Mahdia Gold Corp MHGPF

NEWS CHINA

[causa]

Mandorin Goldfields Inc MGD Shares issued 52,013,218 Jan 12 close $0.18 Tue 13 Jan 2004 News Release Mr. Malcolm Stevens reports MANDORIN-CHINA GOLD AGREEMENT REACHED TO ACQUIRE 100% OF CHINESE WHOLLY OWNED FOREIGN ENTERPRISE Acquiring 100-per-cent interest in Chinese entity Following the memorandum of understanding entered into by Mandorin Goldfields on Dec. 8, 2003, Mandorin Goldfields has concluded negotiations in Beijing, China, which results in Mandorin Goldfields acquiring 100-per-cent ownership of a Chinese wholly owned foreign enterprise with direct access to a portfolio of gold exploration projects in China. Rather than pursuing the originally envisaged joint venture path a decision was taken to enter arrangements that result in Mandorin Goldfields acquiring 100 per cent of the entity, so ensuring the maximum enhancement of shareholder value. The transaction is subject to Canadian regulatory authority approval. Systematic exploration of underexplored gold projects As previously announced in Stockwatch, Mandorin Goldfields is committed to a growth strategy involving the systematic exploration of well-targeted projects in China, a country that contains underexplored high-potential gold projects. This transaction places Mandorin Goldfields in a prime position to be a major participant in this rapidly emerging gold exploration and production industry over forth coming years. Rapid advancement of gold exploration Having concluded this agreement, it is Mandorin's intention to rapidly advance the steps required to conduct systematic exploration programs that will determine the scale of the projects in the portfolio. Specific project details will be released when considered commercially appropriate. In addition to the gold projects, Mandorin Goldfields will be assessing a number of other mineral commodity projects that have been presented, but the principal focus will be on identifying multimillion-ounce gold deposits. Exploration leading to production This transaction will result in Mandorin Goldfields emerging as an active gold exploration company, in a region of the world that possesses the potential to host gold deposits that can be brought into production. Every effort will be made by Mandorin Goldfields to achieve this result in as short a time frame as is practical. In-country experience As previously announced in Stockwatch, Mandorin Goldfields management have first-hand operating experience in China having transacted a number of transactions during the 1990s. This current transaction will see the company being joined by parties with current in-country operating experience and their input into the development and execution of the exploration programs will be greatly welcomed. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2004 Canjex Publishing Ltd. https://www.stockwatch.com Click here for company snapshot: https://new.stockwatch.com/utilit/utilit_snapsh_result.pasp?action=go®ion=C&symbol=MGD Click here for recent SEDAR documents: https://new.stockwatch.com/newsit/newsit_sedar_result1.pasp?searchtype=C&pagesize=200&