HUIZHOU, China, April 26, 2011 /PRNewswire-Asia-FirstCall/ --
Qiao Xing Universal Resources, Inc. (NASDAQ: XING) ("XING" or the
"Company"), one of the leading players in the molybdenum-mining
business as well as a company with meaningful size in the resources
industry, today announced that the Chifeng Aolunhua
Copper-molybdenum mine ("Aolunhua"), in which it owns a 34.53%
equity interest, has been designated as one of the mining entities
to implement the Chinese government's initiative to promote
rational and comprehensive utilization of mineral resources (the
"Initiative"). RMB15 million is
available to Aolunhua for participating in the Initiative.
The Initiative was launched by China's Ministry of Land and Resources
("CMLR"). As part of this initiative, CMLR will provide different
sums of grants to the Initiative participants based on assessment
on several criteria, including recovery efficiency in mining and
ore-dressing as well as comprehensive utilization rate of mining
resources.
"Aolunhua is the largest molybdenum mine in Asia. We have always strived to improve
efficiencies in our day-to-day operations. We look for enhancements
in production processes as well as management efficiencies," said
Mr. Wu Rui Lin, Chairman and Chief
Executive Officer of Qiao Xing Universal Resources. "This grant
from the Ministry of Land and Resources will give Aolunhua more
scope to innovate and develop efficient production processes for
molybdenum exploration and extraction."
More information on Aolunhua is available in the Company's
PowerPoint Presentation downloadable from www.cosun-xing.com.
About Qiao Xing Universal Resources, Inc.
Qiao Xing Universal Resources, Inc. is a leading player in the
molybdenum mining industry with meaningful size in the resources
industry. XING focuses on mining and processing rare metal ores and
several strategically important base-metal ores, including
molybdenum, copper lead and zinc. XING currently owns a 100% equity
interest in Balinzuo Banner Xinyuan Mining Co., Ltd. and a 34.53%
equity interest in Chifeng Aolunhua Mining Co., Ltd, as well as the
right to receive 100% of the expected economic residual returns
from Chifeng Haozhou Mining Co., Ltd.
XING was one of the first Chinese companies to be listed on
NASDAQ (in 1999) as one of the leading players in the
telecommunication-terminal product business in China. In 2007, XING made the strategic
decision to diversify into the resources industry. Since then, XING
has made several acquisitions in the resources industry and
divested its fixed-line and budget mobile phone businesses.
To reflect this change, XING changed its corporate name to
Qiao Xing Universal Resources, Inc., effective January 28, 2010.
XING continues to evaluate acquisition opportunities in the
resources area to strengthen its foothold in the industry. At the
same time, XING is also working to divest its remaining
mobile-phone business to become a pure-play resources company.
Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. These include statements about our
expectations, plans, objectives, assumptions, performance or future
events. In some cases, you can identify forward-looking statements
by terminology such as "anticipate," "estimate," "plans,"
"potential," "projects," "continuing," "ongoing," "expects,"
"management believes," "we believe," "we intend" and similar
expressions. These statements involve estimates, assumptions and
uncertainties that could cause actual results to differ materially
from those expressed. You should not place undue reliance on these
forward-looking statements. Forward-looking statements
include all statements other than statements of historical facts,
such as statements regarding the Company's plans to improve
efficiencies in the day-to-day operations of its mines, the
Company's plans to enhance production processes and management
efficiencies, the Company's plans to develop more efficient
production processes for molybdenum exploration and extraction and
the Company's transition to a pure resources company and bigger
player within the resources industry. Readers are cautioned that
forward-looking statements are not guarantees of future performance
and actual results may differ materially from those projected,
anticipated or assumed in the forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement. Information regarding these factors is included in our
filings with the SEC. The Company does not undertake any obligation
to update any forward-looking statements. All information provided
in this press release is as of April 26,
2011.
Company Contact:
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Qiao Xing Universal
Resources
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Rick Xiao, Vice President
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Phone: +86-752-282-0268
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Email:
rick@qiaoxing.com
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USA IR AGENCY
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CCG Investor Relations
Inc.
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Mabel Zhang, Associate
Partner
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Phone: +1 310 954 1353 (Los
Angeles)
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E-mail:
mabel.zhang@ccgir.com
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David Rudnick, Account
Manager
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CCG INVESTOR
RELATIONS
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Phone: +1 310 447 4155(New
York)
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Email:David.Rudnick@ccgir.com
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SOURCE Qiao Xing Universal Resources, Inc.