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<SEC-DOCUMENT>0001116502-08-001826.txt : 20081112
<SEC-HEADER>0001116502-08-001826.hdr.sgml : 20081111
<ACCEPTANCE-DATETIME>20081110175103
ACCESSION NUMBER:		0001116502-08-001826
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20081104
FILED AS OF DATE:		20081112
DATE AS OF CHANGE:		20081110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA NATURAL RESOURCES INC
		CENTRAL INDEX KEY:			0000793628
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26046
		FILM NUMBER:		081177252

	BUSINESS ADDRESS:	
		STREET 1:		RM 2205 22F WEST TOWER SHUN TAK CENTRE
		STREET 2:		168-200 CONNAUGHT ROAD C
		CITY:			SHEUNG WAN HONG KONG
		STATE:			K3
		ZIP:			-
		BUSINESS PHONE:		01185228107205

	MAIL ADDRESS:	
		STREET 1:		RM 2205 22F WEST TOWER SHUN TAK CENTRE
		STREET 2:		168-200 CONNAUGHT ROAD C
		CITY:			SHEUNG WAN HONG KONG
		STATE:			K3
		ZIP:			-

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHINA RESOURCES DEVELOPMENT INC
		DATE OF NAME CHANGE:	19950104

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MAGENTA CORP
		DATE OF NAME CHANGE:	19940217
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>china6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>UNITED STATES</TITLE>
<META NAME="author" CONTENT="Chesnutt">
<META NAME="date" CONTENT="11/04/2008">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin-top:0px; margin-bottom:2.2px; padding-bottom:4px; border-bottom:4px solid #000000" align=right>&nbsp;</P>
<P style="margin:0px; padding-top:4px; border-top:1.333px solid #000000" align=right><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><B>Washington, D.C. &nbsp;20549</B></P>
<P style="line-height:14pt; margin:0px; font-family:Arial; font-size:12pt" align=center>______________</P>
<P style="line-height:18pt; margin-top:21.333px; margin-bottom:0px; font-size:16pt" align=center><B>FORM 6-K</B></P>
<P style="line-height:14pt; margin:0px; font-family:Arial; font-size:12pt" align=center>______________</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center>For the month of November 2008</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>Commission File Number 0-26046</P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>China Natural Resources, Inc.</B></P>
<P style="line-height:10pt; margin:0px; font-size:8pt" align=center>(Translation of registrant's name into English)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>Room 2205, 22/F, West Tower, Shun Tak Centre,</B></P>
<P style="margin:0px" align=center><B>168-200 Connaught Road C., Sheung Wan, Hong Kong</B></P>
<P style="line-height:10pt; margin:0px; font-size:8pt" align=center>(Address of principal executive offices)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Indicate by check mark whether the registrant files of will file annual reports under cover of Form 20-F or Form 40-F. &nbsp;Form 20-F <FONT style="font-family:Wingdings">&#254;</FONT> &nbsp;Form 40-F <FONT style="font-family:Wingdings">&#168;</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): <FONT style="font-family:Wingdings">&#168;</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): <FONT style="font-family:Wingdings">&#168;</FONT></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12b3-2(b) under the Securities Exchange Act of 1934. Yes <FONT style="font-family:Wingdings">&#168;</FONT> &nbsp;No <FONT style="font-family:Wingdings">&#254;</FONT>.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">If &quot;Yes&quot; is marked, indicated below the file number assigned to the registrant in connection with Rule 12b3-2(b): 82-_________.</P>
<P style="margin-top:0px; margin-bottom:2.2px; padding-bottom:4px; border-bottom:1.333px solid #000000">&nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-top:4px; border-top:4px solid #000000"><BR></P>
<P style="margin-top:0px; margin-bottom:10.667px"><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always"><B><U>Information Statement</U></B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px">On or about November 11, 2008 China Natural Resources, Inc. (the &#147;Company&#148;) first disseminated an information statement to its members in connection with its 2008 annual meeting of members. &nbsp;A copy of the information statement is furnished as an exhibit to this report.</P>
<P style="margin-top:0px; margin-bottom:8.867px"><B><U>Service Agreements with Executive Officers</U></B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Effective October 1, 2008, the Company entered into Service Agreements with each of Li Feilie, our President and Chief Executive Officer, Tam Cheuk Ho, our Executive Vice President, and Wong Wah On Edward, our Chief Financial Officer. Each of the Agreements, which are identical other than with respect to the name of the executive officer, contains customary provisions to protect our confidential information and trade secrets and, in addition, provides that:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:80px">the existing service agreement with the executive be terminated and be of no further force or effect;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:80px">the initial term of the new Service Agreement will be three years and shall continue thereafter unless and until terminated by a party on not less than three months&#146; notice;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:80px">the executive will serve as an executive officer of the Company in such capacity and with such responsibilities as are determined by the Board of Directors;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:80px">we are to compensate the executive with an annual fee of US$1.00, plus such equity awards as may from time to time be determined by our Compensation Committee;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:80px">the executive&#146;s annual fee will be reviewed annually by the Compensation Committee and may be adjusted in the discretion of the Committee with the approval of the Board of Directors;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:80px">the Service Agreement may be terminated in the event of the death or incapacity of the executive or upon the occurrence of other customary grounds for termination;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:80px">for two years following expiration of the Agreement, the executive may not compete with the business of the Company in the PRC, or solicit employees or customers of the Company; </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:80px">the executive be indemnified for liabilities incurred in good faith during the course of the performance of his services to the Company;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:80px">the executive serve on our Board of Directors if requested to do so by the Board, without additional consideration; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol">&#183;</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:80px">the executive be reimbursed for reasonable expenses incurred in the performance of his responsibilities under the Agreement.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px"><B><U>Exhibits</U></B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=73.133></TD><TD width=8.2></TD><TD width=621.067></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=73.133><P style="margin:0px" align=center><B>Exhibit No.</B></P>
</TD><TD valign=top width=8.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=621.067><P style="margin:0px"><B>Description</B></P>
</TD></TR>
<TR><TD valign=top width=73.133><P style="margin:0px; color:#0000FF" align=center><A HREF="exhibit991.htm"><U>99.1</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD valign=top width=8.2><P>&nbsp;</P></TD><TD valign=top width=621.067><P style="margin:0px">Information Statement for 2008 Annual Meeting of Members</P>
</TD></TR>
<TR><TD valign=top width=73.133><P style="margin:0px; color:#0000FF" align=center><A HREF="exhibit992.htm"><U>99.2</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD valign=top width=8.2><P>&nbsp;</P></TD><TD valign=top width=621.067><P style="margin:0px">Service Agreement dated as of October 1, 2008 by and between the Company and Li Feilie</P>
</TD></TR>
<TR><TD valign=top width=73.133><P style="margin:0px; color:#0000FF" align=center><A HREF="exhibit993.htm"><U>99.3</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD valign=top width=8.2><P>&nbsp;</P></TD><TD valign=top width=621.067><P style="margin:0px">Service Agreement dated as of October 1, 2008 by and between the Company and Tam Cheuk Ho</P>
</TD></TR>
<TR><TD valign=top width=73.133><P style="margin:0px; color:#0000FF" align=center><A HREF="exhibit994.htm"><U>99.4</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD valign=top width=8.2><P>&nbsp;</P></TD><TD valign=top width=621.067><P style="margin:0px">Service Agreement dated as of October 1, 2008 by and between the Company and Wong Wah On Edward</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>SIGNATURES</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px">Pursuant 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, thereunder duly authorized.</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=333.733></TD><TD width=29.933></TD><TD width=260.333></TD></TR>
<TR><TD valign=top width=333.733><P>&nbsp;</P></TD><TD valign=top width=290.267 colspan=2><P style="margin:0px"><B>CHINA NATURAL RESOURCES, INC.</B></P>
</TD></TR>
<TR><TD valign=top width=333.733><P>&nbsp;</P></TD><TD valign=top width=29.933><P>&nbsp;</P></TD><TD valign=top width=260.333><P style="margin:0px">&nbsp;&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=333.733><P>&nbsp;</P></TD><TD valign=top width=29.933><P>&nbsp;</P></TD><TD valign=top width=260.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=333.733><P>&nbsp;</P></TD><TD valign=top width=29.933><P style="margin:0px">By:&nbsp;&nbsp;</P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=260.333><P style="margin:0px">/s/ Li Feilie</P>
</TD></TR>
<TR><TD valign=top width=333.733><P>&nbsp;</P></TD><TD valign=top width=29.933><P>&nbsp;</P></TD><TD valign=top width=260.333 rowspan=2><P style="margin:0px">Li Feilie</P>
<P style="margin:0px">President and Chief Executive Officer</P>
</TD></TR>
<TR><TD valign=top width=333.733><P>&nbsp;</P></TD><TD valign=top width=29.933><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin-top:8.867px; margin-bottom:0px">Date: &nbsp;November 11, 2008</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>Exhibit Index</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=73.133></TD><TD width=8.2></TD><TD width=614.667></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=73.133><P style="margin:0px" align=center><B>Exhibit No.</B></P>
</TD><TD valign=top width=8.2><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=614.667><P style="margin:0px"><B>Description</B></P>
</TD></TR>
<TR><TD valign=top width=73.133><P style="margin:0px; color:#0000FF" align=center><A HREF="exhibit991.htm"><U>99.1</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD valign=top width=8.2><P>&nbsp;</P></TD><TD valign=top width=614.667><P style="margin:0px">Information Statement for 2008 Annual Meeting of Members</P>
</TD></TR>
<TR><TD valign=top width=73.133><P style="margin:0px; color:#0000FF" align=center><A HREF="exhibit992.htm"><U>99.2</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD valign=top width=8.2><P>&nbsp;</P></TD><TD valign=top width=614.667><P style="margin:0px">Service Agreement dated as of October 1, 2008 by and between the Company and Li Feilie</P>
</TD></TR>
<TR><TD valign=top width=73.133><P style="margin:0px; color:#0000FF" align=center><A HREF="exhibit993.htm"><U>99.3</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD valign=top width=8.2><P>&nbsp;</P></TD><TD valign=top width=614.667><P style="margin:0px">Service Agreement dated as of October 1, 2008 by and between the Company and Tam Cheuk Ho</P>
</TD></TR>
<TR><TD valign=top width=73.133><P style="margin:0px; color:#0000FF" align=center><A HREF="exhibit994.htm"><U>99.4</U></A><FONT style="color:#000000"></FONT></P>
</TD><TD valign=top width=8.2><P>&nbsp;</P></TD><TD valign=top width=614.667><P style="margin:0px">Service Agreement dated as of October 1, 2008 by and between the Company and Wong Wah On Edward</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit991.htm
<DESCRIPTION>INFORMATION STATEMENT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>China Natural Resources</TITLE>
<META NAME="author" CONTENT="CJG">
<META NAME="date" CONTENT="11/04/2008">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin-top:0px; margin-bottom:8.867px" align=center><img src="exhibit991002.gif" alt="[exhibit991002.gif]" align=middle height=76 width=407></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>NOTICE OF MEMBER ACTION TO BECOME EFFECTIVE ON OR ABOUT</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>DECEMBER 1, 2008</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify>To the Members of China Natural Resources, Inc.:</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify><B>NOTICE IS HEREBY GIVEN</B> that holders of a majority of the issued and outstanding voting securities of China Natural Resources, Inc., a British Virgin Islands corporation (the &#147;Company&#148;), have approved and authorized the following corporate action:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(1)</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:96px" align=justify>To elect two Class&nbsp;I Directors, each to hold office until the annual meeting of members at which their successors are duly elected and qualified as hereinafter described; </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(2)</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:96px" align=justify>To ratifiy and approve all emoluments to directors heretofore fixed by the Board of Directors;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(3)</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:96px" align=justify>To empower our Board of Directors to fix future emoluments to directors without further approval by Members; and, in the Board&#146;s discretion, to amend or repeal Article 80 of our Articles and Memorandum of Association accordingly; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>(4)</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:96px" align=justify>To ratify the engagement of GHP Horwath, P.C. as our independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2008.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The corporate actions described above will become effective on or about December&nbsp;1, 2008, but not sooner than 20 days following the date that this Notice and the accompanying Information Statement are first mailed to our Members.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify><B>WE ARE NOT SOLICITING PROXIES AND WE REQUEST THAT YOU DO NOT SEND US A PROXY.</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>No action is required by you. The accompanying Information Statement is furnished only to inform our Members of the actions described before they take place. This Information Statement is first mailed to our Members on or about November&nbsp;11, 2008.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>We thank you for your continued support.</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=308.867></TD><TD width=315.133></TD></TR>
<TR><TD valign=top width=308.867><P>&nbsp;</P></TD><TD valign=top width=315.133><P style="margin:0px">On Behalf of the Board of Directors</P>
</TD></TR>
<TR><TD valign=top width=308.867><P>&nbsp;</P></TD><TD valign=top width=315.133><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=308.867><P>&nbsp;</P></TD><TD valign=top width=315.133><P style="margin:0px"><img src="exhibit991003.jpg" alt="[exhibit991003.jpg]" align=middle height=81.667 width=204.467></P>
</TD></TR>
<TR><TD valign=top width=308.867><P>&nbsp;</P></TD><TD valign=top width=315.133><P style="margin:0px"><I>Corporate Secretary </I></P>
</TD></TR>
</TABLE>
<P style="margin:0px">Hong Kong</P>
<P style="margin:0px">November&nbsp;11, 2008</P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><BR>
<BR>
<BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center><B>CHINA NATURAL RESOURCES, INC.</B></P>
<P style="margin:0px" align=center><B>Room 2205, 22/F</B></P>
<P style="margin:0px" align=center><B>West Tower, Shun Tak Centre</B></P>
<P style="margin:0px" align=center><B>168-200 Connaught Road Central</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>Sheung Wan Hong Kong</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="margin-top:0px; margin-bottom:8.867px; font-family:Times New Roman Bold" align=center><B>INFORMATION STATEMENT</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; font-family:Times New Roman Bold" align=center><B>FOR</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; font-family:Times New Roman Bold" align=center><B>2008 ANNUAL MEETING OF MEMBERS</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>This Information Statement is being furnished to you by the Board of Directors of China Natural Resources, Inc. in connection with corporate action approved and authorized by holders of a majority of our outstanding common shares relating to our 2008 Annual Meeting of Members. The corporate actions described in this Information Statement will become effective on or about December&nbsp;1, 2008 in accordance with the written consent of the holders of a majority of our issued and outstanding common shares, but no sooner than 20 days following the date that this Information Statement is first mailed to our Members (the &#147;Effective Date&#148;). The 2008 Annual Meeting of Members shall be deemed to occur on the Effective Date.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The elimination of the need to hold an in-person 2008 Annual Meeting of Members for the purposes described in the accompanying Notice of Member Action is made possible by the laws of the British Virgin Islands, our Memorandum and Articles of Association and rules of The NASDAQ Stock Market applicable to foreign private issuers such as our company. The laws of the British Virgin Islands do not require that we hold an in-person annual meeting and our Memorandum and Articles of Association provide that the written consent of the holders of outstanding shares of voting capital stock having not less than the minimum number of votes which would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and votes, may be substituted for such an in-person meeting. In addition, The NASDAQ Stock Market does not require a foreign private issuer to hold an in-person annual meeting if
 the laws of the issuer&#146;s home jurisdiction do not require that an in-person annual meeting be held. Our use of this Information Statement will relieve us of the expense of soliciting proxies and holding an &#147;in-person&#148; annual meeting of Members.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>A copy of our Annual Report on Form&nbsp;20-F, including audited consolidated financial statements for each of the three years ended December&nbsp;31, 2007, accompanies this Information Statement.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>This Information Statement is first being mailed on or about November&nbsp;11, 2008 to Members of record on October&nbsp;23, 2008, and is being delivered to inform you of the corporate actions described herein before they take effect. This Information Statement shall constitute notice under Clause 71 of our Articles and Memorandum of Association of the action taken by written consent in lieu of meeting of Members. A list of Members as of the record date is available for examination by any Member for a proper purpose during normal business hours at our offices. No dissenter&#146;s rights are afforded to our Members under the laws of the British Virgin Islands as a result of the adoption of these actions.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The entire cost of furnishing this Information Statement will be borne by us. We will request brokerage houses, nominees, custodians, fiduciaries and other like parties to forward this Information Statement to the beneficial owners of our voting securities held of record by them and we will reimburse such persons for out-of-pocket expenses incurred in forwarding such material.</P>
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<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always" align=center><B>CONVENTIONS</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Unless otherwise specified, all references in this Information statement to &quot;U.S. Dollars,&quot; &quot;Dollars,&quot; &quot;US$,&quot; or &quot;$&quot; are to United States dollars; all references to &quot;Hong Kong Dollars&quot; or &quot;HK$&quot; are to Hong Kong dollars; and all references to &quot;Renminbi&quot; or &quot;RMB&quot; or &quot;Yuan&quot; are to Renminbi Yuan, which is the lawful currency of the People's Republic of China (&quot;China&quot; or &quot;PRC&quot;). We maintain our accounts in Hong Kong Dollars. The accounts of our subsidiaries are maintained in either Hong Kong Dollars or Renminbi. Our consolidated financial statements are prepared in Renminbi. Translations of amounts from Renminbi to U.S. Dollars and from Hong Kong Dollars to U.S. Dollars are for the convenience of the reader. Unless otherwise indicated, any translations from Renminbi to U.S. Dollars or from U.S. Dollars to Renminbi have been m
ade at the single rate of exchange as quoted by the People's Bank of China (the &quot;PBOC Rate&quot;) on December&nbsp;31, 2007, which was approximately U.S.$1.00 = Rmb7.2971. Translations from Hong Kong Dollars to U.S. Dollars have been made at the single rate of exchange as quoted by the Hong Kong and Shanghai Banking Corporation Limited on December&nbsp;31, 2007, which was approximately US$1.00 = HK$7.7994. The Renminbi is not freely convertible into foreign currencies and the quotation of exchange rates does not imply convertibility of Renminbi into U.S. Dollars or other currencies. All foreign exchange transactions take place either through the Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People's Bank of China. No representation is made that the Renminbi or U.S. Dollar amounts referred to herein could have been or could be converted into U.S. Dollars or Renminbi, as the case may be, at the PBOC Rate or at all.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>FOREIGN PRIVATE ISSUER STATUS</B></P>
<P style="margin:0px; text-indent:48px" align=justify>We are a &#147;foreign private issuer&#148; within the meaning of Rule&nbsp;3b-4 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). Foreign private issuers are not are not required to provide all of the disclosure required to be included in reports filed under the Exchange Act by companies that are not foreign private issuers. In addition, foreign private issuers are not subject to certain provisions of the Exchange Act, including Section&nbsp;14A of the Exchange Act relating to the preparation of proxy statements and information statements. Therefore, this Information Statement may not contain all of the disclosure required to be included in information statements prepared in accordance with Section&nbsp;14A, although management does not believe that this Information Statement omits any material information necessary for a fair understanding of the matters discussed herein. </P>
<P style="margin:0px" align=center><BR>
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<P style="margin:0px" align=center>2</P>
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<P style="margin:0px; page-break-before:always" align=center><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The following table sets forth certain information known to us concerning the beneficial ownership of our common shares as of the October&nbsp;23, 2008 record date by:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>each person known by us to be the owner of more than 5% of our outstanding common shares;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>each of our directors and director nominees;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>each of our executive officers; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>all executive officers and directors as a group.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>As of the record date, there were 19,623,416 common shares outstanding. A person is deemed to be the beneficial owner of securities that can be acquired by such a person within 60 days from the record date upon exercise of options, warrants or convertible securities. Each beneficial owner's&nbsp;percentage of ownership is determined by assuming that options, warrants and convertible securities that are held by such a person (but not those held by any other person) and are exercisable within 60 days from the date hereof have been exercised. Unless otherwise indicated (a) each person has sole investment and voting power with respect to all shares shown as beneficially owned and (b) the address of each beneficial owner is Room 2205, 22/F, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Except as otherwise indicated, the table does not give effect to the issuance of up to:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>4,687,500 common shares in the event outstanding warrants are exercised; and/or</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>1,600,000 common shares issuable upon exercise of currently exercisable options.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=433.733></TD><TD width=19.2></TD><TD width=75.133></TD><TD width=25.2></TD><TD width=19.2></TD><TD width=51.533></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=433.733><P style="line-height:10pt; margin:0px; font-size:8pt"><B>Name of Beneficial Owner</B></P>
</TD><TD valign=bottom width=19.2><P style="margin:0px; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=100.333 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Amount and <BR>
Nature of <BR>
Beneficial <BR>
Ownership</B></P>
</TD><TD valign=bottom width=19.2><P style="margin:0px; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=51.533><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Percent <BR>
of Class</B></P>
</TD></TR>
<TR><TD valign=top width=433.733><P>&nbsp;</P></TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=75.133><P>&nbsp;</P></TD><TD valign=top width=25.2><P>&nbsp;</P></TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=51.533><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=433.733><P style="margin:0px">Li Feilie</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=75.133><P style="margin:0px" align=right>15,780,593</P>
