March 12, 2007
GHG Resources Limited (“GHG”) announces that, in light of its recent acquisition of the Vizcachitas copper property ("Vizcachitas") in Chile, it has determined to dispose of its mineral property interests in China and to focus exclusively on Vizcachitas.
In this regard, GHG has entered into an agreement to sell its China mineral property interests through the sale of its wholly owned subsidiary, Tun Resources Inc., in consideration of: (i) $1,000,000, payable as to $100,000 on receipt of TSX Venture Exchange approval, $400,000 on March 31, 2007 and $500,000 on May 31, 2007, and (ii) the purchaser assuming an aggregate $473,412 of liabilities of GHG.
Tun Resources Inc. holds a joint venture interest in two mining properties located in the Zhen Yuan Mining District, China, the Shangzhai mining concession, which has been in production since 2001, and the Bianfushan mining concession.
This arm’s length transaction is subject to TSX Venture Exchange approval.
ON BEHALF OF THE BOARD
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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