Sydney, Jan 18, 2008 AEST (ABN Newswire) - Sinovus Mining Limited (ASX: SNV) is pleased to report that during the quarter, it has made substantial progress on both the corporate and exploration fronts in accelerating the exploration and development of the Company's flagship project, Xiangguang Ag - Mn Deposits (Xiangguang), in Hebei Province, northern China.
Corporate
The Company successfully listed on the Australian Stock Exchange (ASX) on 11 December 2007 after its offer of 30,000,000 shares at 20 cents was fully subscribed. Immediately post listing, the Company has also undertaken a private placement of 5,000,000 shares at 20 cents. The Company has raised A$7 millions in the processes.
The private placement helps to strengthen the company the capability of accelerating the work needed to achieve the strategic goals of exploration and development of its flagship project, Xiangguang Ag - Mn Deposits in Hebei Province, northern China.
Sinovus signed a Cooperation Agreement with a Chinese technology holder under which it can acquire a half interest in manganese mineral processing and organic waste treatment technologies that have the potential to increase substantially the value of manganese by-product from Xiangguang Ag - Mn Project; the Company is now in the process of establishing a new joint venture company that will hold the technologies patents, which it will have 50% interests. Through this joint venture, we will undertake evaluation of the technologies in 2008.
Contact
Sinovus Mining Limited
T: +61-2-8226 9624
F: +61-2-8226 9626
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