Bestway: Annual Report 2011

June 22, Bestway International Holdings Limited (HK:718) -- Mining Business

During the year ended 31 March 2012, there was no active operation of the Group's mining business. 

In order to obtain a more reliable estimation for the development of the Mongolian tungsten resources, the management has intended to engage a qualified mineral technical adviser to obtain a resource estimation based on international reporting standards, which is in line with the requirements under chapter 18 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, and to provide further assistance in the design of the exploration programs in respect of the tungsten mines. The management was given to understand that the additional exploration work for the purpose of the resource estimation will include re-drilling and re-sampling. Considering the addition work to be done as described above, the estimated time required to obtain a technical report on the tungsten mines and the relevant fundraising activities of the Company, the expected production schedule will not commence within the next 12 months. In this respect, the Group will continue to renew the mining licences and comply with the requirements of the Law on Mineral Resources of Mongolia.

In May 2012, the Company appointed a qualified technical adviserto advise on the estimated time frame for obtaining a resource estimation and to prepare a technical report on the tungsten mines based on international reporting standards. Details of the time frame of production of the tungsten mines will be provided as soon as it is available.