</TD><TD valign=top width=25.2><P style="margin:0px">(1)</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=51.533><P style="margin:0px" align=center>68.2%</P>
</TD></TR>
<TR><TD valign=top width=433.733><P style="margin:0px">Tam Cheuk Ho</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=75.133><P style="margin:0px" align=right>281,926</P>
</TD><TD valign=top width=25.2><P style="margin:0px">(2)</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=51.533><P style="margin:0px" align=center>&nbsp;&nbsp;1.4%</P>
</TD></TR>
<TR><TD valign=top width=433.733><P style="margin:0px">Wong Wah On Edward</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=75.133><P style="margin:0px" align=right>400,000</P>
</TD><TD valign=top width=25.2><P style="margin:0px">(3)</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=51.533><P style="margin:0px" align=center>&nbsp;&nbsp;2.0%</P>
</TD></TR>
<TR><TD valign=top width=433.733><P style="margin:0px">Lam Kwan Sing</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=75.133><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=25.2><P>&nbsp;</P></TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=51.533><P style="margin:0px" align=center>&#151;</P>
</TD></TR>
<TR><TD valign=top width=433.733><P style="margin:0px">Ng Kin Sing</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=75.133><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=25.2><P>&nbsp;</P></TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=51.533><P style="margin:0px" align=center>&#151;</P>
</TD></TR>
<TR><TD valign=top width=433.733><P style="margin:0px">Yip Wing Hang</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=75.133><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=25.2><P>&nbsp;</P></TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=51.533><P style="margin:0px" align=center>&#151;</P>
</TD></TR>
<TR><TD valign=top width=433.733><P style="margin:0px">Officers and directors as a group (six persons)</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=75.133><P style="margin:0px" align=right>16,462,519</P>
</TD><TD valign=top width=25.2><P style="margin:0px">(4)</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=51.533><P style="margin:0px" align=center>69.4%</P>
</TD></TR>
<TR><TD valign=top width=433.733><P style="margin:0px">Rosetta Stone Capital Limited</P>
<P style="margin:0px; padding-left:8px">P.O. Box 957</P>
<P style="margin:0px; padding-left:8px">Road Town</P>
<P style="margin:0px; padding-left:8px">Tortola, British Virgin Islands</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=75.133><P style="margin:0px" align=right>2,250,000</P>
</TD><TD valign=top width=25.2><P style="margin:0px">(5)</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=51.533><P style="margin:0px" align=center>11.0%</P>
</TD></TR>
<TR><TD valign=top width=433.733><P style="margin:0px">Tim Cheer Investment Limited</P>
<P style="margin:0px; padding-left:8px">Room 2203 Sino Plaza</P>
<P style="margin:0px; padding-left:8px">256 Gloucester Road</P>
<P style="margin:0px; padding-left:8px">Causeway Bay, Hong Kong</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=75.133><P style="margin:0px" align=right>1,087,500</P>
</TD><TD valign=top width=25.2><P style="margin:0px">(6)</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=51.533><P style="margin:0px" align=center>&nbsp;&nbsp;5.4%</P>
</TD></TR>
<TR><TD valign=top width=433.733><P style="margin:0px">Lee Yip Investments Ltd.</P>
<P style="margin:0px; padding-left:8px">14/F, 81 Hung To Road</P>
<P style="margin:0px; padding-left:8px">Kwun Tong</P>
<P style="margin:0px; padding-left:8px">Kowloon, Hong Kong</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=75.133><P style="margin:0px" align=right>1,050,000</P>
</TD><TD valign=top width=25.2><P style="margin:0px">(7)</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=51.533><P style="margin:0px" align=center>&nbsp;&nbsp;5.3%</P>
</TD></TR>
<TR><TD valign=top width=433.733><P style="margin:0px">Hon Shun Ltd.</P>
<P style="margin:0px; padding-left:8px">Unit 902, 9/F, Bonham Centre</P>
<P style="margin:0px; padding-left:8px">79-85 Bonham Strand East</P>
<P style="margin:0px; padding-left:8px">Sheung Wan, Hong Kong</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=75.133><P style="margin:0px" align=right>1,050,000</P>
</TD><TD valign=top width=25.2><P style="margin:0px">(8)</P>
</TD><TD valign=top width=19.2><P>&nbsp;</P></TD><TD valign=top width=51.533><P style="margin:0px" align=center>&nbsp;&nbsp;5.3%</P>
</TD></TR>
</TABLE>
<P style="margin:0px">&#151;&#151;&#151;&#151;&#151;&#151;&#151;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:32px; text-indent:-32px">(1)</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:32px">Consists of (a) 11,980,593 outstanding common shares and 2,500,000 common shares issuable upon exercise of warrants held in the name of Feishang Group Limited, a British Virgin Islands corporation that is wholly owned by Mr.&nbsp;Li, and (b) 300,000 outstanding common shares and 1,000,000 common shares issuable upon exercise of options held by Mr.&nbsp;Li.</P>
<P style="margin-top:0px; margin-bottom:4.467px"><BR>
<BR></P>
<P style="margin:0px" align=center>3</P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:-16px; padding-left:32px; text-indent:-32px; page-break-before:always">(2)</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:32px">Consists of 81,926 outstanding common shares and 200,000 common shares issuable upon exercise of options.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:32px; text-indent:-32px">(3)</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:32px">Consists of 400,000 common shares issuable upon exercise of options.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:32px; text-indent:-32px">(4)</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:32px">Consists of 12,362,519 outstanding common shares, 2,500,000 shares issuable upon exercise of warrants and 1,600,000 common shares issuable upon exercise of options (see notes 1, 2 and 3).</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:32px; text-indent:-32px">(5)</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:32px">Consists of 1,500,000 outstanding common shares and 750,000 common shares issuable upon exercise of currently exercisable warrants. We are advised that Rosetta Stone Capital Limited is owned 32.50% by Mr.&nbsp;Guozhong Xie, 29.17% by Keen View Investments Limited, 29.17% by Sun Fortune Investments Limited, 5.83% by Smartmind Investments Limited and 3.33% by Mr.&nbsp;Yuen Kin Lo. Mr.&nbsp;Guozhong Xie is the sole director of Rosetta Stone Capital Limited. Ms.&nbsp;Pan Pan Hui is the sole shareholder and director of Keen View Investments Limited, Ms.&nbsp;Yi Mei Liu is a controlling shareholder and director of Sun Fortune Investments Limited and Ms.&nbsp;Yunxiao Zhao is the sole shareholder and director of Smartmind Investments Limited.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:32px; text-indent:-32px">(6)</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:32px">Consists of 725,000 outstanding common shares and 362,500 common shares issuable upon exercise of warrants. We are advised that Tim Cheer Investment Limited is wholly-owned by Cheung Yu Shum Jenkin and that Mr.&nbsp;Cheung is the sole officer and director of Tim Cheer Investment Limited.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:32px; text-indent:-32px">(7)</P>
<P style="margin-top:0px; margin-bottom:4.467px; padding-left:32px">Consists of 700,000 outstanding common shares and 350,000 common shares issuable upon exercise of warrants. We are advised that Lee Yip Investments Ltd. is wholly-owned by Tse Chi Kai Tilypse and that Mr.&nbsp;Tse is the sole officer and director of Lee Yip Investments Ltd.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:32px; text-indent:-32px">(8)</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:32px">Consists of 700,000 outstanding common shares and 350,000 common shares issuable upon exercise of warrants. We are advised that Hon Shun Ltd. is wholly-owned by Ng Kwok Kei Sammy and that Mr.&nbsp;Ng is the sole officer and director of Hon Shun Ltd</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>OUR DIRECTORS AND EXECUTIVE OFFICERS</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Board Members</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Our Board of Directors is responsible for the overall management of our company. The Board of Directors is divided into three classes, designated Class&nbsp;I, Class&nbsp;II and Class&nbsp;III. The Board of Directors currently includes two Class&nbsp;I Directors, two Class&nbsp;II Directors, and two Class&nbsp;III Directors. The term of our Class&nbsp;I Directors expires immediately following our annual meeting of Members in 2008, the term of our Class&nbsp;II Directors expires immediately following our annual meeting of Members in 2009 and the term of our Class&nbsp;III Directors expires immediately following our annual meeting of Members in 2010. The name, age and business experience of each of our Directors is as follows:</P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>Class&nbsp;I Directors</B></P>
<P style="margin:0px"><B><I>Li Feilie</I></B> (age 42)</P>
<P style="margin-top:0px; margin-bottom:8.867px">Chairman of the Board of Directors, President and Chief Executive Officer</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:61.067px" align=justify>Mr.&nbsp;Li Feilie was appointed as a director, Chief Executive Officer, Chairman of the Board and President of our company on February&nbsp;3, 2006 following the consummation of the acquisition of Feishang Mining Holdings Limited (&quot;FMH&quot;). Mr.&nbsp;Li has served as a director of FMH since September&nbsp;2004. Mr.&nbsp;Li served as the Chairman of Wuhu Feishang Mining Development Co. Limited, a wholly owned subsidiary of FMH, from June&nbsp;2002 to June&nbsp;2004. Mr.&nbsp;Li has been the chairman of Shenzhen Feishang Industrial Development Co. Ltd., Wuhu Feishang Industry Development Co. Ltd. and Wuhu Port Co. Ltd., companies beneficially owned by him, since June&nbsp;2000, December&nbsp;2001 and October&nbsp;2002, respectively. He has also served as director of Pingxiang Iron &amp; Steel Co. Ltd. since July&nbsp;2003. From March&nbsp;2002 to April&nbsp;2004, Mr.&nbsp;Li served as the chairman of Fujian Dongbai (Gr
oup) Co. Ltd. Mr.&nbsp;Li graduated from the Economic Department of Peking University and was awarded a Master&#146;s degree from the Graduate School of Peking University.</P>
<P style="margin:0px" align=justify><B><I>Ng Kin Sing</I></B> (age 46)</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify>Director</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Mr.&nbsp;Ng Kin Sing has been a director and a member of our company's Audit Committee since November&nbsp;22, 2004. He served as a director of China Resources Development, Inc., a Nevada company which is a predecessor of our company (&quot;China Development&quot;), from February&nbsp;1, 1999 until completion of a merger by which we changed our </P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><BR>
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<P style="margin:0px" align=center>4</P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always" align=justify>domicile to the British Virgin Islands (the &#147;Redomicile Merger&#148;), and as a member of its audit committee. From April&nbsp;1998 to the present, Mr.&nbsp;Ng has been the managing director of Action Plan Limited, a private securities investment company. From November&nbsp;1995 until March&nbsp;1998, Mr.&nbsp;Ng was sales and dealing director for NatWest Markets (Asia) Limited; and from May&nbsp;1985 until October&nbsp;1996, he was the dealing director of BZW Asia Limited, an international securities brokerage house. Mr.&nbsp;Ng holds a Bachelor&#146;s degree in Business Administration from the Chinese University of Hong Kong.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Class&nbsp;II Directors</B></P>
<P style="margin:0px" align=justify><B><I>Lam Kwan Sing</I></B> (age 39)</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify>Director</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Mr.&nbsp;Lam Kwan Sing has been a director and a member of our company's Audit Committee since November&nbsp;22, 2004. He served as a director of China Development from March&nbsp;20, 2003 until completion of the Redomicile Merger, and as a member of its audit committee. From May&nbsp;2008 to the present, Mr.&nbsp;Lam has been the executive director of Neo-China Land Group (Holdings) Limited, a Hong Kong listed company, where he is responsible for the overall corporate finance operations. In 2007, Mr.&nbsp;Lam served as the executive director of Forefront Group Limited, a Hong Kong listed company. From 2002 to 2006, Mr.&nbsp;Lam served as the executive director of New Times Group Holdings Limited, a Hong Kong listed company. From 2000 to 2002, Mr.&nbsp;Lam was the business development manager of China Development Corporation Limited, a Hong Kong listed company. From 1997 to 2000, he was the business development manager of Chung 
Hwa Development Holdings Limited, a Hong Kong listed company. From 1995 to 1997, Mr.&nbsp;Lam was the assistant manager (Intermediaries supervision) of the Hong Kong Securities and Futures Commission. Mr.&nbsp;Lam holds a Bachelor&#146;s degree in Accountancy from the City University of Hong Kong.</P>
<P style="margin:0px" align=justify><B><I>Yip Wing Hang</I></B> (age 42) </P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify>Director</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Mr.&nbsp;Yip Wing Hang has been a director and a member of our company's Audit Committee since June&nbsp;26, 2006. From February&nbsp;2002 to the present, Mr.&nbsp;Yip has been the marketing director of Hantec Investment Consultant Limited responsible for its wealth management business. From May&nbsp;1997 to February&nbsp;2002, Mr.&nbsp;Yip was the senior manager of CCIC Finance Limited. Mr.&nbsp;Yip holds a Bachelor&#146;s degree in International Business Studies from the City University of Hong Kong. He also holds a Masters degree in Accounting and Finance from the Lancaster University, UK.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Class&nbsp;III Directors</B></P>
<P style="margin:0px" align=justify><B><I>Tam Cheuk Ho</I></B> (age 46)</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify>Director and Executive Vice President</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Mr.&nbsp;Tam Cheuk Ho has served as a director of our company since December&nbsp;23, 1993, and as its Chief Financial Officer since November&nbsp;22, 2004. He served as the Chief Financial Officer and a director of China Development from December&nbsp;2, 1994 until completion of the Redomicile Merger. On January&nbsp;2, 2008, Mr.&nbsp;Tam was promoted to the office of Executive Vice President and, in connection therewith, resigned his position as Chief Financial Officer. From July&nbsp;1984 through January&nbsp;1992, he worked as an Audit Manager at Ernst &amp; Young, Hong Kong, and from February&nbsp;1992 through September&nbsp;1992 as Financial Controller at Tack Hsin Holdings Limited, a listed company in Hong Kong, where he was responsible for accounting and financial functions. From October&nbsp;1992, through December&nbsp;1994, Mr.&nbsp;Tam was Finance Director of Hong Wah (Holdings) Limited. He is a fellow of both the Hon
g Kong Institute of Certified Public Accountants and the Association of Chartered Certified Accountants. He is also a certified public accountant (practicing) in Hong Kong. He holds a Bachelor's degree in Business Administration from the Chinese University of Hong Kong.</P>
<P style="margin:0px" align=justify><B><I>Wong Wah On</I></B><I> </I><B><I>Edward</I> </B>(age 45)</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify>Director, Secretary and Chief Financial Officer</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Mr.&nbsp;Wong Wah On Edward has been a director of our company since January&nbsp;25, 1999, our Secretary since February&nbsp;1, 1999 and our Financial Controller since November&nbsp;22, 2004. He served as Financial Secretary, Financial Controller and a director of China Development from December&nbsp;30, 1997 until completion of the Redomicile Merger. On January&nbsp;2, 2008, Mr.&nbsp;Wong was promoted to the office of Chief Financial Officer and, in connection therewith, </P>
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<P style="margin:0px" align=center>5</P>
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<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always" align=justify>resigned his position as Financial Controller. He is responsible for our treasury, accounting and secretarial functions. From October&nbsp;1992 through December&nbsp;1994, Mr.&nbsp;Wong was the Deputy Finance Director of Hong Wah (Holdings) Limited. From July&nbsp;1988 through October&nbsp;1992, he was an audit supervisor at Ernst &amp; Young, Hong Kong. He received a professional diploma in Company Secretaryship and Administration from the Hong Kong Polytechnic University. He is a fellow of both the Association of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accountants, and an associate of the Hong Kong Institute of Chartered Secretaries. He is also a certified public accountant (practicing) in Hong Kong.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Our officers are elected annually at the Board of Directors meeting following the annual election of directors by Members, and hold office until their respective successors are duly elected and qualified, subject to their earlier death, resignation or removal.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Meetings of the Board of Directors</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>During the year ended December&nbsp;31, 2007, our Board of Directors held eleven meetings. Each member of the board participated in each meeting of the board. Three actions were taken by written consent in lieu of meeting.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Fees to Members of the Board of Directors</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Commencing July&nbsp;1, 2006, we pay our independent directors a monthly directors&#146; fee equal to HK$5,000. We do not otherwise pay fees to directors for their attendance at meetings of the Board of Directors or of committees; however, we may adopt a policy of making such payments in the future. We will reimburse out-of-pocket expenses incurred by directors in attending board and committee meetings.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>CORPORATE GOVERNANCE MATTERS</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Committees of the Board of Directors</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The Board of Directors has established an Audit Committee, a Nominating and Corporate Governance Committee and a Compensation Committee.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:24px" align=justify><B><I>Audit Committee</I></B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Our Audit Committee, whose members currently consist of Yip Wing Hang, Lam Kwan Sing and Ng Kin Sing, is principally responsible for ensuring the accuracy and effectiveness of the annual audit of the financial statements. The duties of the Audit Committee include, but are not limited to: </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>appointing and supervising our independent registered public accounting firm; </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>assessing the organization and scope of the Company&#146;s internal audit function; </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>reviewing the scope of audits to be conducted, as well as the results thereof;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>approving audit and non-audit services provided to us by our independent registered public accounting firm; and </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>overseeing our financial reporting activities, including our internal controls and procedures and the accounting standards and principles applied.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Each member of the Audit Committee is an &#147;independent&#148; director, as such term is used in Section&nbsp;10A(m)(3) of the Exchange Act and NASDAQ Marketplace Rule&nbsp;4200(a)(15). Our Audit Committee held a total of four meetings during fiscal 2007, which were attended by all of the Committee&#146;s then current members. A copy of the Amended and Restated Charter of the Audit Committee was attached as Appendix&nbsp;A to our Information Statement relating to the 2007 annual meeting of Members.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify><I>Audit Committee Financial Expert</I></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>In general, an &quot;audit committee financial expert&quot; within the meaning of Item 407 of Regulation&nbsp;S-K of the Securities Act of 1933, as amended (the &quot;Securities Act&quot;), is an individual member of the Audit Committee who:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>understands generally accepted accounting principles and financial statements,</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>is able to assess the general application of such principles in connection with accounting for estimates, accruals and reserves, </P>
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<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol; page-break-before:always" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>has experience preparing, auditing, analyzing or evaluating financial statements comparable to the breadth and complexity to our financial statements, </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>understands internal controls over financial reporting, and </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>understands audit committee functions.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>An &#147;audit committee financial expert&#148; may acquire the foregoing attributes through: </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>education and experience as a principal financial officer, principal accounting officer, controller, public accountant, auditor or person serving similar functions; </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor or person serving similar functions; experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing or evaluation of financial statements; or,</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>other relevant experience.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Our Board of Directors has determined that Mr.&nbsp;Yip Wing Hang and Mr.&nbsp;Lam Kwan Sing is each an &#147;audit committee financial expert&#148; within the meaning of Item 407 of Regulation&nbsp;S-K.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px"><I>Audit Committee Report</I></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify><I>The following statement made by our Audit Committee shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, and shall not otherwise be deemed filed under either of those acts.</I></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The Audit Committee reviews our financial reporting process on behalf of the Board of Directors. Management has the primary responsibility for the financial statements and the reporting process including the system of internal controls.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Management represented to the Audit Committee that our consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States, and the committee has reviewed and discussed the consolidated financial statements with management and the independent registered public accounting firm. The Audit Committee also discussed with the independent registered public accounting firm matters required to be discussed by auditing standards generally accepted in the United States.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>In addition, the Audit Committee has discussed with the independent registered public accounting firm their independence from our company and its management, and has received the written disclosures and letter required by Independence Standards Board Standard No.&nbsp;1 (Independence Discussions with Audit Committees). The Audit Committee has also discussed with the independent registered public accounting firm the matters required to be discussed by Statement of Accounting Standards (SAS) 114.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The Audit Committee also discussed with our independent registered public accounting firm the overall scope and plans for their audit. The Audit Committee meets with the independent registered public accounting firm with and without management present, to discuss the results of their examinations, the evaluations of our internal controls, and the overall quality of our financial reporting.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors, and the Board has approved, that our audited consolidated financial statements be included in our Annual Report on Form&nbsp;20-F for the year ended December&nbsp;31, 2007 for filing with the Securities and Exchange Commission.</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:192px; text-indent:48px" align=justify>Submitted by the Audit Committee of the Board of Directors:</P>
<P style="margin:0px; padding-left:192px; text-indent:48px" align=justify>/s/ Ng Kin Sing</P>
<P style="margin:0px; padding-left:192px; text-indent:48px" align=justify>/s/ Lam Kwan Sing</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:192px; text-indent:48px" align=justify>/s/ Yip Wing Hang</P>
