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<SEC-DOCUMENT>0001193805-09-000032.txt : 20090107
<SEC-HEADER>0001193805-09-000032.hdr.sgml : 20090107
<ACCEPTANCE-DATETIME>20090107162726
ACCESSION NUMBER:		0001193805-09-000032
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090107
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090107
DATE AS OF CHANGE:		20090107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GULF RESOURCES, INC.
		CENTRAL INDEX KEY:			0000885462
		STANDARD INDUSTRIAL CLASSIFICATION:	CHEMICALS & ALLIED PRODUCTS [2800]
		IRS NUMBER:				133637458
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-20936
		FILM NUMBER:		09513368

	BUSINESS ADDRESS:	
		STREET 1:		CHEMING INDUSTRIAL PARK
		STREET 2:		UNIT - HAOYUAN CHEMICAL COMPANY LIMITED
		CITY:			SHOUGUANG CITY, SHANDONG
		STATE:			F4
		ZIP:			262714
		BUSINESS PHONE:		(310) 470-2886

	MAIL ADDRESS:	
		STREET 1:		CHEMING INDUSTRIAL PARK
		STREET 2:		UNIT - HAOYUAN CHEMICAL COMPANY LIMITED
		CITY:			SHOUGUANG CITY, SHANDONG
		STATE:			F4
		ZIP:			262714

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIVERSIFAX INC
		DATE OF NAME CHANGE:	19940331
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of registrant under any of the following
provisions:</font></div>
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material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR
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communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></font></div>
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communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
1.01 Entry into a Material Definitive Agreement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On January 7, 2009, Shouguang City
Haoyuan Chemical Company Limited, a wholly owned subsidiary of Gulf Resources,
Inc. (the "SCHC"), entered into an Asset Purchase Agreement with Qiufen Yuan,
Han Wang and Yufen Zhang, citizens of the People&#8217;s Republic of China (the
&#8220;Sellers&#8221;), pursuant to which SCHC shall, upon closing, acquire all right, title
and interest in and to all assets owned by the Sellers utilized in the
production of bromine and crude salt, located at the Shouguang City
Renjiazhuangzi Village North Area including without limitation, machinery,
equipment and inventory, and any warranties associated therewith (the &#8220;Purchased
Assets&#8217;).&#160;&#160;SCHC shall not be liable for any debts, obligations and/or
liabilities of the Sellers relating to the Purchased Assets or the land on which
the Purchased Assets are located. SCHC is not assuming any rights and/or duties
with respect to the prior operations of the Purchased Assets, including without
limitation, no rights to (a) customers and suppliers lists (other than such
customers or suppliers who have pre-existing relationships with SCHC), (b)
employees; (c) market distribution systems; (d) sales force; (e) operating
rights; (f) production techniques; or (g) trade names.&#160;&#160;In connection
with the purchase of the assets, SCHC shall sign a contract that shall be filed
with local government authorities for the rights to use the land on which the
Purchased Assets are located.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>In consideration for the Purchased
Assets and the land, SCHC shall pay to the Sellers a total purchase price of
$11,500,000 (the &#8220;Purchase Price&#8221;), of which $10,000,000 shall be paid in cash
and $1,500,000 shall be paid by the issuance of 1,500,000 shares of common stock
of Gulf Resources, Inc. (the &#8220;Shares&#8221;).&#160;&#160;An amount equal to $2,000,000
of the cash portion of the Purchase Price was paid to the Sellers upon the
execution of the Agreement as a security deposit (the &#8220;Security Deposit&#8221;)
pending the final assessment of the condition of the Purchased Assets and the
land, which is to be completed no later than January 20, 2009. If the assessment
is not acceptable to SCHC, the parties shall negotiate a reduction in the
Purchase Price.&#160;&#160;If a mutually acceptable amount is not agreed, SCHC
shall have the right to terminate the Agreement and have the Security Deposit
returned.&#160;&#160;If the assessment is acceptable to SCHC, the remainder of
the cash portion of the Purchase Price shall be delivered to the Sellers within
10 days of the final assessment, and the Registrant shall issue and have the
Shares delivered within 30 days after the closing.&#160;&#160;Further, if SCHC
is unable to deliver the remainder of the Purchase Price in the time frame
prescribed, the Sellers have the right to terminate the Agreement and retain the
Security Deposit.</font></div>
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closing of the transactions contemplated by this Asset Purchase Agreement shall
take place on or before January 30, 2009.</font></div>
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8.01 Other Events.</font></div>
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    <div>On January 7, 2009, the Registrant issued a press release announcing SCHC
had signed the aforesaid Asset Purchase Agreement with the Sellers. A copy of
such press release is attached to this report as Exhibit 99.1.</div>
    <div>&#160;</div>
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9.01 Financial Statements and Exhibits.</font></div>
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Exhibits.</font></div>
