London Mining acquired a 50% interest in China Global Mining Resources (BVI) Limited (“CGMR BVI”) in April 2009. The remaining 50% interest is held by Wits Basin Precious Minerals Inc. Also in April 2009, CGMR BVI, through its Hong Kong Subsidiary, CGMR, in turn completed its acquisition of the producing Xiaonanshan iron ore open pit mine and the Sudan concentrate processing plant through the acquisition of the two PRC companies Maanshan Xiaonanshan Mining Co. Ltd and Nanjing Sudan Mining Co. Ltd. XNS holds a licence incorporating two further adjacent operating mines (Sanbanqaio and Guqaio) and is undertaking a programme of resource definition and mine planning to consolidate the three mines into a single operation. CGMR signed a non-binding memorandum of understanding to acquire the neighbouring Sanbanqaio and Guqaio mines in August 2009, and has been conducting due diligence regarding such acquisition. Completion of any such acquisition requires CGMR to raise external finance.
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