BEIJING, May 18, 2011 /PRNewswire-Asia-FirstCall/ --
China Shen Zhou Mining & Resources, Inc. ("China Shen Zhou", or the "Company") (NYSE Amex:
SHZ), a company engaged in the exploration, development, mining and
processing of fluorite, zinc, lead, copper, and other nonferrous
metals in China, today announced that the China Ministry of Land
and Natural Resources has reduced the final fluorite ore production
quota to 10.0 million metric tons for 2011, with an additional 0.5
million metric tons production quota in reserve.
On December 13, 2010, China Shen Zhou announced that the China
Non-metallic Minerals Industry Association Fluorite Committee
(CNMIAFC) communicated that the Chinese government's preliminary
plan was to reduce 2011 fluorite ore production to approximately
9.5 million metric tons. However, the final 2011 production quota
was 10.0 million, 0.5 million metric tons higher than the forecast.
In principle, the new applications for fluorite ore exploration and
mining will be suspended until June 30,
2012.
To ensure sustainable economic development and protect the
scarce national fluorite resources from exploitation, the Chinese
government has adopted a series of policies since last year to
manage the production of fluorite resources through raising the
mining and processing requirements for fluorite mining companies.
The 2011 fluorite limitation production plan shows the Chinese
government's continued effort to prevent excessive mining and
exploration of fluorite ore, and reduce the emission of unnecessary
environmental waste.
Ms. Xiaojing Yu, Chief Executive
Officer of China Shen Zhou,
commented, "As a result of the Chinese government's 2011 limitation
production plan, the price of fluorite will continue to increase
and the fluorite industry entry bar will be raised as well.
China Shen Zhou, the biggest
fluorite producer in Northern
China, will benefit from such price increase related to the
favorable government policies protecting the country's valuable
fluorite resources."
About China Shen Zhou Mining & Resources, Inc.
China Shen Zhou Mining & Resources, Inc., through its
subsidiaries, is engaged in the exploration, development, mining,
and processing of fluorite and nonferrous metals such as zinc, lead
and copper in China. The Company has the following principal areas
of interest in China: (a) fluorite extraction and processing in the
Sumochaganaobao region of Inner Mongolia; (b)zinc/copper/lead
exploration, mining and processing in Wulatehouqi of Inner
Mongolia; and (c) zinc/copper exploration, mining and processing in
Xinjiang.
For more information, please visit http://www.chinaszmg.com/
Safe Harbor Statement
Certain of the statements made in the press release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements can be
identified by the use of forward-looking terminology such as
"believe," "expect," "may," "will," "should," "project," "plan,"
"seek," "intend," or "anticipate" or the negative thereof or
comparable terminology. Such statements typically involve risks and
uncertainties and may include financial projections or information
regarding our future plans, objectives or performance. Actual
results could differ materially from the expectations reflected in
such forward-looking statements as a result of a variety of
factors, including the risks associated with the effect of changing
economic conditions in the People's
Republic of China, variations in cash flow, fluctuation in
mineral prices, risks associated with exploration and mining
operations, and the potential of securing additional mineral
resources, and other risk factors detailed in reports filed with
the Securities and Exchange Commission from time to time.
For more information,
please contact:
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Kevin Theiss
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Investor
Relations
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Grayling
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Tel:
+1-646-284-9409
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Email: kevin.theiss@grayling.com
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SOURCE China Shen Zhou Mining & Resources, Inc.