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No.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; TEXT-DECORATION: underline">Description</font></font></div>
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Purchase Agreement</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Gulf
Resources, Inc. Press Release dated January 7, 2009</font></div>
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to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
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      RESOURCES, INC.</font></div>
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              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:
      </font></div>
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              <td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;Min
      Li</font></td>
              <td valign="top" width="12%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:&#160;</font></td>
              <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Min
      Li&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Title:&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief
      Financial Officer&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td valign="top" width="50%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Dated:
      January 7, 2009&#160;</font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
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        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
Index</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Exhibit
No.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">Description</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Asset
Purchase Agreement</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Gulf
Resources, Inc. Press Release dated January 7,
2009</font></div>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>e604878_ex10-1.htm
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  <head>
    <title>Unassociated Document</title>
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    <div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ASSET
PURCHASE AGREEMENT</font></div>
      <div style="TEXT-ALIGN: center"><br></div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BETWEEN</font></div>
      <div style="TEXT-ALIGN: center"><br></div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SHOUGUANG
CITY HAOYUAN CHEMICAL COMPANY LIMITED</font></div>
      <div style="TEXT-ALIGN: center"><br></div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AND</font></div>
      <div style="TEXT-ALIGN: center"><br></div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Qiufen
Yuan, Han Wang, Yufen Zhang</font></div>
      <div style="TEXT-ALIGN: center"><br></div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DATED AS
OF</font></div>
      <div style="TEXT-ALIGN: center"><br></div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JANUARY
7, 2009</font></div>
      <div style="TEXT-ALIGN: center">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
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      <div style="TEXT-ALIGN: center">&#160;</div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_________________________________________________</font></div>
      <div style="TEXT-ALIGN: center"><br></div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INDEX OF
SCHEDULES AND EXHIBITS</font></div>
      <div style="TEXT-ALIGN: center"><br></div>
      <div style="TEXT-ALIGN: center"><br></div>
      <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.
Shouguang City Renjiazhuangzi Village North Area Asset Checklist</font></div>
      <div style="TEXT-ALIGN: center">&#160;</div>
      <div style="TEXT-ALIGN: center">
        <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">_________________________________________________</font></div>
        <div style="TEXT-ALIGN: center">&#160;</div>
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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            </div>
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      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
ASSET PURCHASE AGREEMENT (this "AGREEMENT") is entered into as of January 7,
2009 (the "Effective Date") by and betweenthe following Parties:</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)
SHOUGUANG CITY HAOYUAN CHEMICAL COMPANY LIMITED, a company validly existing
under the laws of China ("SCHC"), a subsidiary of Gulf Resources, Inc.("GUFR");
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)
Fenqiu Yuan&#65292;Han Wang and Yufen Zhang, three individual residents of China who
collectively own private land use rights located in the Shouguang City
Renjiazhuangzi Village North Area (the &#8220;Sellers&#8221;)</font></div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS:
Fenqiu Yuan&#65292;Han Wang and Yufen Zhang wish to sell, transfer and convey certain
assets listed on Schedule 1 hereto, to SCHC, and </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SCHC
wishes to purchase and acquire the same from the Sellers.</font></div>
      <div>&#160;</div>
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      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOW,
THEREFORE, in consideration of the mutual promises contained herein, and for
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties agree </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">as
follows:</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.
