Regarding the acquisition of 100% interest in Qianyi Limited, China Daye Non-Ferrous Metals Mining (HKG:0661) (Daye) has entered into the third supplemental agreement to the formal agreement for the said acquisition.

As the applications of Yanxi mining license and the exploration license for new mining areas have been received by the Department of Land and Resources of Xinjiang Uygur Autonomous Region and are pending the issuance of the licenses in accordance with the procedure of the department, both Daye and the vendor estimated that the mining licence of the mine will not be granted to Tong Xing by 31 January 2012.

Pursuant to the third supplemental agreement, if the mining licence of a copper mine in Xinjiang has not be granted to Xinjiang Tong Xing Mining Company Limited by 31 May 2012 (or such later date as the parties may agree), the vendor shall refund to Daye all the cash consideration received and return to Daye all the convertible notes.