Yinfu Gold Corp. (ELRE.OB) announced that it has executed a Deed of Termination to cancel the Joyous Fame acquisition.
As per the signed Deed of Termination and Mutual Release, Wilson Huang Dong Sheng, Managing Director of Joyous Fame International Limited and the previous president as well as a director of Yinfu, now represents that the main asset, the Penglai gold mining operation, was unable to generate profits as originally envisaged without tremendous expenditure to satisfy the tightened regulations on mining and upgraded safety regulations issued by both the local provincial government and central government as a result of mining incidents that occurred in the past two years.
Tsap Wai Ping, CEO of Yinfu said, "In addition to the representation made by Wilson Huang Dong Sheng, the previous management and Board of Directors has failed to turn over any documents, financial records or licenses proving ownership of the Penglai gold mine which made it impossible for us to continue forward with any further SEC filings or large acquisitions until this issue was settled."
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