CERTAIN DEFINITIONS</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"Ordinary
Course of Business" shall mean an action taken by Fenqiu Yuan&#65292;Han Wang and Yufen
Zhang if such action is taken in normal operation of the assets, consistent with
past practices.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"Closing"
The closing of the transactions contemplated by this Agreement (the "Closing")
shall take place at SCHC's offices, on or before January 30, 2009 and in no
event later than January 30, 2009 (the "Closing Date").</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"GUFR"
shall mean Gulf Resources, Inc., a Delaware corporation and parent of
SCHC.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"GUFR
Common Stock" shall mean the common stock of GUFR.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"Person"
shall mean any individual, entity or governmental body.</font></div>
      <div>&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.
TRANSFER OF THE ASSETS</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.1
Fenqiu Yuan&#65292;Han Wang and Yufen Zhang agree that, upon the Closing, they will
sell, transfer and deliver unto SCHC, its successors and assigns forever, by
duly executed deed(s), bills of sale, assignment(s) or other instrument(s) of
conveyance, for the consideration hereinafter provided, all of the Sellers&#8217;
right, title and interest in and to all assets owned by Fenqiu Yuan&#65292;Han Wang and
Yufen Zhang located at the Shouguang City Renjiazhuangzi Village North Area,
including, but not limited to, machinery, equipment, inventory (raw materials,
work-in-progress and finished goods), and any warranties associated therewith;
said assets to be limited to those listed and described on Schedule 1 attached
hereto and incorporated herein by reference (the "Purchased
Assets").</font></div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.2 As
full consideration for the sale, assignment, transfer and delivery
of&#160;&#160;Purchased Assets to SCHC and for the value of the rights to the
Leased Property , and upon the terms and subject to all of the conditions
contained herein,</font></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a) SCHC
shall pay to the Sellers the sum of $10,000,000 in cash in the aggregate;
and</font></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b) GUFR
shall issue to the Sellers GUFR Common Stock in the principal amount of
$1,500,000 in the aggregate (the &#8220;Purchase Price Shares&#8221;).</font></div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
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      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.3The
parties understand and acknowledge that the total purchase price for the
Purchased Assets and the Leased Property is $11,500,000 (the "Purchase Price")
and that the Purchase Price is based upon an approximate valuation of the
Shouguang City Renjiazhuangzi Village North Area at $11,500,000. The number of
"Purchase Price Shares" shall be equal to $1 per share, which is approximately
five times the 2008 EPS of GUFR. So the number of Purchase Price Shares to be
issued pursuant hereto is 1,500,000, in the aggregate and will be delivered to
the sellers within 30 days after the closing date .</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.4 Upon
execution of this Agreement by all of the parties, SCHC shall deliver to FENQIU
YUANHAN WANG AND YUFEN ZHANG a security deposit of $2,000,000 (the "Security
Deposit"). Three days after the date hereof, SCHC will establish an asset
assessment team to assess the condition and the operation of&#160;&#160;the
Purchased Assets and the Leased Property for transfer and conveyance to SCHC for
a period of 10 days thereafter.&#160;&#160;SCHC shall pay the remainder of the
cash portion within 10 days of the receipt of a report from the assessment team
that is acceptable to SCHC with respect to the Purchased Assets and Leased
Property.&#160;&#160;If the reports concludes that the condition of the
Purchased Assets is not acceptable, SCHC and the Sellers shall negotiate a
reduction in the Purchase Price.&#160;&#160;If such amount can not be mutually
agreed, SCHC shall have the right to terminate this Agreement and the Security
Deposit shall be returned to SCHC.&#160;&#160;As of the date hereof, both
parties have started the formal transfer procedures (including the related
property lease contracts, etc.)</font></div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
        <div id="HDR">
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          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.5 If
SCHC cannot pay off the remainder of the cash portion within the time period
provided in Section 2.4 above, the Sellers have the right to terminate this
Agreement and to retain the Security Deposit with no further obligations or
liabilities to SCHC or GUFR.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.6 As a
result of this Agreement, the Purchased Assets( schedule 1) including, without
limitation, any and all bromine and crude salt that can be produced on the
Leased Property, buildings, equipment, wells, pipelines, and power circuits will
be acquired by SCHC; provided, however, that any and all debts, obligations and
liabilities (the &#8220;&#8217;Obligations&#8221;) of FENQIU YUAN<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">, </font>HAN WANG AND
YUFEN ZHANG relating to the Purchased Assets and the Leased Property are
specifically excluded from such Purchased Assets and shall remain the
Obligations of the Sellers after the Closing.</font></div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.
