Sydney, Jan 29, 2008 AEST (ABN Newswire) - Sinovus Mining Limited (ASX: SNV) is pleased to report that one of the two existing exploration licences previously reported in the Sinovus Prospectus dated 25 September 2007 as held by Sinovus's Joint Venture (JV) Partner in Heilongjiang Province, China, Heilongjiang Provincial Institute of Geological Research, has been successfully transferred to the joint venture company, Heilongjiang Dragon State Resources Co. Limited, which is 70% owned by Sinovus Mining.
The new exploration licence granted to the JV is titled "Reconnaissance Survey of Primary Gold Mineralisation in Laogouxi - Sendiaokunanshan areas, Mohe County, Heilongjiang Province". The Licence area is 39.53 km2; the Licence number is 2300000720320, and it is valid from 25 October 2007 to 25 October 2009.
Under the current Chinese legislation, the licence is renewable at the expiry date as long as Sinovus meets the minimum exploration investment obligations, at 395,300 RMB (equivalent roughly to $61,000) per annum.
The exploration work result in 2007 for the licence area is currently being collated, and is forecast to be available at upcoming Annual General Meeting scheduled on 11 February 2008.
The transfer of the other exploration licence for the tenement at Xiaokudayinhe Prospect is in process, and its completion is expected shortly.
Contact
Dr Bo Zhou (MAusIMM)
Managing Director
TEL: +61 2 8224 9624
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