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<P style="margin-top:0px; margin-bottom:8.867px; padding-left:24px; page-break-before:always"><B><I>Nominating and Corporate Governance Committee; Member Nominees for Director</I></B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Our Board of Directors has established a Nominating and Corporate Governance Committee that operates pursuant to a written charter. The current members of the Nominating and Corporate Governance Committee are Ng Kin Sing, Lam Kwan Sing and Yip Wing Hang. Each member of the Nominating and Corporate Governance Committee is an &quot;independent&quot; director, as such term is used in NASDAQ Marketplace Rule&nbsp;4200(a)(15).</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The Nominating and Corporate Governance Committee is responsible for providing oversight on a broad range of issues surrounding the composition and operation of our Board of Directors. In particular, the responsibilities of the Nominating and Corporate Governance Committee include:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>identifying individuals qualified to become members of the Board of Directors;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>recommending to the Board of Directors nominees for election to the Board;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>reviewing corporate governance principles applicable to us and recommending corporate governance principles to the Board of Directors;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>administering our Code of Ethics, investigating alleged violations of the Code and recommending action to the Board of Directors;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>confirming that at least one Audit Committee member is an &quot;audit committee financial expert&quot; within the meaning of regulatory requirements; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>carrying out such other duties and responsibilities as may be determined by the Board of Directors.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The Nominating and Corporate Governance Committee is required to meet at least once annually and more frequently if the committee deems it to be appropriate. The committee may delegate authority to one or more members of the committee; provided that any decisions made pursuant to such delegated authority are promptly communicated to all other committee members. The Nominating and Corporate Governance Committee met on one occasion during the year ended December&nbsp;31, 2007.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The Nominating and Corporate Governance Committee will consider candidates for directors proposed by Members, although no formal procedures for submitting the names of candidates for inclusion on management's slate of director nominees have been adopted. Until otherwise determined by the Nominating and Corporate Governance Committee, a Member who wishes to submit the name of a candidate to be considered for inclusion on management's slate of nominees at the next annual meeting of Members must notify our Corporate Secretary, in writing, no later than June&nbsp;30 of the year in question of its desire to submit the name of a director nominee for consideration. The written notice must include information about each proposed nominee, including name, age, business address, principal occupation, telephone number, shares beneficially owned and a statement describing why inclusion of the candidate would be in our best interests. The not
ice must also include the proposing Member's name and address, as well as the number of shares beneficially owned. A statement from the candidate must also be furnished, indicating the candidate's desire and ability to serve as a director. Adherence to these procedures is a prerequisite to the Board's consideration of the Member's candidate. Once a candidate has been identified, the Nominating and Corporate Governance Committee reviews the individual's experience and background, and may discuss the proposed nominee with the source of the recommendation. If the Nominating and Corporate Governance Committee believes it to be appropriate, committee members may meet with the proposed nominee before making a final determination whether to include the proposed nominee as a member of management's slate of director nominees to be submitted for election to the Board.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>There were no Member recommendations for nomination to the Board of Directors in connection with the 2008 Annual Meeting of Members. There are two Class&nbsp;I Director nominees who will be elected by the written consent of the holders of a majority of our outstanding voting securities as described herein, each of whom is an incumbent director standing for reelection.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>A copy of the Charter of the Nominating and Corporate Governance Committee was attached as Appendix&nbsp;B to our Information Statement relating to the 2007 annual meeting of Members.</P>
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<P style="margin-top:0px; margin-bottom:8.867px; padding-left:24px; page-break-before:always" align=justify><B><I>Compensation Committee</I></B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Our Board of Directors has established a Compensation Committee that operates pursuant to a written charter. The current members of the Compensation Committee are Ng Kin Sing, Lam Kwan Sing and Yip Wing Hang. Each member of the Compensation Committee is an &quot;independent&quot; director, as such term is used in NASDAQ Marketplace Rule&nbsp;4200(a)(15).</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The Compensation Committee is responsible for:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Formulating corporate goals and objectives relevant to compensation payable to the CEO and other executive officers;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Evaluating the performance of the CEO and other executive officers in light of these goals and objectives;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Recommending to the Board for its adoption and approval, compensation payable to the CEO and other executive officers, including (a) annual base salary level, (b) annual incentive opportunity level, (c) long-term incentive opportunity level, (d) employment agreements, severance arrangements, and change in control agreement/provisions, in each case as, when and if appropriate, and (e) any special or supplemental benefits;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Administering and supervising the Company&#146;s incentive compensation plans, including equity compensation plans;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Recommending to the Board for its adoption and approval, awards to be made under the Company&#146;s incentive compensation plans, including equity compensation plans; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>Generally supporting the Board of Directors in carrying out its overall responsibilities relating to executive compensation.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The Compensation Committee is required to meet at least once annually and more frequently if the committee deems it to be appropriate. The committee may delegate authority to one or more members of the committee; provided that any decisions made pursuant to such delegated authority are promptly communicated to all other committee members. The Compensation Committee met on one occasion during the 2007 fiscal year.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>A copy of the Charter of the Compensation Committee was attached as Appendix&nbsp;C to our Information Statement relating to the 2007 annual meeting of Members.</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:48px" align=justify><I>Compensation Committee Interlocks and Insider Participation</I></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>No member of our compensation committee during the last completed fiscal year (a) was an officer or employee of China Natural Resources or any of its subsidiaries, (b) was formerly an officer or employee of China Natural Resources or any of its subsidiaries, or, (c) had any relationship requiring disclosure by China Natural Resources under any paragraph of Item 404 of Regulation&nbsp;S-K. </P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>Member Communications with our Board of Directors</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>We have established an informal process for Members to send communications to members of our Board of Directors. Members who wish to contact the Board of Directors or any of its members may do so by writing to them, c/o China Natural Resources, Inc., Room 2205, 22/F, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong. Correspondence directed to an individual Board member is referred, unopened, to that Board member. Correspondence not directed to a particular Board member is referred, unopened, to the Chairman of the Board, for reviewing and forwarding to the appropriate person. </P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>Attendance at Annual Meeting of Members</B></P>
<P style="margin:0px; text-indent:48px" align=justify>We have not adopted a formal policy on Board members&#146; attendance at in-person annual meetings of Members, although all Board members are encouraged to attend in-person meetings.</P>
<P style="margin:0px; text-indent:48px" align=justify>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>NASDAQ Requirements</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Our common shares are currently listed on The NASDAQ Capital Market and, for so long as our securities continue to be listed, we will remain subject to the rules and regulations established by The NASDAQ Stock Market as being applicable to listed companies. NASDAQ has adopted, and from time-to-time adopts, amendments to its </P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>9</P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always" align=justify>Marketplace Rule&nbsp;4350 that impose various corporate governance requirements on listed securities. Section&nbsp;(a)(1) of Marketplace Rule&nbsp;4350 provides that foreign private issuers such as our company are required to comply with certain specific requirements of Marketplace Rule&nbsp;4350, but, as to the balance of Marketplace Rule&nbsp;4350, foreign private issuers are not required to comply if the laws of their home jurisdiction do not otherwise require compliance.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>We currently comply with the specifically mandated provisions of Marketplace Rule&nbsp;4350. In addition, we have elected to voluntarily comply with certain other requirements of Marketplace Rule&nbsp;4350 notwithstanding that our home jurisdiction does not mandate compliance; although we may in the future determine to cease voluntary compliance with those provisions of Marketplace Rule&nbsp;4350. However, we have determined not to comply with the following provisions of Marketplace Rule&nbsp;4350 since the laws of the British Virgin Islands do not require compliance:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>a majority of our Directors are not independent within the meaning of NASDAQ rules;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>our independent directors do not hold regularly scheduled meetings in executive session;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>we are not required to hold an in-person annual meeting to elect directors and transact other business customarily conducted at an in-person annual meeting, but rather may we may conduct those activities by written consent of majority members in lieu of meeting;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>the compensation of our executive officers is recommended but not determined by an independent committee of the Board or by the independent members of the Board of Directors, and our CEO may be present in the deliberations concerning his compensation;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>related party transactions are not required to be reviewed and we are not required to solicit member approval of stock plans, including: those in which our officers or directors may participate; stock issuances that will result in a change in control; the issuance of our stock in related party acquisitions or other acquisitions in which we may issue 20% or more of our outstanding shares; or, below market issuances of 20% or more of our outstanding shares to any person; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>we are not yet required to participate in an electronic link with a specified registered depository in connection with any direct registration program that we may establish in the future (a recent change to Nasdaq rules requires that we participate in a direct registration program by March&nbsp;31, 2009).</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>We may in the future determine to voluntarily comply with one or more of the foregoing provisions of Marketplace Rule&nbsp;4350.</P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>Code of Ethics</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>A Code of Ethics is a written standard designed to deter wrongdoing and to promote:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>honest and ethical conduct, </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>full, fair, accurate, timely and understandable disclosure in regulatory filings and public statements, </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>compliance with applicable laws, rules and regulations, </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>the prompt reporting of any violation of the code, and </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>accountability for adherence to the Code of Ethics. </P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>We have adopted a Code of Ethics applicable to all of our employees, and additional provisions that apply only to our Chief Executive Officer, principal financial and accounting officers and persons performing similar functions. A copy of our Code of Ethics has been filed as an exhibit to our Annual Report on Form&nbsp;20F and may be obtained, without charge, upon written request addressed to the attention of our Secretary, Room 2205, 22/F, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Section&nbsp;16(a) Beneficial Ownership Reporting Compliance</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>We are a foreign private issuer under Federal securities laws. As a result, our directors, officers and Members are not required to file beneficial ownership reports under Section&nbsp;16 of the Exchange Act.</P>
<A NAME="node19"></A><P style="margin-top:0px; margin-bottom:8.867px" align=center><BR>
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<P style="margin:0px" align=center>10</P>
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<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always" align=center><B>EXECUTIVE COMPENSATION</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Summary Compensation Table</B></P>
<P style="margin:0px; text-indent:48px" align=justify>The following table sets forth the amount of compensation that was paid, earned and/or accrued and awards made under the Company&#146;s equity compensation plan during the fiscal year ended December&nbsp;31, 2007, to each of the individuals identified in Item 6(A) of our Annual Report on Form&nbsp;20F.</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=163.8></TD><TD width=21.733></TD><TD width=107.333></TD><TD width=21.733></TD><TD width=80.733></TD><TD width=21.733></TD><TD width=90.867></TD><TD width=21.733></TD><TD width=94.333></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=bottom width=163.8><P style="line-height:10pt; margin:0px; font-size:8pt"><B>Name</B></P>
</TD><TD valign=bottom width=21.733><P style="margin:0px; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=107.333><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Compensation <BR>
(US$)</B></P>
</TD><TD valign=bottom width=21.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=80.733><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Number of <BR>
Options to <BR>
Purchase <BR>
Common <BR>
Shares</B></P>
</TD><TD valign=bottom width=21.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=90.867><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Exercise <BR>
Price</B></P>
<P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>(US$/Share)</B></P>
</TD><TD valign=bottom width=21.733><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=94.333><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Expiration</B></P>
<P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Date</B></P>
</TD></TR>
<TR><TD valign=top width=163.8><P>&nbsp;</P></TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=107.333><P>&nbsp;</P></TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=80.733><P>&nbsp;</P></TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=90.867><P>&nbsp;</P></TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=94.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=163.8><P style="margin:0px">Li Feilie</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=107.333><P style="margin:0px" align=center>&#151;</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=80.733><P style="margin:0px" align=center>300,000</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=90.867><P style="margin:0px" align=center>$8.51</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=94.333><P style="margin:0px" align=center>July&nbsp;31, 2010</P>
</TD></TR>
<TR><TD valign=top width=163.8><P style="margin:0px">Tam Cheuk Ho</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=107.333><P style="margin:0px" align=center>$123,077</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=80.733><P style="margin:0px" align=center>400,000</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=90.867><P style="margin:0px" align=center>$8.51</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=94.333><P style="margin:0px" align=center>July&nbsp;31, 2010</P>
</TD></TR>
<TR><TD valign=top width=163.8><P style="margin:0px">Wong Wah On Edward</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=107.333><P style="margin:0px" align=center>$&nbsp;&nbsp;92,308</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=80.733><P style="margin:0px" align=center>400,000</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=90.867><P style="margin:0px" align=center>$8.51</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=94.333><P style="margin:0px" align=center>July&nbsp;31, 2010</P>
</TD></TR>
<TR><TD valign=top width=163.8><P style="margin:0px">Lam Kwan Sing</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=107.333><P style="margin:0px" align=center>$&nbsp;&nbsp;&nbsp;&nbsp;7,692</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=80.733><P style="margin:0px" align=center>&#151;</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=90.867><P style="margin:0px" align=center>&#151;</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=94.333><P style="margin:0px" align=center>&#151;</P>
</TD></TR>
<TR><TD valign=top width=163.8><P style="margin:0px">Ng Kin Sing</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=107.333><P style="margin:0px" align=center>$&nbsp;&nbsp;&nbsp;&nbsp;7,692</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=80.733><P style="margin:0px" align=center>&#151;</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=90.867><P style="margin:0px" align=center>&#151;</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=94.333><P style="margin:0px" align=center>&#151;</P>
</TD></TR>
<TR><TD valign=top width=163.8><P style="margin:0px">Yip Wing Hang</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=107.333><P style="margin:0px" align=center>$&nbsp;&nbsp;&nbsp;&nbsp;7,692</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=80.733><P style="margin:0px" align=center>&#151;</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=90.867><P style="margin:0px" align=center>&#151;</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=94.333><P style="margin:0px" align=center>&#151;</P>
</TD></TR>
<TR><TD valign=top width=163.8><P style="margin:0px">Tang Mian</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=107.333><P style="margin:0px" align=center>$&nbsp;&nbsp;15,775</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=80.733><P style="margin:0px" align=center>200,000</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=90.867><P style="margin:0px" align=center>$8.51</P>
</TD><TD valign=top width=21.733><P>&nbsp;</P></TD><TD valign=top width=94.333><P style="margin:0px" align=center>July&nbsp;31, 2010</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>On February&nbsp;1, 1999, we entered into an Employment Agreement with Tam Cheuk Ho. In accordance with the terms of the Employment Agreement, Mr.&nbsp;Tam is employed by us as our Chief Financial Officer and to perform such duties as the Board of Directors from time to time determines. Mr.&nbsp;Tam receives a base salary of HK$1,800,000 (US$230,769) annually, which base salary is adjusted on each anniversary of the Employment Agreement to reflect a change in the applicable consumer price index or such greater amount as our Board of Directors may determine. The initial two-year term of the Employment Agreement has expired, and the term of the agreement continues to automatically renew each year, until terminated as provided therein. On March&nbsp;1, 2006, we entered into a Supplemental Employment Agreement with Tam Cheuk Ho, reducing his base salary to HK$960,000 (US$123,077) per annum with all other terms of the Employment Agre
ement remaining in full force and effect.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>On February&nbsp;1, 1999, we entered into an Employment Agreement with Wong Wah On Edward. In accordance with the terms of the Employment Agreement, Mr.&nbsp;Wong is employed by us as our Financial Controller and Corporate Secretary, to perform such duties as the Board of Directors from time to time determines. Mr.&nbsp;Wong receives a base salary of HK$1,200,000 (US$153,846) annually, which base salary is adjusted on each anniversary of the Employment Agreement to reflect a change in the applicable consumer price index or such greater amount as our Board of Directors may determine. The initial two-year term of the Employment Agreement has expired, and the agreement continues to automatically renew each year, until terminated as provided therein. On March&nbsp;1, 2006, we entered into a Supplemental Employment Agreement with Wong Wah On Edward, reducing his base salary to HK$720,000 (US$92,308) per annum with all other terms of 
the Employment Agreement remaining in full force and effect.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Effective October&nbsp;1, 2008, we entered into Service Agreements with each of Li Feilie, our President and Chief Executive Officer, Tam Cheuk Ho, our Executive Vice President, and Wong Wah On Edward, our Chief Financial Officer. Each of the Agreements contains customary provisions to protect our confidential information and trade secrets and, in addition, provides that:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>the existing service agreement with the executive be terminated and be of no further force or effect;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>the initial term of the new Service Agreement will be three years and shall continue thereafter unless and until terminated by a party on not less than three months&#146; notice;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>the executive will serve as an executive officer of the Company in such capacity and with such responsibilities as are determined by the Board of Directors;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>we are to compensate the executive with an annual fee of US$1.00, plus such equity awards as may from time to time be determined by our Compensation Committee;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>the executive&#146;s annual fee will be reviewed annually by the Compensation Committee and may be adjusted in the discretion of the Committee with the approval of the Board of Directors;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>the Service Agreement may be terminated in the event of the death or incapacity of the executive or upon the occurrence of other customary grounds for termination;</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>11</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol; page-break-before:always" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>for two years following expiration of the Agreement, the executive may not compete with the business of the Company in the PRC, or solicit employees or customers of the Company; </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>the executive be indemnified for liabilities incurred in good faith during the course of the performance of his services to the Company;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>the executive serve on our Board of Directors if requested to do so by the Board, without additional consideration; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>the executive be reimbursed for reasonable expenses incurred in the performance of his responsibilities under the Agreement.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>We have no other service agreements or siimilar contracts with any of our officers or directors and maintain no retirement, fringe benefit or similar plans for the benefit of our officers or directors. We may, however, enter into employment contracts with our officers and key employees, adopt various benefit plans and begin paying compensation to our officers and directors as we deem appropriate to attract and retain the services of such persons.</P>
<P style="margin-top:0px; margin-bottom:8.867px"><B>Securities Authorized for Issuance Under Equity Compensation Plans</B></P>
<P style="margin:0px; text-indent:48px">The following table sets forth information relating to our outstanding stock option plans as of December&nbsp;31, 2007:</P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=202.933></TD><TD width=13.333></TD><TD width=40.933></TD><TD width=43.333></TD><TD width=41.067></TD><TD width=12.067></TD><TD width=41.067></TD><TD width=41.067></TD><TD width=41.067></TD><TD width=12.067></TD><TD width=40.933></TD><TD width=53.333></TD><TD width=40.8></TD></TR>
<TR><TD valign=bottom width=202.933><P>&nbsp;</P></TD><TD valign=bottom width=13.333><P style="margin:0px; font-size:8pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=bottom width=125.333 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Number of Securities <BR>
to be Issued Upon <BR>
Exercise of Options, <BR>
Warrants and Rights</B></P>
</TD><TD valign=bottom width=12.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=123.2 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Weighted Average <BR>
Exercise Price of <BR>
Outstanding Options, <BR>
Warrants and Rights</B></P>
</TD><TD valign=bottom width=12.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=135.067 colspan=3><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Number of Securities <BR>
