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CNNC International Acquiring Uranium Assets for CAD31mn

Posted on: Wed, 01 Jul 2009 08:21:00 EDT

Symbols: WNP

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HONG KONG, Jul 01, 2009 (SinoCast Daily Business Beat via COMTEX) --
WNP | Quote | Chart | News | PowerRating -- CNNC International Limited (SEHK: 2302) said that First Development, indirectly owned by the company, on June 29, 2009 (the Toronto time) announced the purchase of over 38 million shares in Western Prospector Group Ltd. (TSX VENTURE:WNP).

These shares, accounting for 69 percent of all the ordinary shares of the Toronto-listed company, were traded at a price of CAD 0.56 apiece in cash, a deal worth about CAD 31 million in total.

Western Prospector, registered in Canada, is mainly engaged in the acquisition, exploration, and development of minerals. Its mining equities, including some uranium and coal projects, are based in Mongolia.

CNNC International has been formed by China National Nuclear Corporation (CNNC), one of major nuclear power developers in the country. The Hong Kong-listed company has been responsible for the development of overseas uranium resources.

China has striven to boost its nuclear power business. The National Energy Administration suggests that in 2020, the country should strive to put an installed nuclear power generation capacity of 70,000 megawatts into operation.

Source: www.cnstock.com (July 01, 2009)

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