REPRESENTATIONS AND WARRANTIES</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.1 Each
of FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG represent and warrant to SCHC the
following:</font></div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          </div>
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)
Authority. FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG each has the individual power
and authority to execute and deliver this </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agreement
and to perform his respective obligations hereunder, and to consummate the
transactions hereby, and upon the execution and delivery of the instruments and
documents specified herein, except for the covenant by the Sellers to assist
SCHC to sign a new 50 year land lease contract with the village for the Lease
Property. no further action will be required of FENQIU YUAN&#65292;HAN WANG AND YUFEN
ZHANG to vest legal title to and possession of the Purchased Assets and the
Leased Property in the Purchaser, its successors and assigns
forever.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b) Title
to Assets. FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG has good and marketable title to
the Purchased Assets and has the appropriate land use right certificates, or
other required governmental approval evidencing the rights to use the Leased
Property and ability to transfer the Leased Property, free and clear of liens or
encumbrances of any kind and no person, firm or corporation has any undisclosed
adverse interest therein.&#160;&#160;The lease payment due under the 50-year
land lease for the Leased Property has been paid-off.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)
Condition of Purchased Assets. The Purchased Assets are in good operating
condition and repair, ordinary wear and tear excepted, and are suitable for
continued use by SCHC in the production of bromine. The material buildings,
plants, machinery and equipment and other Purchased Assets listed on Schedule 1
hereto, necessary in connection with the production of bromine located on the
Leased Property as presently conducted are structurally sound, are in good
operating condition and repair and are adequate for the uses to which they are
being put or would be put in the Ordinary Course of Business, in each case,
taken as a whole, and none of such buildings, plants, machinery or equipment is
in need of maintenance or repairs, except for ordinary, routine maintenance and
repairs that are not material in nature or cost.</font></div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
Disclosure. No representation or warranty by FENQIU YUAN&#65292;HAN WANG AND YUFEN
ZHANG contained in this Agreement or any written statement furnished to SCHC
pursuant hereto or in connection with the transactions contemplated by this
Agreement, contains any untrue statement of a material fact, or omits to state a
material fact necessary to make the statement contained herein or therein true
and not misleading.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)
Reliance. The foregoing representations and warranties have been made by FENQIU
YUAN&#65292;HAN WANG AND YUFEN ZHANG with the knowledge and expectation that SCHC is
placing reliance thereon, and all such representations and warranties shall
survive the Closing for a period of one (1) year.</font></div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.2 Each
of SCHC and FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG represents and warrants
respectively to the other as follows:</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a) Each
of SCHC and FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG warrants that has taken all
necessary actions for the execution and performance of this
Agreement.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)
Except as otherwise disclosed, the performance of the transaction contemplated
hereunder is not subject to the consent, approval or order of any governmental