Remaining Available for <BR>
Future Issuance Under <BR>
Equity Compensation Plan <BR>
(excluding securities <BR>
reflected in column a)</B></P>
</TD></TR>
<TR><TD valign=bottom width=202.933><P>&nbsp;</P></TD><TD valign=bottom width=13.333><P>&nbsp;</P></TD><TD valign=bottom width=125.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=12.067><P>&nbsp;</P></TD><TD valign=bottom width=123.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=12.067><P>&nbsp;</P></TD><TD valign=bottom width=135.067 colspan=3><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=202.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Equity Compensation Plan Approved by Security Holders</P>
</TD><TD valign=bottom width=13.333><P>&nbsp;</P></TD><TD valign=bottom width=125.333 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=12.067><P>&nbsp;</P></TD><TD valign=bottom width=123.2 colspan=3><P>&nbsp;</P></TD><TD valign=bottom width=12.067><P>&nbsp;</P></TD><TD valign=bottom width=135.067 colspan=3><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=202.933><P style="margin:0px; padding-left:24px; text-indent:-8px">2003 Equity Compensation Plan</P>
</TD><TD valign=bottom width=13.333><P>&nbsp;</P></TD><TD valign=bottom width=40.933><P>&nbsp;</P></TD><TD valign=bottom width=43.333><P style="margin:0px" align=center>900,000</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=12.067><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P style="margin:0px" align=center>$8.51</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=12.067><P>&nbsp;</P></TD><TD valign=bottom width=40.933><P>&nbsp;</P></TD><TD valign=bottom width=53.333><P style="margin:0px" align=center>1,950,854</P>
</TD><TD valign=bottom width=40.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=202.933><P style="margin:0px; padding-left:8px; text-indent:-8px">Equity Compensation Plans Not Approved by Security Holders</P>
</TD><TD valign=bottom width=13.333><P>&nbsp;</P></TD><TD valign=bottom width=40.933><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=43.333><P style="margin:0px" align=center>&#151;</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=12.067><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=41.067><P style="margin:0px" align=center>&#151;</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=12.067><P>&nbsp;</P></TD><TD valign=bottom width=40.933><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=bottom width=53.333><P style="margin:0px" align=center>&#151;</P>
</TD><TD valign=bottom width=40.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=bottom width=202.933><P style="margin:0px">TOTAL</P>
</TD><TD valign=bottom width=13.333><P>&nbsp;</P></TD><TD valign=bottom width=40.933><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=43.333><P style="margin:0px" align=center>900,000</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=12.067><P>&nbsp;</P></TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=41.067><P style="margin:0px" align=center>$8.51</P>
</TD><TD valign=bottom width=41.067><P>&nbsp;</P></TD><TD valign=bottom width=12.067><P>&nbsp;</P></TD><TD valign=bottom width=40.933><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=bottom width=53.333><P style="margin:0px" align=center>1,950,854</P>
</TD><TD valign=bottom width=40.8><P>&nbsp;</P></TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Stock Option Plan</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>We have adopted the 2003 Equity Compensation Plan. The purposes of the plan are to:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Encourage ownership of our common shares by our officers, directors , employees and advisors;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Provide additional inventive for them to promote our success and our business; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>Encourage them to remain in our employ by providing them with the opportunity to benefit from any appreciation of our common shares.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>A brief description of plan is as follows:</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>On December&nbsp;18, 2003, our Members approved and adopted the 2003 Equity Compensation Plan (the &#147;2003 Plan&#148;). The 2003 Plan allows the Board to grant various incentive equity awards not limited to stock options. We have reserved a number of common shares equal to 20% of the issued and outstanding common shares of our company, from time-to-time, for issuance pursuant to options granted (&#147;Plan Options&#148;) or for restricted stock awarded (&#147;Stock Grants&#148;) under the 2003 Plan. Stock Appreciation Rights may be granted as a means of allowing participants to pay the exercise price of Plan Options. Stock Grants may be made upon such terms and conditions as the Board or Committee designated by the Board determines. Stock Grants may include deferred stock awards under which receipt of Stock Grants is deferred, with vesting to occur upon such terms and conditions as the Board or Committee determines.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The 2003 Plan is administered by the Board of Directors or a Committee designated by the Board. The Board or Committee will determine, from time to time, those of our officers, directors, employees and consultants to whom Stock Grants and Plan Options will be granted, the terms and provisions of the respective Stock Grants and Plan Options, the dates such Plan Options will become exercisable, the number of shares subject to each Plan Option, the purchase price of such shares and the form of payment of such purchase price. Plan Options and Stock </P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>12</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always" align=justify>Grants will be awarded based upon the fair market value of our common shares at the time of the award. All questions relating to the administration of the 2003 Plan, and the interpretation of the provisions thereof are to be resolved at the sole discretion of the Board or Committee. </P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Options granted under the 2003 may be either incentive stock options within the meaning of Section&nbsp;422 of the Internal Revenue Code of 1986, as amended, or non-qualified options. The exercise price of incentive stock options may not be less than 100% of the fair market value of the underlying common shares as of the date of grant. The exercise price of non-qualified options may not be less than 85% of the fair market value of the underlying common shares as of the date of grant.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The 2003 Plan terminates on December&nbsp;18, 2013. During the year ended December&nbsp;31, 2007, the board of directors granted options to certain employees and officers to purchase 2,300,000 common shares of the Company. A total of 1,950,854 shares were available for grant as of December&nbsp;31, 2007. On January&nbsp;7, 2008, three-year options to purchase 1,000,000 common shares, at an exercise price of $22.64 per share, were awarded under the 2003 Plan.</P>
<A NAME="node23"></A><P style="margin-top:0px; margin-bottom:8.867px" align=center><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>On September&nbsp;1, 2000, the Company and Anka Consultants Limited (&#147;Anka&#148;), a private Hong Kong company that is owned by Tam Cheuk Ho and Wong Wah On Edward, executive officers and directors of the Company, entered into an office sharing agreement, based upon which the Company&#146;s head office in Hong Kong is shared on an equal basis between the two parties. The office sharing agreement also provides that the Company and Anka shall share certain costs and expenses in connection with its use of the office. For the years ended December&nbsp;31, 2005, 2006 and 2007, the Company paid rental expenses to Anka Consultants Limited amounted to RMB211,000 (US$29,000), RMB226,000 (US$31,000) and RMB258,000 (US$35,000), respectively.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>On February&nbsp;3, 2006 the Company consummated the acquisition of all of the issued and outstanding capital stock of Feishang Mining from Feishang Group, a British Virgin Islands company. Mr.&nbsp;Li Feilie, our President, Chief Executive Officer and Chairman is the sole beneficial owner of Feishang Group. The terms of the acquisition are described under Item 4A, above.</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:48px">Other transactions with related companies are summarized as follows:</P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=375.733></TD><TD width=17.933></TD><TD width=64.733></TD><TD width=18></TD><TD width=64.8></TD><TD width=18></TD><TD width=64.8></TD></TR>
<TR><TD valign=top width=375.733><P>&nbsp;</P></TD><TD valign=top width=17.933><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=230.333 colspan=5><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Year ended December&nbsp;31,</B></P>
</TD></TR>
<TR><TD valign=top width=375.733><P>&nbsp;</P></TD><TD valign=top width=17.933><P>&nbsp;</P></TD><TD valign=top width=64.733><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2005</B></P>
</TD><TD valign=top width=18><P>&nbsp;</P></TD><TD valign=top width=64.8><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2006</B></P>
</TD><TD valign=top width=18><P>&nbsp;</P></TD><TD valign=top width=64.8><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>2007</B></P>
</TD></TR>
<TR><TD valign=top width=375.733><P>&nbsp;</P></TD><TD valign=top width=17.933><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=64.733><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>RMB</B></P>
</TD><TD valign=top width=18><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=64.8><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>RMB</B></P>
</TD><TD valign=top width=18><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=64.8><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>RMB</B></P>
</TD></TR>
<TR><TD valign=top width=375.733><P>&nbsp;</P></TD><TD valign=top width=17.933><P>&nbsp;</P></TD><TD valign=top width=64.733><P>&nbsp;</P></TD><TD valign=top width=18><P>&nbsp;</P></TD><TD valign=top width=64.8><P>&nbsp;</P></TD><TD valign=top width=18><P>&nbsp;</P></TD><TD valign=top width=64.8><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=375.733><P style="margin:0px; padding-left:8px; text-indent:-8px">Expenses paid on behalf of Wuhu Feishang Non-Metal Material Co. Ltd. (&#147;WFNM&#148;)</P>
</TD><TD valign=top width=17.933><P>&nbsp;</P></TD><TD valign=top width=64.733><P style="margin:0px" align=center>1,809,000</P>
</TD><TD valign=top width=18><P>&nbsp;</P></TD><TD valign=top width=64.8><P style="margin:0px" align=center>2,032,000</P>
</TD><TD valign=top width=18><P>&nbsp;</P></TD><TD valign=top width=64.8><P style="margin:0px" align=center>2,247,000</P>
</TD></TR>
<TR><TD valign=top width=375.733><P style="margin:0px; padding-left:8px; text-indent:-8px">Interest income earned from Anhui Xinke New Material Co. Ltd. (&#147;Xinke&#148;)</P>
</TD><TD valign=top width=17.933><P>&nbsp;</P></TD><TD valign=top width=64.733><P style="margin:0px" align=center>&nbsp;&nbsp;&nbsp;503,000</P>
</TD><TD valign=top width=18><P>&nbsp;</P></TD><TD valign=top width=64.8><P style="margin:0px" align=center>&#151;</P>
</TD><TD valign=top width=18><P>&nbsp;</P></TD><TD valign=top width=64.8><P style="margin:0px" align=center>&#151;</P>
</TD></TR>
<TR><TD valign=top width=375.733><P style="margin:0px; padding-left:8px; text-indent:-8px">Interest income received from Xinke</P>
</TD><TD valign=top width=17.933><P>&nbsp;</P></TD><TD valign=top width=64.733><P style="margin:0px" align=center>&nbsp;&nbsp;&nbsp;447,000</P>
</TD><TD valign=top width=18><P>&nbsp;</P></TD><TD valign=top width=64.8><P style="margin:0px" align=center>&#151;</P>
</TD><TD valign=top width=18><P>&nbsp;</P></TD><TD valign=top width=64.8><P style="margin:0px" align=center>&#151;</P>
</TD></TR>
</TABLE>
<P style="margin-top:8.867px; margin-bottom:8.867px; padding-left:0.133px; text-indent:47.867px" align=justify>In February&nbsp;2005, the Company advanced RMB20,000,000 (US$2,741,000) to Xinke. The balance increased to RMB20,503,000 (US$2,810,000) at December&nbsp;31, 2005 due to the accrual of interest income. In January&nbsp;2006, the balance was offset against dividends payable to Mr.&nbsp;Li Feilie.</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:0.133px; text-indent:47.867px" align=justify>At December&nbsp;31, 2005, Wuhu owed WFNM RMB6,476,000 (US$887,000). During the year ended December&nbsp;31, 2006, Wuhu paid expenses of RMB2,032,000 (US$278,000) on behalf of WFNM and advanced RMB1,000,000 (US$137,000), resulting in Wuhu owing WRNM RMB3,444,000 (US$472,000)at December&nbsp;31, 2006. During the year ended December&nbsp;31, 2007, Wuhu paid expenses of RMB2,247,000 (US$308,000) on behalf of WFNM, resulting in Wuhu owing WFNM RMB1,197,000 (US$164,000) at December&nbsp;31, 2007. These advances are non-interest bearing, unsecured and are due on demand.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:51.533px" align=justify>Feishang Group Limited advanced RMB1,024,000 (US$140,000) to Yunnan Mining for its investment in Longchuan Metals and Stones Mining Co. Ltd. and the exploration right of Silver and Multi-Metallic Ore in Jinshizhang District, Guangdong Province, PRC.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:51.533px" align=justify>As at December&nbsp;31, 2006, the Company owed Mr.&nbsp;Li Feilie RMB8,594,000 (US$1,178,000) which represented advances made by him to the Company and expenses he paid on behalf of the Company. During the year ended December&nbsp;31, 2006, RMB14,899,000 (US$2,042,000) was repaid and an additional advance of </P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>13</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always" align=justify>RMB759,000 (US$104,000) was made. During the year ended December&nbsp;31, 2007, RMB8,594,000 (US$1,178,000) was repaid.</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:0.133px; text-indent:47.867px" align=justify>Xinke, WFNM and Feishang Group Limited are controlled by Mr.&nbsp;Li Feilie who is also an officer, director and principal beneficial shareholder of the Company.</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:0.133px; text-indent:47.867px" align=justify>The balance with Xinke was unsecured, bore interest at 5.22% per annum and was repaid in March&nbsp;2006 by an offset against dividends payable to Mr.&nbsp;Li Felie. The balances with the other related companies and director are unsecured, interest-free and are repayable on demand.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Transactions Subsequent to December&nbsp;31, 2007</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:24px" align=justify><B><I>Acquisition of Mark Faith Group</I></B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>On March&nbsp;4, 2008, the Company acquired all of the issued and outstanding capital stock of Mark Faith Technology Development Limited, a Hong Kong company, from Feishang Group Limited (&#147;Feishang Group&#148;), a related party. Mr.&nbsp;Li Feilie, our President, Chief Executive Officer and Chairman is the sole beneficial owner of Feishang Group. The purchase price for the shares is an amount equal to the lesser of (a) the audited consolidated net asset value of the Mark Faith Group as at December&nbsp;31, 2007 and (b) RMB24,252,000 (US$3,324,000). In addition, China Natural Resources paid Feishang Group RMB47,292,000 (US$6,481,000) in satisfaction of outstanding indebtedness of the Mark Faith Group to Feishang Group. China Natural Resources paid Feishang Group RMB30,000,000 (US$4,111,000) at the time the Agreement was signed and the balance of RMB41,544,000 (US$5,693,000) was paid at closing on March&nbsp;4, 2008. In the e
vent that the audited consolidated net asset value of the Mark Faith Group as at December&nbsp;31, 2007 is lower than RMB24,252,000 (US$3,324,000), Feishang Group is obligated to return to China Natural Resources the difference between RMB24,252,000 (US$3,324,000) and the audited consolidated net asset value of the Mark Faith Group as at December&nbsp;31, 2007. As of the date of this report, the audited financial statements of Mark Faith have not been completed and we are not yet able to determine whether there will be an adjustment to the purchase price for the shares of Mark Faith.</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:24px" align=justify><B><I>License Agreement with Anka Consultants</I></B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Effective July&nbsp;1, 2008 we entered into a License Agreement with Anka that supersedes and replaces our office sharing agreement with Anka dated September&nbsp;1, 2000. Under the License Agreement, we have agreed to rent certain administrative office space located in Hong Kong, and to license certain day-to-day administrative services, from Anka. The administrative services are to be provided by Anka for a monthly fee of HK$20,000, and rent and associated expenses will be passed through to us at the actual cost to Anka of that portion of the space that we use. We anticipate the monthly rental to be approximately HK$99,000 (plus the actual cost of electricity, water, taxes, maintenance, common charges and other similar items). Anka is currently the lessee of the office space covered by the License Agreement, and Anka&#146;s officers, directors and equity owners are Tam Cheuk Ho and Wong Wah On Edward, who also serve as our exe
cutive officers and directors. We believe that the License Agreement is on terms that are at least as favorable as we could obtain from unaffiliated third parties.</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:24px" align=justify><B><I>Acquisition of Pineboom Investments Limited</I></B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>On July&nbsp;11, 2008 we entered into an agreement with Feishang Group to acquire (a) all of the issued and outstanding capital stock of Pineboom Investments Limited, a British Virgin Islands company and its wholly-owned subsidiaries (collectively, the &quot;Pineboom Group&quot;) and (b) the outstanding indebtedness owing by the Pineboom Group to Feishang Group on the closing date. Pineboom, through its operating subsidiary, owns exploration rights to a coal mine located in Guizhou Province, in the PRC (the &#147;Pineboom Mine&#148;). The total purchase price for the shares and indebtedness is US$25,000,000 (the &#147;Consideration&#148;), $7,000,000 of which has been paid; with the amount of Consideration being subject to adjustment based upon (a) the results of an assessment of the coal resources at the Pineboom Mine and (b) the financial condition of the Pineboom Group at the time of closing. For purposes of negotiating the a
greement, the parties made reference to a preliminary coal resource report compiled by the Guizhou Bureau of Mine Field Geology in June&nbsp;2006, which estimated the Pineboom Mine&#146;s coal resources at over 100&nbsp;million tons. The adjustment is intended, in part, to reflect the extent to which the actual resources at the Target Mine are less than those estimated in the preliminary coal resource report. Closing of the transaction is subject to satisfaction of customary conditions of closing, as well as confirmation that the coal resources at the Pineboom Mine are not less than 70&nbsp;million metric tons and that the permits for the mining rights at the Pineboom Mine remain in force and effect. Closing is expected to take place 10 business days after the date on which the Company shall have </P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>14</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always" align=justify>confirmed in writing to the Shareholder that all the conditions to closing have either been fulfilled to the satisfaction of the Company or are waived by the Company (as the case may be) or at such other time as the parties may agree in writing. Notwithstanding the occurrence of the closing, in the event the mining right permit covering the Pineboom Mine has not been issued by Guizhou Provincial Department of Land and Resources to Guizhou Dayun on or before July&nbsp;11, 2010 (or such other date as Feishang Group and the Company may agree in writing), the Company is entitled to require Feishang Group to repurchase all the shares and indebtedness for a purchase price equal to the Consideration, with interest thereon at the rate of 12% per annum.</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:24px" align=justify><B><I>Acquisition of Newhold Coal Group</I></B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>On August&nbsp;11, 2008 we entered into an agreement with Feishang Group to acquire from the Feishang Group (a) all of the issued and outstanding capital stock of Newhold Investments Limited, a British Virgin Islands company (&#147;Newhold&#148;) and its subsidiaries (collectively, the &quot;Newhold Group&quot;) and (b) the outstanding indebtedness owing by the Coal Group to Feishang Group on the closing date of the transaction. Newhold, through its 70% owned operating subsidiary, owns mining rights to an under construction coal mine located in Guizhou Province, in the PRC (the &#147;Newhold Mine&#148;). The aggregate purchase price for the shares and indebtedness is US$42,000,000 (the &#147;Consideration&#148;), $10,000,000 of which has been paid; with the amount of Consideration being subject to adjustment based upon (y) the results of an assessment of the coal resources at the Newhold Mine and (z) the financial condition of t
he Newhold Group at the time of closing. Closing of the transaction is expected to occur on or before February&nbsp;11, 2009, subject to satisfaction of customary conditions of closing, as well as confirmation that the estimated resources at the Newhold Mine are not less than 100&nbsp;million metric tons and that the permits for the mining rights at the Newhold Mine remain in force and effect&#146; provided that if the closing does not occur on or prior to August&nbsp;31, 2009, the agreement will terminate and all funds theretofore paid to Feishang Group are to be repaid to the Company together with interest thereon at the Hong Kong dollars prime rate.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>MATTERS APPROVED AND AUTHORIZED BY A MAJORITY OF MEMBERS</B></P>
<P style="margin:0px; text-indent:48px" align=justify>On October&nbsp;31 2008, Feishang Group Limited, holder of 11,980,593, or approximately 61.1%, of our outstanding common shares (the &#147;Majority Member&#148;), executed a written consent in lieu of meeting our Members to (a) elect Li Feilie and Ng Kin Sing as Class&nbsp;I Directors (b) ratify and approve all emoluments to directors hereto fixed by the Board of Directors, (c) empower the Board of Directors to approve all future emoluments to directors without further approval by Members; and, in the Board&#146;s discretion, to amend or repeal Article 80 of our Articles and Memorandum of Association accordingly and (d) ratify the appointment of GHP Horwath, P.C. as our independent registered public accounting firm for the year ending December&nbsp;31, 2008. Mr.&nbsp;Li Feilie, our President, Chief Executive Officer and Chairman, is the beneficial owner of the Majority Member. The written consent provides that it is to become effective as soon as possible
, but in no event sooner than 20 days following the date on which this Information Statement is first mailed to our Members.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify>&nbsp;</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>15</P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always" align=center><B>MATTER ONE</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B><U>ELECTION OF CLASS I DIRECTORS</U></B></P>
<P style="margin:0px; text-indent:48px" align=justify>Members of each class of our Board of Directors are elected to serve for a three-year term. The three-year terms of the members of each class are staggered, so that each year the members of a different class are due to be elected at the annual meeting. Each director is to hold office for a three-year term expiring immediately following the annual meeting of Members held three years following the annual meeting at which he or she was elected. However, at our first annual meeting of Members on December&nbsp;31, 2004 following our redomicile to the British Virgin Islands, the Class&nbsp;I Directors elected at that meeting held office for a one-year term, the Class&nbsp;II Directors hold office for a two-year term and the Class&nbsp;III Directors hold office for a three-year term. The following table reflects the current expiration date of the various classes of Director:</P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=249.933></TD><TD width=16.733></TD><TD width=357.333></TD></TR>
<TR><TD style="border-bottom:1px solid #000000" valign=top width=249.933><P style="margin:0px"><B>Class&nbsp;of Director</B></P>
</TD><TD valign=top width=16.733><P style="margin:0px"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
</TD><TD style="border-bottom:1px solid #000000" valign=top width=357.333><P style="margin:0px"><B>Current Expiration of Term</B></P>
</TD></TR>
<TR><TD valign=top width=249.933><P>&nbsp;</P></TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=357.333><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=249.933><P style="margin:0px">Class&nbsp;I</P>
</TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=357.333><P style="margin:0px">Immediately Following the 2008 Annual Meeting of Members</P>
</TD></TR>
<TR><TD valign=top width=249.933><P style="margin:0px">Class&nbsp;II</P>
</TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=357.333><P style="margin:0px">Immediately Following the 2009 Annual Meeting of Members</P>
</TD></TR>
<TR><TD valign=top width=249.933><P style="margin:0px">Class&nbsp;III</P>
