SHANGHAI, June 20 -- China National Gold Group Corporation (China Gold) announced recently that it has obtained 47.75 million yuan from the Ministry of Finance (MOF) in 2008 to  prospect new mines to replace existing mines in crisis.

     The amount of capital makes up 81.5 percent of MOF's budget for  all projects of central enterprises.

     It is learned that the 2008 budget for prospecting new mines to replace crisis mines has been issued, with 11 projects of 11  enterprises including Henan Wenyu Gold Mine, Henan    Qinling Gold   Mine and Baotou Xinda Company under China Gold having obtained the 47.75 million yuan.

     Crisis gold mines refer to those that have limited resources  available for mining or whose exploitable reserve is dwindling year  by year.

     At the end of 2006, Chinese competent department promulgated "Provisional Measures on Management of Prospecting New Mines to  Replace Mines in Crisis", encouraging enterprises to prospect new  mines.