authorities or any other third parties, nor is it subject to any conditions
precedent as registration with, qualification verification by or document
delivery to any governmental authorities or any other third
parties.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;&#160;COVENANTS
OF THE SELLERS</font></div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1
FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG covenant that if there are more than ten
wells that cannot be used and if there is more than 200 meters of pipeline that
cannot be used located at the Leased Premises, the Sellers will deduct an amount
equal to 2 times the total replacement value of such wells and pipelines from
the Purchase Price.</font></div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2
FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG covenant that upon the Closing, the
contract signed between FENQIU YUAN&#65292;HAN WANG and YUFEN ZHANG and the village for
6.52KM2 property&#8217;s 50 years lease will be automatically canceled,
and&#160;&#160;FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG will help SCHC to sign a new
50 years land lease contract with the village, and if the Sellers do not provide
such assistance, the&#160;&#160;Sellers would have to pay SCHC 10% of the
Security Deposit as the compensation fee.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3 As of
the Closing, FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG shall cancel the employment
contract with any previous employees and&#160;&#160;pay staff wages and
compensation according to relevant national laws and regulations.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.4 As of
the Closing, FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG shall settle all the contacts
with original suppliers and customers, and shall pay at Closing, or be bound in
their individual capacities to pay all the corresponding debt and obligations.
</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.5&#160;&#160;SCHC
is buying&#160;&#160;the Purchased Assets from FENQIU YUAN&#65292;HAN WANG AND YUFEN
ZHANG , and has no relationship or affiliation with the Sellers or
the&#160;&#160;original operations of the Purchased Assets, and as a result is
not assuming any rights and/or duties with respect to the operations of the
Purchased Assets, including without limitation, no rights to (a) customers and
supplier lists (other than such customers or suppliers who have pre-existing
relationships with SCHC), (b) employees; (c) market distribution systems; (d)
sales force; (e) operating rights; (f) production techniques, or (g) trade
names.</font></div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.
INDEMNIFICATION</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.1
FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG agrees to indemnify, hold harmless and
reimburse SCHC at all times after the Closing, against and with respect
to:</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a) any
damage or deficiency resulting from any misrepresentation, breach of warranty or
non-fulfillment of any covenant or agreement on the part of FENQIU YUAN&#65292;HAN WANG
AND YUFEN ZHANG made in this Agreement, any other agreement or instrument
delivered by FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG at the Closing;</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b) any
damages or claims asserted against the Purchaser on account of any liability of
FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG in connection with his ownership of the
Purchased Assets and </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
Leased Property , whether arising prior to or after the transfer of ownership of
the Leased Property from FENQIU YUAN&#65292;HAN WANG AND YUFEN ZHANG to
SCHC,</font></div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c) all
actions, suits, proceedings, demands, assessments, judgments, costs and
expenses, including reasonable attorneys' fees, incident to the
foregoing.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.