</TD><TD valign=top width=16.733><P>&nbsp;</P></TD><TD valign=top width=357.333><P style="margin:0px">Immediately Following the 2010 Annual Meeting of Members</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>As noted above, the Majority Member has executed a written consent in lieu of meeting to elect Li Feilie and Ng Kin Sing as Class&nbsp;I directors for three-year terms that are to expire immediately following the 2011 Annual Meeting of Members. The biographies of the Class&nbsp;I Director-nominees are included elsewhere in this Information Statement.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Resolution Adopted</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The Majority Member has adopted the following resolution, to become effective as soon as possible, but in no event sooner than 20 days following the date on which this Information Statement is first mailed to our Members:</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:64px; padding-right:64px; text-indent:48px" align=justify><B>RESOLVED</B>, that Li Feilie and Ng Kin Sing are hereby elected as Class&nbsp;I Directors, to serve as such until immediately following the annual meeting of Members to take place three years following the annual meeting at which they are elected, and until their successors are duly elected and qualified.</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>16</P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always" align=center><B>MATTER TWO</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>RATIFICATION AND APPROVAL OF ALL EMOLUMENTS TO DIRECTORS HERETOFORE <BR>
<U>FIXED BY THE BOARD OF DIRECTORS</U></B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Clause 80 of our Articles and Memorandum of Association provides:</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:72px; padding-right:64px" align=justify>With the prior or subsequent approval by a resolution of Members, the directors may, by resolution of directors, fix emoluments of directors with respect to services to be rendered in any capacity to the Company.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Prior to our November&nbsp;2004 Redomicile Merger, emoluments to directors were from time to time fixed by our Board of Directors and neither our Articles of Incorporation, by-laws nor the laws of the State of Nevada required that emoluments to directors be approved by Members. Since the effective date of the Redomicile Merger, emoluments to our directors have been subject to Clause 80 of our Articles and Memorandum of Association. Our Board of Directors (or a committee established by the Board of Directors) has, from time-to-time since the effective date of the Redomicile Merger, fixed emoluments to our directors. These emoluments have principally included (a) awards under our equity incentive plans to employee directors, for services in their capacities as officers of the Company, (b) compensation paid pursuant to employment and similar agreements with employee directors, relating to their services as officers of the Company, 
(c) monthly directors&#146; fees paid to independent directors for their attendance at directors&#146; and committee meetings and (d) reimbursement of directors for their expenses incurred in connection with the provision of their services in all capacities to the Company.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>All emoluments to our directors since we became governed by Clause 80 were fixed and approved by our Board of Directors and primarily relate to compensation paid to employee directors for their services as officers and employees of the Company. In addition, awards under our equity incentive plans were approved by our Compensation Committee, which is comprised solely of independent directors, or by a committee of the Board of Directors comprised solely of independent directors. Therefore, our Board of Directors believes that all such emoluments were fair to the Company and in its best interests.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>We have been advised by local counsel in the British Virgin Islands that:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Emoluments covered by Clause 80 include emoluments provided to directors for their services rendered in all capacities to us, including those unrelated to their services as directors;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Members may, by duly adopted resolution, generically approve and ratify all prior emoluments to directors fixed by the Board of Directors; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>Members may approve Matter Two by written consent in lieu of meeting signed by holders of at least an absolute majority of all outstanding Common Shares.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Resolution Adopted</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The Majority Member (whose sole equity owner is an employee director who serves as our President and Chief Executive Officer and has received emoluments for his services as such) has adopted the following resolution, to become effective as soon as possible, but in no event sooner than 20 days following the date on which this Information Statement is first mailed to our Members:</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:64px; padding-right:64px; text-indent:48px" align=justify><B>RESOLVED</B>, that all emoluments to directors previously fixed by the Board of Directors are hereby approved and ratified.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>17</P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always" align=center><B>MATTER THREE</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>EMPOWERMENT OF OUR BOARD OF DIRECTORS TO FIX FUTURE EMOLUMENTS TO <BR>
DIRECTORS WITHOUT FURTHER APPROVAL BY MEMBERS; AND, IN THE BOARD&#146;S <BR>
DISCRETION, TO AMEND OR REPEAL ARTICLE 80 OF OUR ARTICLES AND <BR>
<U>MEMORANDUM OF ASSOCIATION ACCORDINGLY</U></B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>In addition to the information discussed in the preceding section, we have been advised by local counsel in the British Virgin Islands that:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Members may, by duly adopted resolution, generically empower and authorize the Board of Directors to fix future emoluments to directors without further approval or ratification by Members; </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Members may, by duly adopted resolution, empower the Board of Directors to fix all future emoluments to directors without further approval by Members, and to empower the Board to amend or repeal Clause 80 of our Articles and Memorandum of Association accordingly; </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>A duly adopted resolution to approve Matter Three becomes effective once adopted by Members irrespective of any formal amendment to Clause 80 to our Articles and Memorandum of Association;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>A formal amendment to our Articles and Memorandum of Association, which must be approved by Members, does not become effective unless and until it is recorded with the appropriate registry in the British Virgin Islands; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>Members may approve Matter Three by written consent in lieu of meeting signed by holders of at least an absolute majority of all outstanding Common Shares.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Prior to referring the resolution set forth below to the Majority Member, our Board of Directors considered that:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Our executive officers are parties to three-year service agreements providing for annual fees of US$1.00, unless and until otherwise determined by our Compensation Committee, which is comprised solely of independent directors, and by our Board of Directors;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Awards under our equity incentive plans are made by the Compensation Committee and the service agreements with our executive officers requires that equity awards be approved by our Compensation Committee and our Board of Directors;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>A resolution empowering our Board of Directors to fix future emoluments to directors without further ratification or approval by Members will become effective on the Effective Date, and will have the effect of amending Clause 80 of our Articles and Memorandum of Association;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Emoluments to our directors consist primarily of monthly director fees, and annual fees and equity awards to directors for services in their capacities as executive officers;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>Clause 106 of our Articles and Memorandum of Association requires that our Board of Directors fix all emoluments to officers, and Clause 108 provides that transactions in which a director has an interest are not void or voidable by reason of such interest if all of the facts relating to the interest are known by or disclosed to the other members of the Board of Directors; </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>There are sufficient review processes in place to ensure that all emoluments to directors fixed by the Board of Directors are fair to the Company and do not require that separate ratification by Members be secured;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>The resolution to approve Matter Three will empower the Board, in its discretion and without further approval by Members, to adopt a formal amendment to our Articles and Memorandum of Association to authorize the Board to fix future emoluments to directors without further ratification or approval by Members; </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:80px" align=justify>The Company did not intend for the Redomicile Merger to result in a change in the standard of approval for emoluments to directors from that required prior to the Redomicile Merger and the adoption of Matter Three will effectively restore the standard of approval for emoluments to directors to pre-Redomicile Merger status; and</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:80px; text-indent:-32px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:80px" align=justify>The Majority Member owns in excess of 61% of the Company&#146;s currently issued and outstanding Common Shares.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>18</P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always"><B>Resolution Adopted</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The Majority Member (whose sole equity owner is an employee director who serves as our President and Chief Executive Officer and has received emoluments for his services as such) has adopted the following resolution, to become effective as soon as possible, but in no event sooner than 20 days following the date on which this Information Statement is first mailed to our Members:</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:64px; padding-right:64px; text-indent:48px" align=justify><B>RESOLVED</B>, that the Board of Directors is hereby empowered and authorized to (a) fix all future emoluments to directors, for their services in all capacities to the Company, without further approval or ratification by Members, and (b) in the board&#146;s discretion, to amend or repeal Clause 80 of our Articles and Memorandum of Association accordingly; except to the extent not permitted by applicable committee charter, law, rule or regulation, including applicable requirements of any exchange on which the Company&#146;s securities are listed.</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><BR>
<BR></P>
<P style="margin:0px" align=center>19</P>
<P style="margin:0px"><BR></P>
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<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always" align=center><B>MATTER FOUR</B></P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>RATIFICATION OF THE APPOINTMENT OF GHP HORWATH, P.C. AS INDEPENDENT <BR>
<U>REGISTERED PUBLIC ACCOUNTING FIRM</U></B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Our independent registered public accounting firm for the fiscal year ended December&nbsp;31, 2007 was GHP Horwath, P.C. The Audit Committee of the Board of Directors has selected and approved GHP Horwath, P.C. to serve as our independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2008. The Majority Member has ratified the appointment of GHP Horwath, P.C. to serve as our independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2008.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Fees to GHP Horwath, P.C.</B></P>
<P style="margin:0px; text-indent:48px" align=justify>The following table shows the fees that we paid or expect to pay for the audit and other services provided by GHP Horwath, P.C. for the fiscal years 2005 and 2006. </P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=230></TD><TD width=16.667></TD><TD width=7.533></TD><TD width=49.133></TD><TD width=16.667></TD><TD width=7.533></TD><TD width=49.133></TD></TR>
<TR><TD valign=top width=230><P>&nbsp;</P></TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=56.667 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Fiscal 2006</B></P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=56.667 colspan=2><P style="line-height:10pt; margin:0px; font-size:8pt" align=center><B>Fiscal 2007</B></P>
</TD></TR>
<TR><TD valign=top width=230><P>&nbsp;</P></TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=56.667 colspan=2><P>&nbsp;</P></TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=56.667 colspan=2><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=230><P style="margin:0px">Audit Fees</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=7.533><P style="margin:0px">$</P>
</TD><TD valign=top width=49.133><P style="margin:0px" align=right>135,000</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=7.533><P style="margin:0px">$</P>
</TD><TD valign=top width=49.133><P style="margin:0px" align=right>137,500</P>
</TD></TR>
<TR><TD valign=top width=230><P style="margin:0px">Audit-Related Fees</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=7.533><P>&nbsp;</P></TD><TD valign=top width=49.133><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=7.533><P>&nbsp;</P></TD><TD valign=top width=49.133><P style="margin:0px" align=right>&#151;</P>
</TD></TR>
<TR><TD valign=top width=230><P style="margin:0px">Tax Fees</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=7.533><P>&nbsp;</P></TD><TD valign=top width=49.133><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=7.533><P>&nbsp;</P></TD><TD valign=top width=49.133><P style="margin:0px" align=right>&#151;</P>
</TD></TR>
<TR><TD valign=top width=230><P style="margin:0px">All Other Fees</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=7.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=49.133><P style="margin:0px" align=right>&#151;</P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=7.533><P>&nbsp;</P></TD><TD style="border-bottom:1px solid #000000" valign=top width=49.133><P style="margin:0px" align=right>&#151;</P>
</TD></TR>
<TR><TD valign=top width=230><P>&nbsp;</P></TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=7.533><P>&nbsp;</P></TD><TD valign=top width=49.133><P>&nbsp;</P></TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD valign=top width=7.533><P>&nbsp;</P></TD><TD valign=top width=49.133><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=230><P style="margin:0px"><B>Total</B></P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=top width=7.533><P style="margin:0px"><B>$</B></P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=49.133><P style="margin:0px" align=right><B>135,000</B></P>
</TD><TD valign=top width=16.667><P>&nbsp;</P></TD><TD style="border-bottom:3px double #000000" valign=top width=7.533><P style="margin:0px"><B>$</B></P>
</TD><TD style="border-bottom:3px double #000000" valign=top width=49.133><P style="margin:0px" align=right><B>137,500</B></P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify><I>Audit Fees</I> &#151; This category includes the audit of our annual financial statements and services that are normally provided by the independent registered public accounting firm in connection with engagements for those fiscal years. This category also includes advice on audit and accounting matters that arose during, or as a result of, the audit or the review of interim financial statements. </P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify><I>Audit-Related Fees</I> &#151; This category consists of assurance and related services by the independent registered public accounting firm that are reasonably related to the performance of the audit or review of our financial statements and are not reported above under &#147;Audit Fees.&#148; The services for the fees disclosed under this category include consultation regarding our correspondence with the SEC and other accounting consulting. </P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify><I>Tax Fees</I> &#151; This category consists of professional services rendered by GHP Horwath, P.C. for tax compliance and tax advice. The services for the fees disclosed under this category include tax return preparation and technical tax advice. </P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify><I>All Other Fees</I> &#151; This category consists of fees for other miscellaneous items.</P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The Audit Committee has adopted a procedure for pre-approval of all fees charged by GHP Horwath, P.C., the Company&#146;s independent registered public accounting firm. Under the procedure, the Audit Committee approves the engagement letter with respect to audit, tax and review services. Other fees are subject to pre-approval by the entire Committee, or, in the period between meetings, by a designated member of the Audit Committee. Any such approval by the designated member is disclosed to the entire Audit Committee at the next meeting. The audit fees paid to GHP Horwath, P.C. with respect to fiscal year 2007 were pre-approved by the Audit Committee.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><B>Resolution Adopted</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>The Majority Member has adopted the following resolution, to become effective as soon as possible, but in no event sooner than 20 days following the date on which this Information Statement is first mailed to our Members:</P>
<P style="margin-top:0px; margin-bottom:8.867px; padding-left:64px; padding-right:64px; text-indent:48px" align=justify><B>RESOLVED</B>, that the appointment of GHP Horwath, P.C., as independent registered public accounting firm for the fiscal year ending December&nbsp;31, 2008 is hereby confirmed and ratified.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>20</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin-top:0px; margin-bottom:8.867px; page-break-before:always" align=center><B>MEMBER PROPOSALS</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>In order to be considered by the Majority Member at the annual meeting of Members to be held in 2009 Member proposals must be received by us no later than June&nbsp;30, 2009. We are not obligated to present Member proposals to the Majority Member for consideration except to the extent required by applicable law.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>HOUSEHOLDING OF ANNUAL MEETING MATERIALS</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>Some banks, brokers and other nominee record holders may be participating in the practice of &quot;householding&quot; proxy statements and annual reports. This means that only one copy of our Information Statement and 2007 annual report may have been sent to multiple members in your household. We will promptly deliver a separate copy of either document to you if you write us c/o Corporate Secretary, Room 2205, 22/F, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong. If you want to receive separate copies of the Information Statement in the future, or if you are receiving multiple copies and would like to receive only one copy for your household, you should contact your bank, broker, or other nominee record holder, or you may contact us at the above address.</P>
<P style="margin-top:0px; margin-bottom:8.867px" align=center><B>ANNUAL REPORT ON FORM 20-F</B></P>
<P style="margin-top:0px; margin-bottom:8.867px; text-indent:48px" align=justify>A copy of our Annual Report on Form&nbsp;20-F, including audited consolidated financial statements for each of the three years ended December&nbsp;31, 2007 accompanies this Information Statement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>21</P>
<P style="margin:0px"><BR></P>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>exhibit992.htm
<DESCRIPTION>CONTRACT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Dated the</TITLE>
<META NAME="author" CONTENT="SINOLINKWORLDWIDE LTD">
<META NAME="date" CONTENT="11/04/2008">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit 99.2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><U>Dated the</U><FONT style="color:#0000FF"><U> </FONT>1<SUP>st</SUP> day of October, 2008</U></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center><B>China Natural Resources, Inc.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center><B>and</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center><B>Li Feilie</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center><B>SERVICE AGREEMENT</B></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:12pt; page-break-before:always"><B>THIS AGREEMENT</B> is made on the 1<SUP>st</SUP> day of October, 2008.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>BETWEEN :-</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>China Natural Resources, Inc.</B>, a company incorporated in the British Virgin Islands with its registered office at Sea Meadow House, Blackburne Highway, P.O. Box 116, Road Town, Tortola, British Virgin Islands (the &quot;Company&quot;); and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Li Feilie</B> (the &quot;Director&quot;).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>BY WHICH IT IS AGREED</B> as follows :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>1.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Purpose and interpretation</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement sets out the terms and conditions upon and subject to which the Company agrees to employ the Director and the Director agrees to serve the Company as an executive officer by providing to Company with the services hereinafter described.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>In this Agreement, unless the context otherwise requires :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>the following words and expressions bear the following meanings:-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&quot;Appointment&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the appointment of the Director as an executive officer of the Company pursuant to by Clause 2;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&quot;Affiliate&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>&quot;affiliate&quot; as defined in the SEC Rules;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&quot;Board&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the board of directors for the time being of the Company or the directors present at any meeting of the Board duly convened and held and includes a duly authorised committee thereof;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&quot;Business&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the business carried on from time to time by the Group or by any of the companies within the Group;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;Group&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the Company and its subsidiaries from time to time;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;Hong Kong&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the Hong Kong Special Administrative Region of the People's Republic of China;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;Nasdaq Rules&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the rules and regulations established by Nasdaq Capital Market applicable to foreign private issuer;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;SEC rules&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the United States securities laws and the Securities and Exchange Commission rules and regulations; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;US$&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>United States dollars.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>1</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>References to Clauses are references to the clauses of this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>Words importing one gender include all genders.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>Words importing persons include individuals, firms, companies, corporations and unincorporated bodies of persons and vice versa.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(5)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>Words importing the singular include the plural and vice versa.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(6)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>The headings in this Agreement are for convenience only and do not affect the interpretation hereof.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>2.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Appointment and duties</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Company shall employ the Director and the Director shall serve the Company as an executive officer or in such positions as may be assigned to the Director from time to time at the discretion of the Board subject to and upon the terms hereinafter set out.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>3.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Director's basic obligation</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director hereby undertakes with the Company during the continuance of this Agreement to use his best endeavours to carry out his duties hereunder and to protect and promote the interests of the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>4.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Duration of the appointment</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Subject to Clause 7, the Appointment shall be for a term of three years commencing on 1<SUP>st</SUP> October 2008 and shall continue thereafter unless and until terminated by either the Company or the Director giving to the other not less than three months' notice in writing to determine the same.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify><B>5.</B></P>
