TORONTO, Jan. 27 /CNW/ - Gold World Resources Inc. (GDW-TSX Venture) (the
"Company") is pleased to provide an update on the current status of the
Business License for the Company's Ming Gold/Silver Project, Hebei, China in
light of the continued extension of expected completion date.
The Business License for the Hebei Ming Yu Mining Company Inc. was
originally expected to be obtained by the Company late in the second quarter
of 2008 subject to the Ministry of Commerce's ("MOC") approval. However, as a
result of the administration's focus on issues of national importance,
including the Sichuan earthquake in May 2008 and the 2008 Olympics, the
verification process for the issuance of the Final Approval of Incorporation
and Business License was slowed.
The latest communications from the MOC indicate that the last two
outstanding items, namely the letter from the local military confirming the
property is open to Sino-foreign joint exploration activity and the evaluation
of the property have been completed and the approval process is in its last
stages. The Company is not aware of any issue that would prevent the Business
License from being issued. All branches of the Chinese Government responsible
for the issuance of the Business License have been responsive and the Company
believes that the political environment is still very supportive of foreign
investment in the area of Gold/Silver mining.
Mr. Zhu Ben Fu, legal counsel of the Company in China, and Mr. Cunyou Li,
the Company`s exploration supervisor in China, have been diligently working
with the Chinese administrators under the leadership of the MOC to provide all
involved Chinese government departments the opportunity for input.
The Company is committed to full and timely disclosure of material
changes regarding its business and affairs while at the same time respecting
cultural differences in negotiating practices without compromising its
negotiating position and its obligations to shareholders. We thank our
shareholders for their support and we will communicate any new developments as
soon as possible.
About Gold World Resources Inc.:
The Company is exploring for precious metals in China and has signed a
Joint Venture Contract to establish a Sino-Foreign Contractual Joint Venture
Company for the exploration and development of the Ming Gold/Silver Project,
ON BEHALF OF THE BOARD
Chairman & CEO
Gold World Resources Inc.
Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the Securities Act
(Alberta), including statements concerning Gold World Resources' plans for the
Property, which involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of
Gold World Resources, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
information. Such information contained herein represents management's best
judgment as of the date hereof based on information currently available.
The TSX-Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Hermann Derbuch, P.Eng., Tel.: (416) 594-9888,
Fax: (416) 594-1967