MISCELLANEOUS PROVISIONS.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.1 No
Assumption of Liabilities. Except as specifically set forth in this </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agreement,
nothing in this Agreement shall be construed to impose upon SCHC the assumption
of any claim against or liability or obligation of FENQIU YUAN&#65292;HAN WANG AND
YUFEN ZHANG, arising out </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of his
business, or the use, operation or possession of the Purchased Assets, through
the Closing, or thereafter.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.2 Books
and Records. Those books and records reasonably deemed primarily to relate to
the Purchased Assets and maintained separately from the other records of FENQIU
YUAN&#65292;HAN WANG AND YUFEN ZHANG shall be delivered to and become the property of
SCHC.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.3
Expenses of Negotiation and Transfer. Each party to this Agreement shall pay its
own expenses and other costs incidental to or resulting from this Agreement,
whether or not the transactions contemplated hereby are
consummated.</font></div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.4
Entire Agreement. This Agreement, along with the documents and agreements to be
executed in connection herewith, constitutes the full understanding of the
parties, a complete allocation of risks between them and a complete and
exclusive statement of the terms and conditions of their agreement relating to
the subject matter hereof and supersedes any and all prior agreements, whether
written or oral, that may exist between the parties with respect thereto. Except
as otherwise specifically provided in this Agreement, no conditions, usage of
trade, course of dealing or performance, understanding or agreement purporting
to modify, vary, explain or supplement the terms or conditions of this Agreement
shall be binding unless hereafter made in writing and signed by the party to be
bound, and no modification shall be effected by the acknowledgment or acceptance
of documents containing terms or conditions at variance with or in addition to
those listed in this Agreement. No waiver by any party with respect to any
breach or default or of any right or remedy and no course of dealing shall be
deemed to constitute a continuing waiver of any other breach or default or of
any other right or remedy, unless such waiver be expressed in writing signed by
the party to be bound. Failure of a party to exercise any right shall not be
deemed a waiver of such right or rights in the future.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.5
Binding Effect. All of the covenants, conditions, agreements and </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">undertakings
set forth in this Agreement shall extend to and be binding upon FENQIU YUAN&#65292;HAN
WANG AND YUFEN ZHANG and SCHC and their respective successors and
assigns.</font></div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.6
Assignability. Neither this Agreement nor any right, remedy, obligation or
liability arising hereunder or by reason hereof nor any of the documents
executed in connection herewith may be assigned by any party without the consent
of the other parties.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.7
Headings. Headings as to the contents of particular Sections are for
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">convenience
only and are in no way to be construed as part of this Agreement or as a
limitation of the scope of the particular Sections to which they
refer.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.8
Exhibits and Schedules. The Exhibits and Schedules (and any appendices
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">thereto)
referred to in this Agreement are and shall be incorporated herein and made a
part hereof.</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6.9
Counterparts. This Agreement may be executed in three (3) or more </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">counterparts,
each of which will be deemed to be an original copy of this </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agreement
and all of which, when taken together will constitute an integral party of this
Agreement.</font></div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">IN
WITNESS HEREOFthe Parties hereto&#160;&#160;have caused this Agreement to be
executed by their duly authorized representatives as of the date first
hereinabove mentioned.</font></div>
      <div>&#160;</div>
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td colspan="3" width="46%">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">SCHC:
      SHOUGUANG CITY HAOYUAN CHEMICAL COMPANY LIMITED</font>&#160;</div>
              </td>
            </tr>
            <tr>
              <td width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="54%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Signed
      by:&#160;&#160;</font></td>
              <td width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/ Ming
      Yang&#160;</font></td>
              <td width="54%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:&#160;</font></td>
              <td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ming
      Yang&#160;</font></td>
              <td width="54%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Position:&#160;&#160;</font></td>
              <td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">CEO&#160;</font></td>
              <td width="54%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="54%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td colspan="3" width="11%">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FENQIU
      YUAN&#65292;HAN WANG AND YUFEN ZHANG: Owners of Shouguang City Renjiazhuangzi
      Village North Area</font></div>
              </td>
            </tr>
            <tr>
              <td width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="54%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Signed
      by:&#160;&#160;</font></td>
              <td width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/ FENQIU
      YUAN&#160;</font></td>
              <td width="54%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:&#160;&#160;</font></td>
              <td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">FENQIU
      YUAN&#160;</font></td>
              <td width="54%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="54%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Signed
      by:&#160;&#160;</font></td>
              <td width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/ HAN
      WANG&#160;</font></td>
              <td width="54%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:&#160;&#160;</font></td>
              <td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">HAN
    WANG&#160;</font></td>
              <td width="54%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%">&#160;</td>
              <td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="54%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Signed
