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China Jiangsu Golden Horse Steel Ball, Inc. (Pink Sheets: CJGH) (January 29, 2008), a leading Chinese manufacturer and supplier of ball bearings, wishes to announce that it has received its European listing on the Frankfurt Stock Exchange with the ticket symbol of "4J3." The approval of the European listing on the Frankfurt Stock Exchange is an important move in order to broaden the Company's shareholder base and increase exposure to worldwide capital markets, and it is part of Golden Horse's international strategy.
The Frankfurt Stock Exchange is the world's third largest organized Exchange-trading market in terms of turnover and dealings in securities. It ranks third in the world behind NYSE and NASDAQ. It is owned and operated by Deutsche Borse, which also owns the European futures exchange Eurex and clearing company Clearstream. For more information on Frankfurt Stock Exchange please visit www.exchange.de.
Golden Horse along with its affiliates and controlled entities is one of the top five manufacturers of steel ball bearings in China. The Company produces over three billion ball bearings annually of various specifications along with its development of over 15 new products, such as stainless steel balls, aluminum balls, and ceramics balls. In addition, the Company continues to export its products to over twenty countries worldwide including the USA, Japan, Brazil, India, and Germany.
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Caledonia Mining Corporation (OTCBB: CALVF) ( January 29, 2008) is pleased to announce the signing of a cobalt off-take agreement with a large Chinese refiner. Under the terms of the agreement, Caledonia will supply a minimum of 21,000 tonnes of cobalt metal equivalent in the form of cobalt hydroxide from its Nama Cobalt Project over the next six years. The agreement specifies that the price shall be based on the published monthly average for 99.3% cobalt from the London Metal Exchange, and contains a guaranteed "Take or Pay" minimum cobalt price of US$12/lb of cobalt metal. The agreement is renewable.
Caledonia's 100% owned Nama Project is located in Northern Zambia. Caledonia plans to commence mining Anomalies "A" and "C" using open pit mining methods, pre-concentration and conventional cobalt extractive technology.
Caledonia is proceeding with detailed mine planning and is targeting commencement of production by early 2009 at an expected annual production level of 10,000 tonnes of cobalt metal. An internal feasibility study has estimated capital expenditure at US$125 million and production costs below US$10/lb. The cobalt project will become the main strategic focus for Caledonia going forward.
Commenting on the announcement, Stefan Hayden, President and CEO of Caledonia Mining said "The signing of this cobalt off-take agreement marks an important milestone for Caledonia as we commence with the development of Nama, which I expect will prove to be one of the world's largest primary cobalt deposits. In the context of current spot prices for cobalt of US$44/lb and the floor price of US$12/lb, this contract represents substantial value and confirms Caledonia's potential to become one of the key primary players in the cobalt market. Negotiations on further agreements with refiners continue. With rising demand from China, India and America, we believe the fundamentals for cobalt remain robust in the near-term."
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Sun Cal Energy Inc. (OTCBB: SCEY) (January 29, 2008), an energy exploration company focused in the Southern San Joaquin Valley of California, the Anadarko Basin of Oklahoma, the Breton Sound of Louisiana and the Green River Basin of Wyoming is pleased to announce that it has been advised by the operator of the Cunningham 1-02 well on the Hobart Prospect in Washita County, Oklahoma that the daily gas flow rates from the Cunningham 1-02 well are in excess of 12 million cubic feet a day.
These results build on the successful drilling and commercial results of the first deep development well, Sturgeon 1-11, also drilled by the same operator and located within the Hobart Prospect. Together, these two wells represent the commercial success of the Hobart Prospect.
Commenting on these developments, Lewis Dillman, President and Chief Executive Officer of Sun Cal Energy Inc. stated: "We are excited that a second deep development well has reached production and commercial validation. The successful drilling and production of these wells suggest that the prospect could attract additional interest and thus drilling activity by major operators. This in turn could provide greater cash flows and upside potential to our shareholders."
Sun Cal Energy Inc. owns a 1.5% gross overriding royalty interest in the 1211 acre Hobart prospect strategically located in the Anadarko Basin and part of the Springer Morrow play - the largest such play in the State and Mid-Continent. Key players running rigs in the immediate area include Marathon Oil, Chesapeake Energy, and Range Resources.
"The successful drilling and production of a second deep development well represents another key milestone as we continue to seek cash flow and production," stated Lewis Dillman. "Sun Cal will continue to focus on developing its assets, and seeking opportunities to partner with major industry leaders to maximize value to our shareholders."
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China North East Petroleum Holdings, Limited (OTCBB: CNEH) (January 29, 2008), a leading oil producing company in Northern China, today announced preliminary results for its fourth quarter oil production.
Driven by increased capacity from new wells and the successful implementation of water injection technologies, crude oil production for the quarter ended December 31, 2007 increased 8,094 tons (59,734 barrels) to 12,634 tons (93,239 barrels) from 4,540 tons (33,505 barrels) for the quarter ended December 31, 2006.
On a sequential basis, crude oil production increased 1,750 tons (12,915 barrels), or 16%, compared to the quarter ended September 30, 2007.
Mr. Hongjun Wang, President of China North East Petroleum commented, ''We are extremely pleased to report another quarter of double-digit production increases. Our new wells are producing extremely well. Additionally, we have achieved a critical mass of wells to properly implement water injection technology to some existing wells. Going forward, we will further implement this mature technology to further increase production, which we believe, coupled with new wells, will greatly improve our earnings ability.''
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