Tearlach Resources Ltd V.TEA

Interesting deal via the press release

[wallyz]

Well, well, very interesting. The timing may be just right esp if gold has a positive upswing over the summer. I hope the company can handle two deals at the same time and do not give up on the Sudbury Basin North Range 20 KM stretch. wally = = = = = = = = = Tearlach Resources Limited: China Gold Interest 09:11 EDT Thursday, June 10, 2004 VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jun 10, 2004) - Tearlach Resources Limited (TSX.V: TEA) is pleased to announce that it is negotiating to form one or more joint ventures on a number of gold-bearing mineral exploration properties and operating gold mines in the Little Qingling gold region in the western portion of Henan Province, Central China. Henan Province is the second largest gold producer in China at 730,000 troy ounces in 2003 representing 14.7% of Chinese production. The Little Qingling gold region is a structurally controlled epithermal quartz-gold vein system displaying numerous sub-parallel gold bearing veins and is one of the largest mining areas in the Province of Henan. Subject to regulatory approval, the Company will form the Sino Canadian joint venture corporations (SCJVC) with a 70% ownership of the corporation held by the Company. The remaining 30% contributing ownership represents the value contributed by Chinese partners (County or Provincial government) who own the mines and exploration permits. The SCJVC will operate as a domestic Chinese corporation for the purposes of exploring for and developing gold mining operations within Henan Province. As China moves into the mainstream of world commerce, it has been lifting its internal restrictions on the exploration and development of its mineral resources by foreign entities and encouraging development of its mineral resources. China is now the world's fourth largest producer of gold, increasing its production from 2.5 million troy ounces in 1992 to 13 million troy ounces in 2002 and is now almost equal in production with Canada. China is also the fourth largest consumer of gold, having freed up the ownership of gold by its citizens. China currently has many small gold mines employing over 20 million people. The majority of those mines are low production (less than 100 mt/d), using old equipment and technology. Precious metal exploration activity in China is rapidly expanding, particularly in the western regions with the presence of many well known companies such as Sino Gold Limited (SGX-ASX), QGX Ltd. (QGX-TSX), Southwestern Resource Corp. (SWG-TSX), Central Asia Gold Limited (CGX-ASX) and Ivanhoe Mines Ltd. (IVN-TSX). Aggregate mineral exploration expenditures in China are currently over $US 120 million yearly. On behalf of the Board of Directors Malcolm B. Fraser, President FOR FURTHER INFORMATION PLEASE CONTACT: Tearlach Resources Limited Malcolm B. Fraser President [phone] or Toll Free: 1-888-955-5656 [phone] (FAX)