      by:&#160;&#160;&#160;</font></td>
              <td width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/ YUFEN
      ZHANG&#160;</font></td>
              <td width="54%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:&#160;&#160;&#160;</font></td>
              <td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">YUFEN
      ZHANG&#160;</font></td>
              <td width="54%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As to
Section 2.2(b) only:</font></div>
      <div><br></div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">AGREED as
of the date first above written:</font></div>
      <div>&#160;</div>
      <div>
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td colspan="3" width="46%">
                <div>GUFR: GULF RESOURCES, INC.</div>
              </td>
            </tr>
            <tr>
              <td width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
              <td width="54%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Signed
      by:&#160;&#160;</font></td>
              <td width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/ Ming
      Yang&#160;</font></td>
              <td width="54%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:&#160;</font></td>
              <td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Ming
      Yang&#160;</font></td>
              <td width="54%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
            <tr>
              <td width="11%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Position:&#160;&#160;</font></td>
              <td width="35%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">CEO&#160;</font></td>
              <td width="54%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Schedule
1</font></div>
      <div><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shouguang
City Renjiazhuangzi Village North Area Asset checklist</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Check
      Time</font></div>
              </td>
              <td valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;Asstes</font></div>
              </td>
              <td valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Model</font></div>
              </td>
              <td valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">quantity</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Office</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Warehouse</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Manufacture</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Water
      Furnace</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">0.2
      Ton</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1
      Unit</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Gunbarrel</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2
      Units</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Electri
      Pumo</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3.5
      Kw.</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1
      Unit</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Fan
      &amp; Air duct</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2
      Sets</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Boiler</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2
      Ton</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1
      Unit</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Boiler
      Room</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Labouratory</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sulfur
      Warehouse</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sulphur-furnace</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1
      Unit</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Sulphur-pot</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">15
      Cubic Metres</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1
      Unit</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Brine
      Reservoir</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Carburettor</font></div>
              </td>
              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
              </td>
              <td align="left" valign="bottom" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">3
      Units</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Subaqueous
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              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Water
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              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
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              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
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              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Water
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              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2
      Units</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
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              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Absorbency</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2
      Units</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
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              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
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              <td align="left" valign="bottom" width="23%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Bromine
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              <td align="left" valign="bottom" width="17%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Pipelines</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#12288;</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">9500
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
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              <td align="left" valign="bottom" width="19%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November/28/2008</font></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>e604878_ex99-1.htm
<TEXT>
<html>
  <head>
    <title>Unassociated Document</title>
    <!--Licensed to: E-Data Systems-->
    <!--Document Created using EDGARizer 4.0.5.0-->
    <!--Copyright 1995 - 2008 EDGARfilings, Ltd., an IEC company. All rights reserved-->
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    <div>&#160;</div>
    <div>&#160;</div>
    <div style="TEXT-ALIGN: center"><img src="graphic01.jpg"></div>
    <div>&#160;</div>
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    <div>&#160;</div>
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              <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Gulf
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              <div><font size="2">Rena Xiao</font></div>
              <div><font size="2">E-mail: <font style="DISPLAY: inline; TEXT-DECORATION: underline">renaxiao@gmail.com</font></font></div>
