Dr. Rui Feng and Family Commit over $250,000MARCH 6, 2007 - 12:52 ET
Dr. Rui Feng and Family Commit over $250,000 to the Development of the Britannia Project
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 6, 2007) - Mr. Terry Salman, Honorary Chair of the Britannia Project Fundraising Committee, Mr. Michael McPhie, President of the Britannia Development Corporation, and Mr. Yale Simpson, Chairman of the Britannia Beach Historical Society are pleased to announce that Dr. Rui Feng and his family of Vancouver have confirmed an over $250,000 personal donation to the development of the Britannia Project.
"This significant commitment, along with the support of other corporate and private donations, gives us a significant boost towards achieving our goal of raising $10 million in private sector support for the Britannia Project," said Mr. Salman.
Dr. Feng is Chairman and CEO of Silvercorp Metals Inc. ("Silvercorp") and lives with his family in Vancouver. Silvercorp is a public company engaged in the acquisition, exploration, and mining of mineral properties in China, it is listed on the TSX Exchange under the symbol SVM. Silvercorp is a constituent of the S&P/TSX Composite Index and the S&P/TSX Global Gold Index. Silvercorp's current strategy is to become the most profitable silver producer in a short time through developing mining operation and expanding silver resources at its high grade Ying Silver Project.
"We are fortunate and grateful for the extraordinary support shown by Dr. Feng and his family," said Michael McPhie, President and CEO of the Mining Association of BC and President of the Britannia Development Corporation.
"This commitment is a true recognition of support for an industry that has been the focus of Dr. Feng's work over many years," added Mr. McPhie. "This donation will be honored at the site as a Silver level contribution and positions Dr. Feng and his family as one of the projects major supporters," said Mr. Yale Simpson, President of the Britannia Beach Historical Society.
Project Status - The not-for-profit Britannia Development Corporation (BDC), a wholly owned subsidiary of the Britannia Beach Historical Society, is now successfully raising funds for the Stage II Development of the Britannia Project. Stage 1 included the $5 million rehabilitation of the historic Concentrator Building now nearing completion. Stage 2, which will begin shortly, will include the development of the Beaty-Lundin Visitor Centre and an enhanced Mining and Minerals Museum, Educational and Discovery interpretive experience at the site. Stage 2 will be complete by early 2009, will cost approximately $8 million, and is nearly fully funded.
The Britannia Project will transform an historic mining site into one of Canada's pre-eminent sustainability focused research, education and entertainment destinations. The project will celebrate the importance of natural resources to Canada's history and future and demonstrate how innovation, leadership and sustainability are providing the foundation for responsible mineral development around the world.