Wai Chun Mining (HKG:0660), China Railway (SHA:601390, HKG:0390) terminate MOU
[Date:11-25-2010] Source: Infocast News

Referring to the MOU it has entered into with the subsidiaries of China Railway
Group (SHA:601390, HKG:0390), Wai Chun Mining (HKG:0660) announced that, on 24
November 2010, the parties to the MOU mutually agreed to terminate the MOU with
effect from 23 November 2010 and discussion regarding the proposed transactions
has ceased.

As such, the offer period in relation to the proposed transactions which
commenced on 21 June 2010 is closed on the date of this announcement, i.e. 24
November 2010.

In July, Wai Chun Mining announced that it entered into an MOU with Chinese
Success Limited, China Railway Resources Company Limited (CRR) and China Railway
(Hong Kong) Engineering Limited (the Investor) in respect of the Investor's
acquisition of shares of Wai Chun Mining from Chinese Success, and the
Investor's subscription of new shares of Wai Chun Mining. The Investor is wholly
owned by CRR, a member company of China Railway Group. Under the MOU, CRR and
the Investor also intended to utilize Wai Chun Mining as flagship to undertake
the development and operation of new domestic and overseas projects in the
resources industry.

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