Yinfu Gold Corp (ELRE)

[Slojab]

This is why LOIs and MOUs are meaningless.

On Oct 27, 2012 — Yinfu Gold Corporation (“Yinfu”) (OTCQB:ELRE) disclosed that it had entered into a definitive agreement to acquire a 51% interest in Hitric Resources (S) PTD Ltd., a Singapore limited company, which owns 80% rights of a coal mine located in Tanah Bumbu, South Kalimantan, Indonesia.

As of May 31, 2013, Hitric Resources (S) PTD Ltd. has not provided the required due diligence and the Company has decided not to close the Kalimantan coal mine acquisition.

On November 9, 2012, Yinfu Gold Corporation and its strategic partner Guolong Investment Management Jiangsu Co., Ltd., entered into a definitive agreement with Chongqing Number One Jewelry Co., to acquire a 30% ownership stake of Chongqing Number One Jewelry for 30 million Yinfu Gold Corporation common shares.

Following a full due diligence by Yinfu Gold Corporation, the Company decided, as of May 31, 2013, not to proceed with the acquisition of the 30% ownership stake in Chongqing Number One Jewelry Co. No shares were issued in this transaction.

Additionally, on July 31, 2012 – Yinfu Gold Corporation disclosed it had entered into a definitive agreement to acquire a 100% interest in the Abbots Brook Gold Claim for US$25,000 and 5,000,000 common shares. The claim is located in Labrador, in the Province of Newfoundland, Canada.

As of May 31, 2013 Yinfu Gold Corp reports that it has decided not to retain the Abbotts Brook Gold claim. The original claim owners will keep the US$25,000 and the 5,000,000 common shares.

It doesn't even matter if they announce they've closed!

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