Jade Art Group Announces
Survey of SheTai Jade Mine's Proven and Probable Reserves at 6.1 Million Tons
Wed, Apr 02, 2008
Jade Art Group Inc. (OTCBB: JADG), a seller and distributor of raw jade sourced from the SheTai Jade mine in China, today announced that the SheTai Jade mine owned by Wulateqianqi XiKai Mining Co., Ltd. (“XiKai”) has proven and probable reserves of 2.3 million cubic meters, or approximately 6.1 million tons, according to a survey report issued by the Inner Mongolia Geological Institution.
Jade Art Group sells and distributes SheTai Jade based on its distribution right agreement with XiKai, whereby Jade Art Group acquired exclusive distribution rights to sell 90% of the SheTai Jade produced from the mine for the next 50 years. The SheTai Jade mine’s reserves are unique, in that they include some of the oldest (formed approximately 1.8 billion – 2.4 billion years ago) jade ore found in China and are considered to be of the highest quality in terms of rigidity and relative size of its pieces. SheTai Jade is as hard as quartz, with a degree of hardness between 7.1 and 7.3 on the Mohs scale, which is much higher than that of most jade. In addition, SheTai Jade is abrasion resistant, smooth and highly reflective. The green is pure and the gems are translucent, with a glassy luster. Due to its characteristics, SheTai Jade has a broad spectrum of applications. It can be used in commercial construction, decorative jade artwork, as well as intricately carved jade jewelry.
Hua-Cai Song, CEO of Jade Art Group, remarked: “We are pleased with the results of the survey report issued by the Inner Mongolia Geological Institution. Reserves of this size confirm that our exclusive distribution right agreement with XiKai will be supported by a long-term stable supply of jade for the term of our agreement. We look forward to meeting our customer’s strong demand for SheTai Jade and creating value for our shareholders.”
