Sterling Signs LOI with Hubei Yaozhihe
Sterling Signs LOI with Hubei Yaozhihe Chemicals Co. Ltd, A Phosphate Producer in China
December 3, 2015 12:29 PM
VANCOUVER, BC / ACCESSWIRE / December 3, 2015 / Sterling Group Ventures Inc. (SGGV) ("Sterling") is pleased to provide the following press release:
On November 25, 2015, Sterling signed a letter of intent with Hubei Yaozhihe Chemicals Co. Ltd. Hubei Yaozhihe Chemicals Co. Ltd. holds 5 mining permits and 4 exploration permits and, according to the company, produced approximately 1.9 million tons of phosphate rock in 2014. The letter of intent provides Sterling with exclusivity to April 1, 2016 and includes 50% of its Qiaogou property, of which the other 50% was recently sold to Xingfa Group for RMB 301,719,400 Yuan. Subject to performing the necessary due diligence, the parties agree to form a joint venture company, whose structure is to be negotiated, which will conduct and operate the phosphate properties and chemical plants under Hubei Yaozhihe Chemicals Co. Ltd.
ON BEHALF OF THE BOARD OF DIRECTORS
STERLING GROUP VENTURES, INC.
"Christopher Tsakok"
Christopher Tsakok, CEO
