CHINA HANKING Once Spikes 17% after Midday on Sale of Gold Mine, Proposed Special Div.

　　CHINA HANKING (03788.HK) +0.040 (+4.545%) announced at noon the sale of gold mine in Australia, with part of the proceeds to be used for dividend. The stock once spiked 17% to a high of $1.03 after midday, logging a one-month high. It last printed at $0.92, up 4.55%, with 5.376 million shares traded, involving $5.1719 million.

　　The Company announced the sale of its 100% shares in Primary Gold, its Australian gold mining company, to Inner Mongolia Huineng Coal and Electricity Group, for a consideration of AUD300 million and an environment bond amount of AUD3.1166 million.

　　It is expected that the transaction will be completed within 12 months, and the transaction will bring in an unaudited gain of approx. AUD150 million for the Company.

　　Approximately two thirds of the net proceeds from the sale of shares will be used to become a sustainable gold producing company, including but not limited to, gold resource and ore reserve growth work, permitting and mine development of Cygnet gold project, and approx. one third for dividend to the shareholders of the Company.

　　(HK stocks quote is delayed for at least 15 mins.)

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