VANCOUVER, Oct. 29 /CNW/ - China Mining Resources Group Limited ("China Mining") announces that on October 22, 2009, it has indirectly acquired through its wholly-owned subsidiary Best Tone Holdings Limited ("Best Tone"), 8,000,000 common shares (the "Shares") of Selwyn Resources Ltd. (TSX-V: SWN) (the "Company"), constituting approximately 2.66% of the issued and outstanding shares of the Company. China Mining now has beneficial ownership and control over 43,901,500 common shares of the Company, which represents approximately 14.6% of the issued and outstanding shares of the Company. Assuming the exercise of the 5,000,000 common share purchase warrants already held by Best Tone, China Mining will have beneficial ownership and control over 48,901,500 common shares of the Company, representing approximately 16.0% of the issued and outstanding common shares of the Company.
The Shares were acquired pursuant to a private placement for Cdn $0.12 per share. The Shares were acquired for investment purposes only. China Mining may increase or decrease its beneficial ownership of the Company's securities depending on future economic or market conditions.
In relation to the acquisition of the Shares, Best Tone entered into a subscription agreement with the Company. The agreement contains customary representations and covenants in relation to the sale and purchase of shares.
A copy of the Early Warning Report has been filed with applicable securities commissions and can be found at www.sedar.com.
The TSX-V has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
SOURCE CHINA MINING RESOURCES GROUP LIMITED
For further information: For further information: China Mining Resources Group Limited, Rm 1306, 13/F, Bank of America Tower, 12 Harcourt Road, Admiralty, Hong Kong