New assets and new outlook for Red Mountain

摘要

Red Mountain Mining listed in September 2011 with the intention of acquiring gold resources in China, but by April this year the company still had around $5 million dollars in the bank but no assets. It had previously spent several years assessing various projects throughout China before signing acquisition terms for the Zhonqqu gold mine located in Gansu Province in May 2010. However, the project failed to meet the company's financial criteria and the option to require the project was relinquished in April 2012.