zhaojin mining ann. last year to investors, page-4

These guys are cashed up and they are buying.


The Board is pleased to announce that on 25 November 2010, the Company entered
into the Equity Transfer Agreements with Zhejiang Zhengxiang. Pursuant to the Equity
Transfer Agreements, the Company agreed to acquire 19.23% equity interests in Tonghui
and 41% equity interests in Xinhui from Zhejiang Zhengxiang at a cash consideration of
RMB133,062,668 and RMB23,020,000 respectively. Upon completion of the Dividend
Distribution and the Acquisitions, the Company will hold 92% equity interests in each of
Tonghui and Xinhui.

The Board is pleased to announce that on 18 May 2010, the Company and Fengcheng Gold
Group, an independent third party, entered into the Asset Transfer Agreement and the Agreement
on Forming a New Company. Pursuant to these agreements, Fengcheng Gold Group will transfer
55% assets of the original Baiyun Gold Mine to the Company by way of transfer agreement.
After the completion of asset transfer and obtaining of approvals from the relevant government
authorities of Fengcheng City, the Company and Fengcheng Gold Group will contribute 55%
and 45% assets of the original Baiyun Gold Mine respectively to set up the New Company. The
Company and Fengcheng Gold Group will own 55% and 45% equity interests respectively in
the New Company.


CTO is on thier menu at the moment!