<P style="line-height:14pt; margin:0px; text-indent:32px; font-size:12pt" align=justify><B>Director's services</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Without prejudice to the generality of Clause 3, the Director shall during his Appointment under this Agreement :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>devote his knowledge, skill, expertise, attention and time both during normal business hours and at such other times as are necessary for the proper and efficient conduct of the Business (subject to appropriate holidays and vacations as herein provided) and for the proper discharge of duties of his office an executive officer or in such positions as may be assigned to the Director from time to time at the discretion of the Board;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>faithfully and diligently perform such duties and exercise such powers as are consistent with his office in relation to the Company and/or the Group;</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt; page-break-before:always" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, regulations and directions from time to time made or given by the Board in connection with the conduct of the Business according to the best of his skills and ability;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>in pursuance of his duties hereunder perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his office;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(5)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of his powers and duties and in connection with the Business or affairs of the Group;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(6)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>perform the duties and exercise the powers in his capacity as an executive officer of the Company or in such positions which the Board may from time to time properly assign to him in connection with the Business subject to such resolutions, regulations or directions as to the scope of his duties or authority or manner of carrying out the same as may be made or given by the Board from time to time;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(7)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>comply with (a) every rule of law applicable to any member of the Group whether in British Virgin Islands, the People's Republic of China or elsewhere; (b) the SEC Rules; (c) every regulation of the Company from time to time in force (including but not limiting to the memorandum and articles of association); (d) the Nasdaq Rules (f) all other relevant securities regulations from time to time in force, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to the discharge of his functions and duties as a director of the Company;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(8)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>serve as a member of the Company&#146;s Board of Directors to the extent duly nominated and elected or appointed, without additional compensation; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(9)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>act in accordance with his powers and obligations as an executive officer or in such positions as may be assigned to the Director from time to time at the discretion of the Company and use his best endeavours to cause the Company to comply with all applicable laws, the Nasdaq Rules, the SEC Rules and all other relevant securities regulations applicable to the Company from time to time.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director may be required to work at such location(s) as the Board may from time to time direct and the Director may be required to travel as directed by the Board from time to time.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(C)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director shall carry out his duties and exercise his powers jointly with any other director(s) or executive officer(s) as may from time to time be appointed by the Board to act jointly with the Director and the Board shall also at any time require the Director to cease performing any of his duties or exercising any of his powers under this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>3</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>6.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Remuneration and reimbursement</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Subject to Clause 7(B), the Director shall receive during the continuance of the Appointment a fee of US$1 per annum. Such fee may be increased annually after each year of service during the term of this Agreement at a rate to be determined by the compensation committee of the Company (&#147;Compensation Committee&#148;) and approved by the Board in its absolute discretion.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)&nbsp;&nbsp;&nbsp;The Director shall be reimbursed all reasonable out-of-pocket expenses (including expenses of entertainment, subsistence and traveling) reasonably incurred by him in the discharge of his duties an executive officer or in such positions as may be assigned from time to time at the discretion of the Company in connection with the Business which expenses shall be evidenced in such manner as the Board may require.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(C)&nbsp;&nbsp;&nbsp;As part of the fee package, the Director may, at the determination by the Compensation Committee and with the approval of the Board, be granted equity awards entitling the Director to subscribe for shares in the Company upon such terms and conditions as are established by the Compensation Committee and the Board.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>7.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Termination of the appointment</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Without prejudice to the accrued rights (if any) or remedies of either party under or pursuant to this Agreement :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>the Director shall be entitled to terminate the Appointment by giving three months' notice in writing to the Company if any money due and payable by the Company to the Director under or pursuant to this Agreement is in arrears and is not paid in full by the Company to the Director within a period of thirty days from any written demand by the Director for the payment thereof;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>the Company shall be entitled to terminate the Appointment without any compensation to the Director :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>by notice in writing given at any time taking immediate effect if the Director shall have been incapacitated or prevented by reason of ill health, injury or accident from performing his duties hereunder for a period of or periods aggregating 12 weeks in any 12 month period Provided that if at any time during the currency of a notice given pursuant to this sub-paragraph the Director shall provide a medical certificate satisfactory to the Board to the effect that he has fully recovered from his physical and/or mental health and that no recurrence of illness or incapacity can reasonably be anticipated, the Company shall withdraw such notice; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>by summary notice in writing if the Director shall at any time :-</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(i)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>commit any serious or persistent breach of any of the provisions herein contained (and to the extent that such breach is capable of remedy shall fail to remedy such breach within 30 days after written warning given by the Board);</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(ii)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be guilty of any act of dishonesty, grave misconduct or wilful default or neglect in the discharge of his duties hereunder;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(iii)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>become bankrupt or have a receiving order made against him or suspend payment of his debts or compound with his creditors generally;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(iv)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>become a lunatic or of unsound mind;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(v)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>become permanently incapacitated by illness or other like causes so as to prevent the Director from performing his duties and obligations hereunder;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(vi)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>become prohibited by law from acting as a director;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(vii)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be guilty of conduct tending to bring himself or any company in the Group into disrepute;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(viii)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be prohibited by law from fulfilling his duties hereunder;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(ix)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be convicted of any criminal offence (other than an offence which in the reasonable opinion of the Board does not affect his position as a director of the Company); or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(x)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be convicted of any offence or be identified as an insider trader under any statutory enactment or regulations relating to insider trading in force from time to time.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>If the Company becomes entitled pursuant to Clause 7(A)(2)(b) above to terminate the Appointment it shall be entitled (but without prejudice to its right subsequently to terminate the Appointment on the same or any other ground) to suspend the Director without payment of the fee described in Clause 6(A) in full or in part for so long as it may think fit.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(C)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>If the Director shall have refused or failed to agree to accept without reasonable grounds an appointment offered to him, on terms no less favourable to him than the terms in effect under this Agreement, by a person or company which has either acquired or agreed to acquire the whole or substantially the whole of the undertaking and assets of the Company or which shall own or has agreed to acquire the whole or not less than 90% of the issued share capital of the Company, the Director shall have no claim against the Company by reason of the subsequent voluntary winding up of any company in the Group or the termination of this Agreement by the Company within two months after such refusal or failure to agree.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>5</P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(D)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>On the termination of the Appointment howsoever arising the Director shall :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>forthwith when the termination of the Appointment takes effect resign from office as a director of the Company and all offices held by him in any company in the Group and shall transfer without payment to the Company or as the Company may direct any qualifying shares provided by it or any shares held by the Director as nominee for the Company or any company in the Group and the Director hereby irrevocably appoints the Company to be his attorney and in his name and on his behalf to sign and execute any documents or do any things necessary or requisite to give effect thereto and a certificate in writing signed by any director or by the secretary of the Company for the time being that any instrument or act falls within the authority hereby conferred shall be conclusive evidence that such is the case and any third party shall be entitled to rely on such certificate without further enquiry provided however that such resignati
on or resignations shall be given and accepted on the footing that it is or they are without prejudice to any claims which the Director may have against any such company or which any such company may have against the Director arising out of this Agreement or of the termination of the Appointment;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>forthwith deliver to the Company all books, documents, papers, materials, credit cards (if any) and other property of or relating to the business of the Group which may then be in his possession or under his power or control and all copies thereof or extracts therefrom made by or on behalf of the Director shall be and remain the property of the Group and shall forthwith be delivered up to the Company; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>not at any time thereafter represent himself to be connected with any member of the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(E)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Save as expressly provided herein, neither party may terminate this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(F)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Appointment of the Director under this Agreement shall terminate automatically in the event of his ceasing to be a director of the Company for whatever reason whether by reason of his not being re-elected as a director of the Company at any general meeting or by virtue of a resolution passed by the members of the Company in general meeting to remove him as a director or otherwise but if such termination shall be caused by any act or omission of either party which constitutes a breach of this Agreement, such termination shall be without prejudice to any claim for damages in respect of such breach.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(G)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Termination for whatever reason shall not relieve the parties of their obligations and liabilities arising or accrued prior to the termination of the Appointment or of obligations and liabilities which expressly or by necessary implication continue after termination of the Appointment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>8.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Restrictions on the Director</B></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>6</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>During the Appointment the Director shall not, and shall procure that none of his Affiliates shall, be directly or indirectly, engaged in or concerned with or interested in any business which is in any respect in competition with or similar to the Business provided that this shall not prohibit the holding (directly or through nominees) of investments listed on any stock exchange as long as not more than 5 per cent. of the issued shares or stock of any class of any one company shall be so held save that this restriction shall not apply to any holding of shares or stock of the Company.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director shall not (except in the proper course of his duties), and shall procure that none of his Affiliates shall, either during or after the termination of the Appointment without limit in point of time except authorised by the Board or required by his duties hereunder :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>divulge or communicate to any person except to those of the officials of the Group whose province is to know the same in the proper course of their duties; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>use, take away, conceal or destroy for his own purpose or for any purpose other than that of the Group or for the advantage of any person other than the Group or to the detriment of the Group; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>through any failure to exercise all due care and diligence cause any unauthorised disclosure of, </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>any secret, confidential or private information :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>relating to the dealings, organisation, business, finance, transactions or any other affairs of the Group or its suppliers, agents, distributors, clients or customers; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>relating to the working of any process or invention which is carried on or used by any company in the Group or which he may discover or make during the Appointment including anything which by virtue of Clause 9(B) becomes the absolute property of the Group; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>in respect of which any company within the Group is bound by an obligation of confidence to any third party </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>but these restrictions shall cease to apply to any information or knowledge which may (otherwise than through the default of the Director or his Affiliates) become available to the public generally without requiring a significant expenditure of labour, skill or money or otherwise required by law or any applicable rules or regulations to be disclosed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(C)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director agrees that, subject to the exception provided under Clause 8(A), for a period of 2 years after the expiry or the termination of the Appointment, the Director shall not, and shall procure that his Affiliates do not :-</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>7</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>engage or be engaged or concerned or interested in the People's Republic of China, whether directly or indirectly, in any business which is in competition with or similar to the Business;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>take up employment with any person, firm, company or organisation engaged in the People's Republic of China, whether directly or indirectly, in or operating any part of the Business (but this restriction shall not operate so as to prohibit an employment none of the duties of which relate to the Business) or assist any such person, firm, company or organisation with technical, commercial or professional advice in relation to the Business;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>either for his own account or for any person, firm, company or organisation solicit or entice away or endeavour to solicit or entice away from any company within the Group any director, manager or employee of any company in the Group whether or not such person would commit any breach of his contract of employment by reason of leaving the service of the relevant company in the Group;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>directly or indirectly employ any person who has at any time during the continuance of the Appointment been a director, manager or employee of or consultant to any company in the Group and who by reason of such employment is or may be likely to be in possession of such information which if that person was the Director would be covered by the confidentiality restrictions of this Clause 8;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(5)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>either on his own account or for any person, firm, company or organisation solicit or entice away or endeavour to solicit or entice away any customer, supplier or business from any person, firm, company or organisation which at any time during the continuance of the Appointment has dealt with the Company or any other company in the Group or which on the termination of the Appointment is in the process of negotiating with the Company or any such company in the Group in relation to the Business; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(6)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>either alone or jointly with any other person through or as manager, adviser, consultant, employee or agent for or shareholder in any person, firm, company or organisation use or procure the use in connection with any business any name or any colourable imitation thereof or any name of any member of the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(D)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director shall not at any time make any untrue or misleading statement in relation to the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(E)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Since the Director may obtain in the course of the Appointment by reason of services rendered for or offices held in any other company in the Group knowledge of the trade secrets or other confidential information of such company, without prejudice to other provisions herein, the Director hereby undertakes that he will at the request and cost of the Company or such other company enter into a direct agreement or undertaking with such company whereby he will accept restrictions corresponding to the restrictions herein contained (or such of them as may be </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>8</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt; page-break-before:always" align=justify>appropriate in the circumstances) in relation to such trade secrets or other confidential information and for such period as such company may reasonably require for the protection of its legitimate interests.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(F)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>All notes, memoranda, records, writings and material made by the Director in relation to the Business or concerning any of its dealings or affairs or the dealings or affairs of any clients or customers of the Group shall be and shall remain the property of any Group and shall be handed over by him to the Company (or to such other company in the Group as the case may require) from time to time on demand and in any event forthwith upon his leaving the service of the Company and the Director shall not retain any copy thereof.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(G)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The covenants in each paragraph of sub-clause (C) are independent of each other and are not to be construed restrictively by reference to one another.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(H)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>While the restrictions contained in this Clause are considered by the parties to be reasonable in all the circumstances it is recognised that restrictions of the nature in question may fail for technical reasons unforeseen and accordingly it is hereby agreed and declared that if any such restrictions, either together or individually, shall be adjudged to be void as going beyond what is reasonable in all the circumstances for the protection of the interests of the Company and/or the Group or for any other reason whatsoever but would be valid if part of the wording thereof were deleted or the periods (if any) thereof were reduced the said restriction shall apply with such modifications as may be necessary to make it valid and effective.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>9.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Inventions and other industrial or intellectual property</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The parties foresee that the Director may make inventions or create other industrial or intellectual property in the course of his duties hereunder and agree that in this respect the Director has a special responsibility to further the interests of the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Any concept, idea, invention, improvement, design, plan, drawing or specification made or process or information discovered or copyright work or trade mark or trade name or get-up relating to the Business discovered, created, developed or otherwise acquired by the Director or communicated to the Director by any other employee of the Company or any member of the Group during the continuance of the Appointment (whether capable of being patented or registered or not and whether or not discovered, created, developed or otherwise acquired in the course of his Appointment) in conjunction with or in any way affecting or relating to the Business or capable of being used or adapted for use therein or in connection therewith shall (unless such concept, idea, invention, improvement, design, plan, drawing or specification was made or process or information discovered or copyright work or trade name or get-up were in existence prior 
to the commencement of a similar business by any company in the Group) forthwith be disclosed in writing to the Company and shall belong to and be the absolute property of the Company or such company in the Group as the Company may direct without any compensation to the Director.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>9</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt; page-break-before:always" align=justify>(C)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director shall subject to Clause 9(B) above, if and whenever required so to do by the Company at the expense of a company in the Group as part of his duties hereunder apply or join with such company in applying for, obtaining and/or renewing letters patent or other protection or registration for any such concept, idea, invention, improvement, design, plan, drawing or specification, process, information work, trade mark, trade name or get-up relating to the Business in such countries as the Board may direct as aforesaid which belongs to such company and shall at the expense of such company execute and do all instruments and things necessary for vesting the said letters patent or other protection or registration when obtained and all right title, and interest to and in the same in such company absolutely and as sole beneficial owner or in such other person as the Company may specify and such company or person shall not
