date of $5,279,000 or $0.18 per share. These figures compare with net losses of $3,286,000 ($0.20 per share) and $5,970,000 ($0.36 per share) respectively for the corresponding periods of 2006.
During the quarter, Golden China experienced notable progress at its BioGold processing facility in Shandong province and its Beyinhar gold project in Inner Mongolia, China - the focal points of the company's medium term growth strategy.
On February 7, a new off-take agreement was signed with Hellas Gold for the purchase of an additional 100,000 tonnes of gold concentrates over three years, which will generate an additional 25,000 ozs of gold per annum at BioGold. The expansion of the company's bacterial oxidation plant at BioGold, anticipated for completion by the end of 2007, will enable Golden China to process the significantly expanded volumes secured under this new long-term agreement. Anticipated for completion by the end of 2007, the expansion is expected to increase treatment capacity twofold from a current 100 tonnes per day (TPD) to 200 TPD.
Early in the quarter, Golden China released its first resource statement on its Beyinhar gold project in Inner Mongolia, identifying measured and indicated resources of 475,000 ounces and an inferred resource of 130,000 ounces. As well, the company confirmed continuity of a high-grade sulphide gold zone at Golden China's Beyinhar gold project. Subsequent to the quarter's end (on April 12, 2007), Golden China announced very positive results associated with a scoping study on the oxide resource. The full study, which will soon be available, will be followed by a revised resource statement in October 2007 and a feasibility study by the end of the current calendar year.
For an in depth analysis of Golden China's operational and financial results for the third quarter ended March 31, 2007, please refer to the company's Management's Discussion and Analysis, and financial statements and notes thereto, available on Golden China's website (www.goldenchina.ca), SEDAR (www.SEDAR.com), and the Australian Stock Exchange (www.ASX.com).
About Golden China Resources Corporation:
Golden China Resources Corporation is a significant participant and consolidator in the Chinese precious metal industry and one of the largest producers of gold in China. The company is using its extensive knowledge of the Chinese marketplace and best practices based on established international standards in building a diversified gold business focused on exploration and development, operations, and corporate development in the Chinese precious metal industry. Golden China's shares are listed on the main boards of both the Toronto and Australian Stock Exchanges under the symbol GCX.
For further information please contact:
Golden China Resources Corp.
Kristen (Boucher) Humphrey
Communications Manager
Tel: 416.366.8818 ext. 230
khumphrey@goldenchina.ca
www.goldenchina.ca
or
Renmark Financial Communications Inc.
Barbara Komorowski : bkomorowski@renmarkfinancial.com
Neil Murray-Lyon : nmurraylyon@renmarkfinancial.com
Tel.: 514.939.3989
Fax: 514.939.3717
www.renmarkfinancial.com
Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulatory authorities The forward looking statements in this release and documents referred to herein relate to future events or the Corporation's future performance and reflect expectations and assumptions regarding the growth, results of operations, performance, prospects and opportunities of the Corporation. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forwardlooking statements, including but not limited to: uncert
ainties and costs relating to exploration and development activities; uncertainties related to feasibility and other studies that provide estimates or expected or anticipated economic returns from a mining project; uncertainties related to the accuracy of mineral reserve and mineral resource estimates; changes in, and the effects of, the laws, regulations and government policies affecting mining operations; general business, economic, competitive, political and social uncertainties; future prices of gold; fluctuations in currency exchange rates (principally US$ and the Chinese Renminbi/Yuan); labour difficulties, environmental hazards, industrial accidents or other events or occurrences that interrupt project schedules. Although the Corporation has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, performan
ce or achievements not to be as anticipated, estimated or intended. There can be no assurance that actual events, performance or results will be consistent with these forward-looking statements and accordingly readers should not place undue reliance on forward-looking statements. The Corporation assumes no obligation to update or revise forward-looking statements to reflect new events or circumstances, except as required by law. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
THE TSX HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
