9 OCT 2003 // Beijing, CHINA
Framework agreement signed with CNGC (China National Gold Group Corporation)
Sino-QZ Group is pleased to announce that with our initiative and assistance Eldorado Gold Corp, a mining company based in Vancouver, has signed a Framework Agreement (the 'Agreement') with the China National Gold Group Corporation, represented by its subsidiary Beijing Jinyou Geological Exploration Ltd. (the 'CNGC'), whereby Eldorado has been given the exclusive right to review certain mining operations and exploration projects owned by CNGC. In addition, Eldorado and CNGC in conjunction will review third party mining operations and exploration projects in China that may be of interest to both parties. A review JV Office has been established in the CNGC building, and Sino-QZ Group has been invited as a formal member of the JV Office by Eldorado Gold Corp.
The CNGC was formed in 1979 as a professional gold mining company headquartered in Beijing owning 8 provincial gold mines and controlling 15 operating partnerships. CNGC controls 61 gold mining related subsidiary enterprises throughout China. One of the subsidiary enterprises, Beijing Jinyou Geological Exploration Ltd., is the vehicle through which CNGC forms and operates its joint venture agreements.
The Agreement, designed to further the interests of both parties in developing gold mines and gold projects in China, establishes the basis of a joint exploration, development and operation of gold mines in China. The Agreement provides Eldorado the exclusive right to review CNGC operating and exploration proprieties for a period of five months. On or before the termination of the review process the parties will establish whether to form a joint venture on one or more of the subject properties of the review.
Mr. Yang, Chairman of Jinyou Geological Exploration Ltd. commented that, as the largest representative in the gold mining industry in China, CNGC welcomed the opportunity to participate in a long term relationship with Eldorado whereby Eldorado could bring capital and technology to complement China's gold mining industry. He stated that 'this Agreement opens a new era for joint ventures on exploration and mining in China'.
Based on our relationship with the CNGC and our initial review in country of selected projects, we are optimistic that this initiative will lead to establishing a new and significant platform for growth for the Eldorado shareholder' commented Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corp.
Both CNGC and Eldorado Gold Corp have shown their appreciation of Sino-QZ's important role for establishing the partnership between them.
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