|
Sterling Group Ventures, Inc.: Company Update (April 28, 2004)
Sterling Group Ventures, Inc. ("Sterling") wishes to provide shareholders with an update on the progress of the lithium projects in China.
Jiajika Project
Sterling has signed an agreement with Sichuan Province Mining Ltd. to earn 75% of the Jiajika lithium project by taking the project into the production.
On March 29, 2004,
Sterling's Chinese partner has signed the contract with Bureau of Land and Resources of Sichuan Province to obtain the mining
permit for the Jiajika property with Chinese official document (No. 002 - 2004 Chuan Guo Tu Zi Cai Kuang Quan Zi).
On April 15, 2004, our Chinese
partner has submitted all requested documents for the application of the mining permit to the Bureau of Land and Resources according to Chinese Mining Laws. According to Chinese regulations and the contract with the Bureau, the mining permit shall be issued within forty (40) days.
On April 16, 2004, our Chinese partner submitted the joint venture
proposal to Ganzi Prefecture Government of Sichuan Province regarding Sino-foreign Joint Venture Lithium Project with Micro Express Ltd. ("Micro") which is a wholly subsidiary of Sterling. The proposal was approved by the Planning and Development Commission of Ganzi Prefecture Government on April 21, 2004 as official document No. 202 (2004) - Gan Ji.
At the same time, a name was reserved for the joint venture,
and the name reserved has been approved by Ganzi Prefecture Government of Sichuan Province on April 21, 2004 and will be approved in the Business Department of Sichuan Province in a few days.
Request
for the proposal for the update of previous
feasibility study and preliminary design has been submitted to several engineering consulting firms and design institutes. The Jiajika lithium property is located 70 km from Kangding County and 440 km from Chengdu city, the capital of Sichuan Province. The property hosts 1,049 million lbs of lithium.
Lushi Project
On April 10,
2004, Sterling has signed the joint venture agreement with Lushi Guanpo Minerals Development Ltd. ("Lushi") of Henan Province of China to earn more than 90% of the lithium project by taking the project into the production. Currently, Lushi holds three mining permits which cover 1.66 square km.
On April
11, 2004, Lushi County Government has submitted the request to Sanmenxia City of Henan Province for the establishment of the joint venture company with Micro Express Ltd. which is a wholly subsidiary of Sterling. The proposed initial capacity is 132,000 t/a (rock processing). The Lushi property is estimated to contain 20 million lbs of lithium. The concession is about 100 square km and has a large potential to increase the resources of lithium. Currently 600 lithium-bearing veins have been discovered.
On April 19, 2004, Sterling has received a proposal from the team of Xinjiang Lithium Plant - the largest lithium chemical plant in Asia for the production of the lithium chemicals.
On
April 21, 2004, Sterling visited Beijing General Research Institute of Mining & Metallurgy ("Institute") www.bgrimm.com/eng/index.jsp - one of the biggest mining engineering companies in China. The Institute is preparing a proposal for the resource auditing and metallurgical testing of the Lushi project to Sterling.
Sterling aims to be a major lithium producer in China. It currently has two agreements to develop the Jiajika (the largest lithium mineral deposit in China) and Lushi lithium projects.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Signed"
Richard Shao, President
For further information, please contact:
Raoul Tsakok, Chairman or Richard Shao, President
Phone: (604) 893-8891 Fax: (604) 408-8515
The company website: www.sterlinggroupventures.com
Copyright © 2004 Sterling Group Ventures Inc., All Rights Reserved.
|
