HONG KONG, May 19, 2011 /PRNewswire-Asia/ -- Gold mining and processing company China Precious Metal Resources Holdings Co., Ltd. ("CPM", HKEx: 1194) announces that China Life Franklin Asset Management Co., Limited acquired 33,318,000 shares, representing approximately 1% in the issued share capital, of CPM through a private transfer on 18 May 2011.
CPM Chief Executive Officer and Executive Director Dr. Dai Xiaobing said: "China Life is the largest integrated insurer in China. I am delighted to welcome the group as a strategic shareholder. This investment reflects recognition of our efforts over the past two years to transform CPM into a gold production pure play. It also represents strong confidence of investors in our prospects. We will continue to enhance our operational results through the expansion of gold resources and reserves by way of cost-effective mergers and acquisitions. With sustained growth momentum, we aim to provide better investment returns for shareholders. Management believes that CPM is able to attract other strategic investors in future to support our ongoing growth."
China Life Franklin Asset Management is a Hong Kong-based asset management company formed by China Life Group's subsidiary China Life Insurance Asset Management Co Ltd, Franklin Templeton Investments and China Life Insurance (Overseas) Co Ltd. China Life Insurance Asset Management is the largest institutional investor and a major participant in the money market of China, as well as an important component in the country's development of money, capital and insurance markets. Franklin Templeton Investments is a global investment management organization with offices in 30 countries. The company also has over 20 years of investment in China.
About CPM
China Precious Metal Resources Holdings Co., Ltd. (HKEx: 1194) is a cost-efficient high-growth gold producer with a strong record of building reserves and resources through acquisition. The Company owns gold mines in China's three well endowed fold belts, including Chifeng Fold Belt in Inner Mongolia, Xiaoqinling Fold Belt in Henan and Ailaoshan Fold Belt in Yunnan. The Group also holds interests in Norton Gold Fields Limited (ASX: NGF), a company incorporated in Australia.
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