China Precious Metal Resources Holding Corp Ltd, formerly China Force Oil and Grains Industrial Holdings Corp Ltd, has announced that it may spend up to RMB 1 billion to acquire Jinxing Mining Corp Ltd in Henan Province.

Luanchuan-based Jinxing Mining, which has a mining permit from the Henan government, is ready to explore a gold mine with over 30 tons of reserves. In addition, the company also has a permit for lead mining.

Reportedly, China Precious Metal Resources will pay one-third of the total price in cash. The other two-thirds will be paid in the form of shares, notes and bills. The shares will be issued at a price of HK$2.37 each.