said in the FY09/10 results announcement that the Company is now transforming its business model to build a large-scale business in the precious metals mining industry in China and has achieved several breakthroughs in this process, including the expansion of scope of business to gold mining operations. Subsequent to the fiscal year end, Sino Prosper acquired a 70% stake Ao Han Qi Xin Rui En Mining Industry Co., Ltd. In Inner Mongolia and is in the process of a significant expansion of that gold mine’s capacity to mine and process ore moving from the current rate of 50 tonnes per day (“tpd”) to 1,000 tpd.
In addition, Sino Prosper announced on 17 May 2010 the entering into of a conditional agreement to acquire a further 27% interest in Heilongjiang Zhongyi Weiye Economic & Trade Co. Ltd., taking its ownership interest to 92% of Zhongyi and its 5 contiguous exploration licenses covering over 360 km2. The Group has now commenced active exploration projects on all its projects with a view to future expansion of its mineral resource base and productions levels.
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