The company plans to invest $470

According to the announcement, double reserves the directional seasoned the project total investment about Tory Burch Flip Flops, 69.58 billion yuan, skimpy share company will self-raised solve. Among them, 18 million yuan fitting for acquisitions 112.46 tons of gold reserves containing about the new set of exploration; 5 billion yuan fitting for acquisitions 23.21 tons of gold about contain mineral exploration right; the temple zhuang reserves 21.5 billion yuan to buy 158.45 tons of gold about contain reserves of dongfeng exploration; 6 billion yuan fitting for acquisitions return 69.24% equity, return the zhuang xiezhuang company has outdoor and underground two CaiKuangOu, gold metal reserves about 20 tons, 2010 2.48 million yuan of total profit. The company plans to invest $470 million endowment laizhou firms to build three mountain island gold 8,000 tons/day extension project. According to our estimate completed after the acquisition, the mineral reserves will reach about 700 tons, the mineral reserves near double.

Enlarge production scale profitability will greatly improve the exploration of raising funds to purchase a new set of mineral exploration right or temple are located in the company holds mineral exploration right zhuang new made gold mining and temple of gold mining xiezhuang permission mining areas surrounding the exploration right obtained will help the company extensions expand new made gold mines, temple permission of the mining areas xiezhuang gold mine, mining and use existing intensive processing capacity, reduce production cost and enhance profitability. By implementing three mountain island 8,000 mt/day gold for an expansion project, May 3 hill island of gold ore mining for centralized each Tory Burch Sandals Sale, ascending, centralized transportation, concentration of gold mineral resources, which is beneficial to the company for unified planning and rational utilization, form scale operation, reduce the mining cost. This project is completed, as companies acquisition of postpartum ability to ascend, the follow-up of the production procedure production capacity will is released in full, the gold product yield and the business performance will also get increased greatly.

We continued good for gold main factors were 1) geopolitical, Europe debt crisis, nuclear leakage problems are pushing gold hedge request. 2) caused by the European central bank $disadvantaged. 3) food, crude oil, basic metals commodity prices continue to rise, causing inflation pressures are increasing. Gold recent prices even finished last week to a new high, 1508.57 dollars/ounces of historic highs. We think that gold prices still has upside.

Valuations and investment advice: we assume that the 2011 $1,450 gold average per ounce,Tory Burch Flats Sale, mineral gold production for 22 tons. Forecasting the 11-13 years respectively for earnings per share of xiaogan / 1.65/1.72 yuan. We value the company's long-term investment potential, maintain company buy rating.

Risk factors: gold price increase came in below expectations, and the renminbi. Tory burch outlet (Yang b f.effects Orient securities institute)