China Mining Resources (HKG:0340) announced that the Independent Commission Against Corruption (ICAC) is conducting an investigation relating to allegations that certain former director(s) of the company might have: (a) conspired with others to accept advantages from other persons as rewards for causing the company to acquire a 57% shareholding in Lead Sun Investments Limited in July 2006; and (b) conspired with others to use false documents to mislead the board of directors and shareholders of the company in relation to the disposal of the company's entire interest in Cell Therapy Technologies Centre Limited (CTTC) in November 2008.

It has also come to the attention of the board of China Mining Resources that Yeung Kwok-kuen, an executive director of the company, is involved in the investigation in connection with the disposal of CTTC. Yeung has had interview with the ICAC and was subsequently released on bail without being charged.

Trading in the shares of the company remains suspended.

Neither China Mining Resources nor any of its director or staff member other than Yeung is under investigation by the ICAC. The company has already engaged legal advisers in relation to the investigation.

Yeung is on a special holiday leave from 2 November 2011 and his duties as an executive director and member of the remuneration committee of the company have been suspended with effect from 2 January 2012 pending further development of the investigation.