PRZOOM - /newswire/ -
Vancouver, British Columbia, Canada, 2011/07/12 - Sterling (OTCQB: SGGV) (FRANKFURT: GD7) receives all approvals for the completion of its acquisition of Chenxi County Hongyu Mining Co., Ltd - SterlingGroupVentures.com.
Sterling Group Ventures, Inc. ("Sterling") is pleased to advise that it has now received all required approvals from Chinese authorities for the completion of its acquisition of Chenxi County Hongyu Mining Co. Ltd. ("Hongyu"). 10,000, 000 shares have been issued and RMB 2,000, 000 Yuan were paid as consideration for the acquisition.
Hongyu is a Chinese private mining company with connections and resources in Hunan, China. Hongyu is the holder of a phosphate mining permit in Chenxi County, Hunan Province, China. The number of the mining permit is 4300002009116120048322.
Hongyu is currently preparing plans to put its phosphate deposit into production. Sterling is currently reviewing its plan to increase production under its mining permit as well as reviewing other potential phosphate acquisitions.
On behalf of the board of directors
Raoul Tsakok, Chairman & CEO
For further information, please check the Company's SEC filings.
Any forward-looking statement in this press release is made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, economic and political factors, product prices and changes in international and local markets, as well as the inherent risks of the mining related business. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cautionary Note to U. S. Investors Concerning Estimates of Measure, Indicated, and Inferred Resources and Reserves. Statements regarding resources and reserves have been based on audits conducted under Chinese methods of calculation which the SEC guidelines strictly prohibit in its filings.