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            <td width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr>
            <td valign="top" width="33%">
              <div><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Helen
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              <div><font size="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt">E-mail:
      </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">beishengrong@163.com</font></font></div>
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            <td valign="top" width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr>
            <td valign="top" width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td valign="top" width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Website: <font style="DISPLAY: inline; TEXT-DECORATION: underline">http://www.ccgirasia.com/</font></font></td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Gulf
Resources Agrees to Acquire Bromine and Crude</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Salt
Manufacturing Assets</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold">New York &amp; Shandong Province,
January 7, 2009</font> - Gulf Resources, Inc. (OTCBB: GFRE) (&#8220;Gulf Resources&#8221; or
the &#8220;Company&#8221;), a leading manufacturer of bromine, crude salt and specialty
chemical products in the People&#8217;s Republic of China, today announced that one of
its wholly-owned subsidiaries Shouguang City Haoyuan Chemical Company Limited
(&#8220;SCHC&#8221;) has signed an agreement with three individual residents of the People&#8217;s
Republic of China, Fenqiu Yuan, Han Wang and Yufen Zhang (the &#8220;Sellers&#8221;), to
acquire manufacturing assets involved in bromine and crude salt
production.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon the
closing of the transaction by January 30, 2009, SCHC will acquire the buildings,
wells, machinery, equipment, pipelines, power circuits and inventory owned by
the Sellers, and any warranties associated therewith, located on 6.52 km<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">2</font>, or
approximately 1,611 acres, in Shouguang City Renjiazhuangzi Village North Area
(the &#8220;Property&#8221;). The filing process for the Company to obtain 50-year land use
rights for the Property is currently underway. SCHC has no relationship with the
Sellers or the original operations of the assets being purchased. The assets
have been non-operative since January 2008. Following the successful closing of
the acquisition, the Company expects to start production utilizing the newly
purchased assets in April 2009.</font></div>
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      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consideration
for the asset purchase includes $10.0 million in cash, of which $2.0 million has
been delivered as a security deposit to the Sellers, and the issuance of shares
of common stock equal to $1.5 million, which shares will be delivered to the
Sellers within 30 days after the closing date of the transaction. The purchase
price per common share is $1.00. The transaction will bring diluted share count
to 101.2 million shares.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">"Although
the assets are not currently operational, we anticipate that the acquisition of
these assets, together with the implementation of our marketing and distribution
systems and utilization of our operating rights, will result in additional
annual production capacity of 3,000 tons of bromine and 200,000 tons of crude
salt, expanding the consolidated annual production capacity of SCHC to 34,000
tons of bromine and 300,000 tons of crude salt. We expect the additional
production of bromine and crude salt from these new assets to add $3.69 million
to $4.10 million and $3.50 million to $4.00 million, respectively, in
incremental revenue in fiscal 2009 based on current market prices," stated Ming
Yang, CEO of Gulf Resources. "We consider this acquisition an important
strategic milestone, as it enables us to utilize our valuable exploration
license to expand market share compared to other bromine
producers.&#160;&#160;Given the limited number of bromine properties left on the
market, we believe to continue to be competitive in the industry we need to act
quickly to emerge as a frontrunner as our industry consolidates."</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
closing of the transaction is subject to certain closing conditions, including a
final assessment of the condition of the assets. Further details on the terms of
this transaction can be found in the Company's 8-K which is expected to be filed
with the U.S. Securities and Exchange Commission on January 7,
2009.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
Gulf Resources, Inc.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Gulf
Resources, Inc. operates through two wholly-owned subsidiaries, Shouguang City
Haoyuan Chemical Company Limited (&#8220;SCHC&#8221;) and Shouguang Yuxin Chemical Industry
Co., Limited (&#8220;SYCI&#8221;). The Company believes that it is one of the largest
producers of bromine in the People&#8217;s Republic of China. Elemental Bromine is
used to manufacture a wide variety of compounds utilized in industry and
agriculture. Through SYCI, the Company manufactures chemical products utilized
in a variety of applications, including oil &amp; gas field explorations and as
papermaking chemical agents.</font></div>
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      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        </div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Forward-Looking
Statements</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Certain
statements in this news release contain forward-looking information about Gulf
Resources and its subsidiaries business and products within the meaning of Rule
175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange
Act of 1934, and are subject to the safe harbor created by those rules. The
actual results may differ materially depending on a number of risk factors
including, but not limited to, the general economic and business conditions in
the PRC, future product development and production capabilities, shipments to
end customers, market acceptance of new and existing products, additional
competition from existing and new competitors for bromine and other oilfield and
power production chemicals, changes in technology, the ability to make future
bromine asset purchases, and various other factors beyond its control. All
forward-looking statements are expressly qualified in their entirety by this
Cautionary Statement and the risks factors detailed in the Company's reports
filed with the Securities and Exchange Commission. Gulf Resources undertakes no
duty to revise or update any forward-looking statements to reflect events or
circumstances after the date of this release.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 1.3pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">###</font></div>
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