 be liable to the Director for any revenue or profit derived or resulting from such concept, idea, invention, improvement, design, plan, drawing, specification, process, information work, trade mark, trade name or get-up.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(D)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director hereby irrevocably appoints the Company to be his Attorney in his name and on his behalf to execute and do any such instrument or thing and generally to use his name for the purpose of giving to the Company the full benefit of this Clause and a certificate in writing signed by any director or by the secretary for the time being of the Company that any instrument or act falls within the authority hereby conferred shall be conclusive evidence that such is the case and any third party shall be entitled to rely on such certificate without further enquiry.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>10.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Holidays</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify>The Director shall (in addition to normal public holidays and sick leave) be entitled to<FONT style="color:#0000FF"> </FONT>21<FONT style="color:#0000FF"> </FONT>working days paid holidays in each year during the continuance of the Appointment to be taken at such time or times as the Board may approve.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>11.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Waiver</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Time is of the essence of this Agreement but no failure or delay on the part of either party to exercise any power, right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by either party of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy by that party.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The remedies provided herein are cumulative and are not exclusive of any remedies provided by law.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>12.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Former service agreements</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement constitutes the entire agreement between the parties hereto in relation to the subject matter hereof and shall be in substitution for and supersedes all and any previous service agreements entered into between any company in the Group and the Director and for any terms of employment previously in force between any such company and the Director, whether or not on a legal or formal basis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>10</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt; page-break-before:always" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director hereby acknowledges that he has no claim of any kind against any company in the Group and without prejudice to the generality of the foregoing he further acknowledges that he has no claim for damages against any company in the Group for the termination of any previous service agreements for the purpose of entering into this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>13.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Notices</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>All notices, requests, demands, consents or other communications to or upon the parties under or pursuant to this Agreement shall be in writing addressed to the relevant party at such party's address set out below (or at such other address as such party may hereafter specify to the other party) and shall be deemed to have been duly given or made :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(i)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>in the case of a communication by letter 5 days (if overseas) or 2 days (if local) after despatch or, if such letter is delivered by hand, on the day of delivery; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(ii)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>in the case of a communication by telex or facsimile, when sent provided that the transmission is confirmed by the answer back of the recipient (in the case of telex) or by a transmission report (in the case of facsimile).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt" align=justify>The Company's address:</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>Room 2205, West Tower,</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>Shun Tak Centre,</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>200 Connaught Road C.,</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>Hong Kong</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>Facsimile Number: 852-28106963</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt" align=justify>The Director's address:</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>55/F, Int&#146;l Chamber of Commerce Tower,</P>
<P style="line-height:14pt; margin:0px; text-indent:256px; font-size:12pt" align=justify>168 Fuhua Third Road, Futian District,</P>
<P style="line-height:14pt; margin:0px; text-indent:256px; font-size:12pt" align=justify>Shenzhen, Guangdong, PRC</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:256px; font-size:12pt" align=justify>Facsimile Number: 755-82991769</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>14.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Assignability</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement shall be binding upon and enure to the benefit of each party hereto and its successors and assigns and personal representatives (as the case may be), provided always that the Director shall not assign his obligations and liabilities under this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>15.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Relationship</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>None of the provisions of this Agreement shall be deemed to constitute a partnership or joint venture between the parties hereto for any purpose.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>11</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt; page-break-before:always" align=justify><B>16.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Amendment</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement may not be amended, supplemented or modified except by a written agreement or instrument signed by or on behalf of the parties hereto.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>17.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Severability</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Any provision of this Agreement prohibited by or unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement. &nbsp;Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the parties hereto to the full extent permitted by such law to the end that this Agreement shall be a valid and binding agreement enforceable in accordance with its terms.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>18.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Law and jurisdiction</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement shall be governed by and construed in all respects in accordance with the laws of British Virgin Islands and the parties hereby submit to the non-exclusive jurisdiction of the courts of British Virgin Islands.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>19. Indemnification</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Company hereby indemnifies and holds the Director harmless from and against all expenses including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings in which the Director (a) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal or administrative or investigative, by reason of the fact that the Director is or was a director or officer of the Company and/or (b) is or was, at the request of the Company, serving as a director or officer or in any other capacity is or was acting for another company, partnership, joint venture, trust or other enterprise, including a subsidiary or affiliate of the Company; provided that, (y) in the view of the Board of Directors (which in the absence of fraud or a question of law shall be suffici
ent) the Director acted honestly and in good faith with a view to the best interests of the Company, and in the case of criminal proceedings, the Director had no reasonable cause to believe that his conduct was unlawful and (z) the termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the Director did not act honestly and in good faith with a view to the best interests of the Company, or that the Director had reasonable cause to believe that his conduct was unlawful.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>12</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin:0px; font-size:12pt; page-break-before:always" align=justify><B>IN WITNESS</B> whereof this Agreement has been duly executed the day and year first above written.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>SIGNED by <B>Tam Cheuk Ho</B></P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>for and on behalf of</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify><B>CHINA NATURAL RESOURCES, INC.</B></P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>in the presence of :-</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>Ma Sin Ling</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>SIGNED &nbsp;&nbsp;SEALED &nbsp;&nbsp;AND</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>DELIVERED by Li Feilie</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>in the presence of :-</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>Yue Ming Wai Bonaventure</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>13</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>6
<FILENAME>exhibit993.htm
<DESCRIPTION>CONTRACT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Dated the</TITLE>
<META NAME="author" CONTENT="SINOLINKWORLDWIDE LTD">
<META NAME="date" CONTENT="11/04/2008">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit 99.3</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><U>Dated the</U><FONT style="color:#0000FF"><U> </FONT>1<SUP>st</SUP> day of October, 2008</U></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center><B>China Natural Resources, Inc.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center><B>and</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center><B>Tam Cheuk Ho</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center><B>SERVICE AGREEMENT</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>THIS AGREEMENT</B> is made on the 1<SUP>st</SUP> day of October, 2008.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>BETWEEN :-</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>(1)</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>China Natural Resources, Inc.</B>, a company incorporated in the British Virgin Islands with its registered office at Sea Meadow House, Blackburne Highway, P.O. Box 116, Road Town, Tortola, British Virgin Islands (the &quot;Company&quot;); and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>(2)</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Tam Cheuk Ho</B> (the &quot;Director&quot;).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>BY WHICH IT IS AGREED</B> as follows :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>1.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Purpose and interpretation</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement sets out the terms and conditions upon and subject to which the Company agrees to employ the Director and the Director agrees to serve the Company as an executive officer by providing to Company with the services hereinafter described.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>In this Agreement, unless the context otherwise requires :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>the following words and expressions bear the following meanings:-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&quot;Appointment&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the appointment of the Director as an executive officer of the Company pursuant to by Clause 2;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&quot;Affiliate&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>&quot;affiliate&quot; as defined in the SEC Rules;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&quot;Board&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the board of directors for the time being of the Company or the directors present at any meeting of the Board duly convened and held and includes a duly authorised committee thereof;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&quot;Business&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the business carried on from time to time by the Group or by any of the companies within the Group;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;Group&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the Company and its subsidiaries from time to time;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;Hong Kong&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the Hong Kong Special Administrative Region of the People's Republic of China;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;Nasdaq Rules&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the rules and regulations established by Nasdaq Capital Market applicable to foreign private issuer;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;SEC rules&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the United States securities laws and the Securities and Exchange Commission rules and regulations; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>1</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt; page-break-before:always" align=justify>&quot;US$&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>United States dollars.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>References to Clauses are references to the clauses of this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>Words importing one gender include all genders.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>Words importing persons include individuals, firms, companies, corporations and unincorporated bodies of persons and vice versa.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(5)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>Words importing the singular include the plural and vice versa.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(6)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>The headings in this Agreement are for convenience only and do not affect the interpretation hereof.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>2.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Appointment and duties</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Company shall employ the Director and the Director shall serve the Company as an executive officer or in such positions as may be assigned to the Director from time to time at the discretion of the Board subject to and upon the terms hereinafter set out.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>3.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Director's basic obligation</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director hereby undertakes with the Company during the continuance of this Agreement to use his best endeavours to carry out his duties hereunder and to protect and promote the interests of the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>4.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Duration of the appointment</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Subject to Clause 7, the Appointment shall be for a term of three years commencing on 1<SUP>st</SUP> October 2008 and shall continue thereafter unless and until terminated by either the Company or the Director giving to the other not less than three months' notice in writing to determine the same.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify><B>5.</B></P>
<P style="line-height:14pt; margin:0px; text-indent:32px; font-size:12pt" align=justify><B>Director's services</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Without prejudice to the generality of Clause 3, the Director shall during his Appointment under this Agreement :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>devote his knowledge, skill, expertise, attention and time both during normal business hours and at such other times as are necessary for the proper and efficient conduct of the Business (subject to appropriate holidays and vacations as herein provided) and for the proper discharge of duties of his office an executive officer or in such positions as may be assigned to the Director from time to time at the discretion of the Board;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>faithfully and diligently perform such duties and exercise such powers as are consistent with his office in relation to the Company and/or the Group;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt; page-break-before:always" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, regulations and directions from time to time made or given by the Board in connection with the conduct of the Business according to the best of his skills and ability;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>in pursuance of his duties hereunder perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his office;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(5)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of his powers and duties and in connection with the Business or affairs of the Group;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(6)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>perform the duties and exercise the powers in his capacity as an executive officer of the Company or in such positions which the Board may from time to time properly assign to him in connection with the Business subject to such resolutions, regulations or directions as to the scope of his duties or authority or manner of carrying out the same as may be made or given by the Board from time to time;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(7)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>comply with (a) every rule of law applicable to any member of the Group whether in British Virgin Islands, the People's Republic of China or elsewhere; (b) the SEC Rules; (c) every regulation of the Company from time to time in force (including but not limiting to the memorandum and articles of association); (d) the Nasdaq Rules (f) all other relevant securities regulations from time to time in force, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to the discharge of his functions and duties as a director of the Company;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(8)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>serve as a member of the Company&#146;s Board of Directors to the extent duly nominated and elected or appointed, without additional compensation; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(9)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>act in accordance with his powers and obligations as an executive officer or in such positions as may be assigned to the Director from time to time at the discretion of the Company and use his best endeavours to cause the Company to comply with all applicable laws, the Nasdaq Rules, the SEC Rules and all other relevant securities regulations applicable to the Company from time to time.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director may be required to work at such location(s) as the Board may from time to time direct and the Director may be required to travel as directed by the Board from time to time.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(C)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director shall carry out his duties and exercise his powers jointly with any other director(s) or executive officer(s) as may from time to time be appointed by the Board to act jointly with the Director and the Board shall also at any time require the Director to cease performing any of his duties or exercising any of his powers under this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>3</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt; page-break-before:always" align=justify><B>6.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Remuneration and reimbursement</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Subject to Clause 7(B), the Director shall receive during the continuance of the Appointment a fee of US$1 per annum. Such fee may be increased annually after each year of service during the term of this Agreement at a rate to be determined by the compensation committee of the Company (&#147;Compensation Committee&#148;) and approved by the Board in its absolute discretion.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)&nbsp;&nbsp;&nbsp;The Director shall be reimbursed all reasonable out-of-pocket expenses (including expenses of entertainment, subsistence and traveling) reasonably incurred by him in the discharge of his duties an executive officer or in such positions as may be assigned from time to time at the discretion of the Company in connection with the Business which expenses shall be evidenced in such manner as the Board may require.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(C)&nbsp;&nbsp;&nbsp;As part of the fee package, the Director may, at the determination by the Compensation Committee and with the approval of the Board, be granted equity awards entitling the Director to subscribe for shares in the Company upon such terms and conditions as are established by the Compensation Committee and the Board.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>7.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Termination of the appointment</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Without prejudice to the accrued rights (if any) or remedies of either party under or pursuant to this Agreement :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>the Director shall be entitled to terminate the Appointment by giving three months' notice in writing to the Company if any money due and payable by the Company to the Director under or pursuant to this Agreement is in arrears and is not paid in full by the Company to the Director within a period of thirty days from any written demand by the Director for the payment thereof;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>the Company shall be entitled to terminate the Appointment without any compensation to the Director :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>by notice in writing given at any time taking immediate effect if the Director shall have been incapacitated or prevented by reason of ill health, injury or accident from performing his duties hereunder for a period of or periods aggregating 12 weeks in any 12 month period Provided that if at any time during the currency of a notice given pursuant to this sub-paragraph the Director shall provide a medical certificate satisfactory to the Board to the effect that he has fully recovered from his physical and/or mental health and that no recurrence of illness or incapacity can reasonably be anticipated, the Company shall withdraw such notice; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>by summary notice in writing if the Director shall at any time :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt; page-break-before:always" align=justify>(i)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>commit any serious or persistent breach of any of the provisions herein contained (and to the extent that such breach is capable of remedy shall fail to remedy such breach within 30 days after written warning given by the Board);</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(ii)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be guilty of any act of dishonesty, grave misconduct or wilful default or neglect in the discharge of his duties hereunder;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(iii)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>become bankrupt or have a receiving order made against him or suspend payment of his debts or compound with his creditors generally;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(iv)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>become a lunatic or of unsound mind;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(v)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>become permanently incapacitated by illness or other like causes so as to prevent the Director from performing his duties and obligations hereunder;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(vi)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>become prohibited by law from acting as a director;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(vii)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be guilty of conduct tending to bring himself or any company in the Group into disrepute;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(viii)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be prohibited by law from fulfilling his duties hereunder;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(ix)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be convicted of any criminal offence (other than an offence which in the reasonable opinion of the Board does not affect his position as a director of the Company); or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(x)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be convicted of any offence or be identified as an insider trader under any statutory enactment or regulations relating to insider trading in force from time to time.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>If the Company becomes entitled pursuant to Clause 7(A)(2)(b) above to terminate the Appointment it shall be entitled (but without prejudice to its right subsequently to terminate the Appointment on the same or any other ground) to suspend the Director without payment of the fee described in Clause 6(A) in full or in part for so long as it may think fit.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(C)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>If the Director shall have refused or failed to agree to accept without reasonable grounds an appointment offered to him, on terms no less favourable to him than the terms in effect under this Agreement, by a person or company which has either acquired or agreed to acquire the whole or substantially the whole of the undertaking and assets of the Company or which shall own or has agreed to acquire the whole or not less than 90% of the issued share capital of the Company, the Director shall have no claim against the Company by reason of the subsequent voluntary winding up of any company in the Group or the termination of this Agreement by the Company within two months after such refusal or failure to agree.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>5</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt; page-break-before:always" align=justify>(D)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>On the termination of the Appointment howsoever arising the Director shall :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>forthwith when the termination of the Appointment takes effect resign from office as a director of the Company and all offices held by him in any company in the Group and shall transfer without payment to the Company or as the Company may direct any qualifying shares provided by it or any shares held by the Director as nominee for the Company or any company in the Group and the Director hereby irrevocably appoints the Company to be his attorney and in his name and on his behalf to sign and execute any documents or do any things necessary or requisite to give effect thereto and a certificate in writing signed by any director or by the secretary of the Company for the time being that any instrument or act falls within the authority hereby conferred shall be conclusive evidence that such is the case and any third party shall be entitled to rely on such certificate without further enquiry provided however that such resignati
