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Central China Goldfields In Tibet Exploration Deal

[WTN-L World Tibet Network News. Published by The Canada Tibet Committee. Issue ID: 2006/04/24; Monday, April 24, 2006.]

Press Release
Monday April 24, 2006

LONDON (Dow Jones)--Central China Goldfields said Monday that through its wholly owned BVI-registered company Central China Minerals Ltd, it has signed an agreement with the Hubei Chuxiong Minerals Exploration and Development Ltd (HCMED), wholly owned by the Hubei North East Geological Team (HNEGT), to explore and apply for Exploration Licences over the De Ming Ding area in Tibet.

The area is approximately 1,789 km2 and is prospective for porphyry-type copper deposits.

The De Ming Ding area of interest is part of the Cu-Mo-Au belt in Tibet and borders the Qu Long porphyry deposit.

Central China Goldfields plc has the first right of refusal to negotiate a Joint Venture Agreement (JVA) with HCMED over new Exploration and Mining Licences within the area of interest. The terms of the JVA will be negotiated on a property by property basis.

Should a JVA not be reached, Central China Goldfields plc has the right to match any other offer for a Joint Venture with HCMED over new Exploration and Mining Licences within the area.

The Agreement is valid for 1 year, starting on May 1, 2006, but will be extendable upon mutual consent.

Central China Goldfields has the right to evaluate available data currently held by HCMED. GGG and HCMED will together identify targets and apply for Exploration Licences within the area.

The De Ming Ding area is located about 60 km east of Lhasa, the capital of Tibet. The area of interest borders the Qu Long porphyry deposit (which is not part of the Agreement) that is reported to host a large copper porphyry deposit containing 5 million tonnes of copper metal, 35,000 tonnes of molybdenum and 3,200 tonnes of silver.

The Agreement is valid for 1 year, starting on May 1, 2006. The Agreement can be extended by mutual consent. GGG will be paying a monthly fee of RMB 50,000 (approximately US$ 6,250) during the period of Agreement.

The area is underlain by Middle-Late Jurassic - Palaeogene Gangdise continental-margin volcanic arc. There are several mineral occurrences in the Gangdise continental-margin volcanic-magma arc, of which the Qu Long porphyry copper and Jia Ma copper skarn deposits are the largest. These occurrences are interpreted to be associated with various stages of evolution of the Gangdise arc.


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