on or resignations shall be given and accepted on the footing that it is or they are without prejudice to any claims which the Director may have against any such company or which any such company may have against the Director arising out of this Agreement or of the termination of the Appointment;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>forthwith deliver to the Company all books, documents, papers, materials, credit cards (if any) and other property of or relating to the business of the Group which may then be in his possession or under his power or control and all copies thereof or extracts therefrom made by or on behalf of the Director shall be and remain the property of the Group and shall forthwith be delivered up to the Company; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>not at any time thereafter represent himself to be connected with any member of the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(E)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Save as expressly provided herein, neither party may terminate this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(F)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Appointment of the Director under this Agreement shall terminate automatically in the event of his ceasing to be a director of the Company for whatever reason whether by reason of his not being re-elected as a director of the Company at any general meeting or by virtue of a resolution passed by the members of the Company in general meeting to remove him as a director or otherwise but if such termination shall be caused by any act or omission of either party which constitutes a breach of this Agreement, such termination shall be without prejudice to any claim for damages in respect of such breach.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(G)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Termination for whatever reason shall not relieve the parties of their obligations and liabilities arising or accrued prior to the termination of the Appointment or of obligations and liabilities which expressly or by necessary implication continue after termination of the Appointment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>8.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Restrictions on the Director</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>6</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt; page-break-before:always" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>During the Appointment the Director shall not, and shall procure that none of his Affiliates shall, be directly or indirectly, engaged in or concerned with or interested in any business which is in any respect in competition with or similar to the Business provided that this shall not prohibit the holding (directly or through nominees) of investments listed on any stock exchange as long as not more than 5 per cent. of the issued shares or stock of any class of any one company shall be so held save that this restriction shall not apply to any holding of shares or stock of the Company.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director shall not (except in the proper course of his duties), and shall procure that none of his Affiliates shall, either during or after the termination of the Appointment without limit in point of time except authorised by the Board or required by his duties hereunder :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>divulge or communicate to any person except to those of the officials of the Group whose province is to know the same in the proper course of their duties; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>use, take away, conceal or destroy for his own purpose or for any purpose other than that of the Group or for the advantage of any person other than the Group or to the detriment of the Group; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>through any failure to exercise all due care and diligence cause any unauthorised disclosure of, </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>any secret, confidential or private information :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>relating to the dealings, organisation, business, finance, transactions or any other affairs of the Group or its suppliers, agents, distributors, clients or customers; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>relating to the working of any process or invention which is carried on or used by any company in the Group or which he may discover or make during the Appointment including anything which by virtue of Clause 9(B) becomes the absolute property of the Group; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>in respect of which any company within the Group is bound by an obligation of confidence to any third party </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>but these restrictions shall cease to apply to any information or knowledge which may (otherwise than through the default of the Director or his Affiliates) become available to the public generally without requiring a significant expenditure of labour, skill or money or otherwise required by law or any applicable rules or regulations to be disclosed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(C)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director agrees that, subject to the exception provided under Clause 8(A), for a period of 2 years after the expiry or the termination of the Appointment, the Director shall not, and shall procure that his Affiliates do not :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>engage or be engaged or concerned or interested in the People's Republic of </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>7</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt; page-break-before:always" align=justify>China, whether directly or indirectly, in any business which is in competition with or similar to the Business;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>take up employment with any person, firm, company or organisation engaged in the People's Republic of China, whether directly or indirectly, in or operating any part of the Business (but this restriction shall not operate so as to prohibit an employment none of the duties of which relate to the Business) or assist any such person, firm, company or organisation with technical, commercial or professional advice in relation to the Business;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>either for his own account or for any person, firm, company or organisation solicit or entice away or endeavour to solicit or entice away from any company within the Group any director, manager or employee of any company in the Group whether or not such person would commit any breach of his contract of employment by reason of leaving the service of the relevant company in the Group;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>directly or indirectly employ any person who has at any time during the continuance of the Appointment been a director, manager or employee of or consultant to any company in the Group and who by reason of such employment is or may be likely to be in possession of such information which if that person was the Director would be covered by the confidentiality restrictions of this Clause 8;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(5)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>either on his own account or for any person, firm, company or organisation solicit or entice away or endeavour to solicit or entice away any customer, supplier or business from any person, firm, company or organisation which at any time during the continuance of the Appointment has dealt with the Company or any other company in the Group or which on the termination of the Appointment is in the process of negotiating with the Company or any such company in the Group in relation to the Business; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(6)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>either alone or jointly with any other person through or as manager, adviser, consultant, employee or agent for or shareholder in any person, firm, company or organisation use or procure the use in connection with any business any name or any colourable imitation thereof or any name of any member of the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(D)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director shall not at any time make any untrue or misleading statement in relation to the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(E)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Since the Director may obtain in the course of the Appointment by reason of services rendered for or offices held in any other company in the Group knowledge of the trade secrets or other confidential information of such company, without prejudice to other provisions herein, the Director hereby undertakes that he will at the request and cost of the Company or such other company enter into a direct agreement or undertaking with such company whereby he will accept restrictions corresponding to the restrictions herein contained (or such of them as may be appropriate in the circumstances) in relation to such trade secrets or other confidential information and for such period as such company may reasonably </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>8</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt; page-break-before:always" align=justify>require for the protection of its legitimate interests.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(F)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>All notes, memoranda, records, writings and material made by the Director in relation to the Business or concerning any of its dealings or affairs or the dealings or affairs of any clients or customers of the Group shall be and shall remain the property of any Group and shall be handed over by him to the Company (or to such other company in the Group as the case may require) from time to time on demand and in any event forthwith upon his leaving the service of the Company and the Director shall not retain any copy thereof.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(G)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The covenants in each paragraph of sub-clause (C) are independent of each other and are not to be construed restrictively by reference to one another.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(H)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>While the restrictions contained in this Clause are considered by the parties to be reasonable in all the circumstances it is recognised that restrictions of the nature in question may fail for technical reasons unforeseen and accordingly it is hereby agreed and declared that if any such restrictions, either together or individually, shall be adjudged to be void as going beyond what is reasonable in all the circumstances for the protection of the interests of the Company and/or the Group or for any other reason whatsoever but would be valid if part of the wording thereof were deleted or the periods (if any) thereof were reduced the said restriction shall apply with such modifications as may be necessary to make it valid and effective.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>9.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Inventions and other industrial or intellectual property</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The parties foresee that the Director may make inventions or create other industrial or intellectual property in the course of his duties hereunder and agree that in this respect the Director has a special responsibility to further the interests of the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Any concept, idea, invention, improvement, design, plan, drawing or specification made or process or information discovered or copyright work or trade mark or trade name or get-up relating to the Business discovered, created, developed or otherwise acquired by the Director or communicated to the Director by any other employee of the Company or any member of the Group during the continuance of the Appointment (whether capable of being patented or registered or not and whether or not discovered, created, developed or otherwise acquired in the course of his Appointment) in conjunction with or in any way affecting or relating to the Business or capable of being used or adapted for use therein or in connection therewith shall (unless such concept, idea, invention, improvement, design, plan, drawing or specification was made or process or information discovered or copyright work or trade name or get-up were in existence prior 
to the commencement of a similar business by any company in the Group) forthwith be disclosed in writing to the Company and shall belong to and be the absolute property of the Company or such company in the Group as the Company may direct without any compensation to the Director.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>9</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt; page-break-before:always" align=justify>(C)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director shall subject to Clause 9(B) above, if and whenever required so to do by the Company at the expense of a company in the Group as part of his duties hereunder apply or join with such company in applying for, obtaining and/or renewing letters patent or other protection or registration for any such concept, idea, invention, improvement, design, plan, drawing or specification, process, information work, trade mark, trade name or get-up relating to the Business in such countries as the Board may direct as aforesaid which belongs to such company and shall at the expense of such company execute and do all instruments and things necessary for vesting the said letters patent or other protection or registration when obtained and all right title, and interest to and in the same in such company absolutely and as sole beneficial owner or in such other person as the Company may specify and such company or person shall not
 be liable to the Director for any revenue or profit derived or resulting from such concept, idea, invention, improvement, design, plan, drawing, specification, process, information work, trade mark, trade name or get-up.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(D)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director hereby irrevocably appoints the Company to be his Attorney in his name and on his behalf to execute and do any such instrument or thing and generally to use his name for the purpose of giving to the Company the full benefit of this Clause and a certificate in writing signed by any director or by the secretary for the time being of the Company that any instrument or act falls within the authority hereby conferred shall be conclusive evidence that such is the case and any third party shall be entitled to rely on such certificate without further enquiry.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>10.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Holidays</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify>The Director shall (in addition to normal public holidays and sick leave) be entitled to<FONT style="color:#0000FF"> </FONT>21<FONT style="color:#0000FF"> </FONT>working days paid holidays in each year during the continuance of the Appointment to be taken at such time or times as the Board may approve.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>11.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Waiver</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Time is of the essence of this Agreement but no failure or delay on the part of either party to exercise any power, right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by either party of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy by that party.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The remedies provided herein are cumulative and are not exclusive of any remedies provided by law.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>12.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Former service agreements</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement constitutes the entire agreement between the parties hereto in relation to the subject matter hereof and shall be in substitution for and supersedes all and any previous service agreements entered into between any company in the Group and the Director and for any terms of employment previously in force between any such company and the Director, whether or not on a legal or formal basis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>10</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt; page-break-before:always" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director hereby acknowledges that he has no claim of any kind against any company in the Group and without prejudice to the generality of the foregoing he further acknowledges that he has no claim for damages against any company in the Group for the termination of any previous service agreements for the purpose of entering into this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>13.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Notices</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>All notices, requests, demands, consents or other communications to or upon the parties under or pursuant to this Agreement shall be in writing addressed to the relevant party at such party's address set out below (or at such other address as such party may hereafter specify to the other party) and shall be deemed to have been duly given or made :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-24px; font-size:12pt" align=justify>(i)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; text-indent:-8px; font-size:12pt" align=justify>in the case of a communication by letter 5 days (if overseas) or 2 days (if local) after despatch or, if such letter is delivered by hand, on the day of delivery; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(ii)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>in the case of a communication by telex or facsimile, when sent provided that the transmission is confirmed by the answer back of the recipient (in the case of telex) or by a transmission report (in the case of facsimile).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt" align=justify>The Company's address:</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>Room 2205, West Tower,</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>Shun Tak Centre,</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>200 Connaught Road C.,</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>Hong Kong</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>Facsimile Number: 852-28106963</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>The Director's address:</P>
<P style="line-height:14pt; margin:0px; text-indent:256px; font-size:12pt" align=justify>21A, 1-5 Boyce Road,</P>
<P style="line-height:14pt; margin:0px; text-indent:256px; font-size:12pt" align=justify>Hong Kong</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:256px; font-size:12pt" align=justify>Facsimile Number: 852-25767609</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>14.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Assignability</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement shall be binding upon and enure to the benefit of each party hereto and its successors and assigns and personal representatives (as the case may be), provided always that the Director shall not assign his obligations and liabilities under this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>15.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Relationship</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>None of the provisions of this Agreement shall be deemed to constitute a partnership or joint venture between the parties hereto for any purpose.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>11</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt; page-break-before:always" align=justify><B>16.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Amendment</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement may not be amended, supplemented or modified except by a written agreement or instrument signed by or on behalf of the parties hereto.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>17.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Severability</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Any provision of this Agreement prohibited by or unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement. &nbsp;Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the parties hereto to the full extent permitted by such law to the end that this Agreement shall be a valid and binding agreement enforceable in accordance with its terms.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>18.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Law and jurisdiction</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement shall be governed by and construed in all respects in accordance with the laws of British Virgin Islands and the parties hereby submit to the non-exclusive jurisdiction of the courts of British Virgin Islands.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>19. Indemnification</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Company hereby indemnifies and holds the Director harmless from and against all expenses including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings in which the Director (a) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal or administrative or investigative, by reason of the fact that the Director is or was a director or officer of the Company and/or (b) is or was, at the request of the Company, serving as a director or officer or in any other capacity is or was acting for another company, partnership, joint venture, trust or other enterprise, including a subsidiary or affiliate of the Company; provided that, (y) in the view of the Board of Directors (which in the absence of fraud or a question of law shall be suffici
ent) the Director acted honestly and in good faith with a view to the best interests of the Company, and in the case of criminal proceedings, the Director had no reasonable cause to believe that his conduct was unlawful and (z) the termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the Director did not act honestly and in good faith with a view to the best interests of the Company, or that the Director had reasonable cause to believe that his conduct was unlawful.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>12</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin:0px; font-size:12pt; page-break-before:always" align=justify><B>IN WITNESS</B> whereof this Agreement has been duly executed the day and year first above written.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>SIGNED by <B>Li Feilie</B></P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>for and on behalf of</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify><B>CHINA NATURAL RESOURCES, INC.</B></P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>in the presence of :-</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>Yue Ming Wai Bonaventure</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>SIGNED &nbsp;&nbsp;SEALED &nbsp;&nbsp;AND</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>DELIVERED by <B>Tam Cheuk Ho</B></P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>in the presence of :-</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>Ma Sin Ling</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>13</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>7
<FILENAME>exhibit994.htm
<DESCRIPTION>CONTRACT
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Dated the</TITLE>
<META NAME="author" CONTENT="SINOLINKWORLDWIDE LTD">
<META NAME="date" CONTENT="11/04/2008">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:14pt; margin:0px; font-size:12pt" align=right>Exhibit 99.4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=center><U>Dated the</U><FONT style="color:#0000FF"><U> </FONT>1<SUP>st</SUP> day of October, 2008</U></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center><B>China Natural Resources, Inc.</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center><B>and</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center><B>Wong Wah On Edward</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center><B>SERVICE AGREEMENT</B></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; font-size:12pt; page-break-before:always"><B>THIS AGREEMENT</B> is made on the 1<SUP>st</SUP> day of October, 2008.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>BETWEEN :-</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>China Natural Resources, Inc.</B>, a company incorporated in the British Virgin Islands with its registered office at Sea Meadow House, Blackburne Highway, P.O. Box 116, Road Town, Tortola, British Virgin Islands (the &quot;Company&quot;); and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Wong Wah On Edward</B> (the &quot;Director&quot;).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>BY WHICH IT IS AGREED</B> as follows :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>1.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Purpose and interpretation</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement sets out the terms and conditions upon and subject to which the Company agrees to employ the Director and the Director agrees to serve the Company as an executive officer by providing to Company with the services hereinafter described.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>In this Agreement, unless the context otherwise requires :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>the following words and expressions bear the following meanings:-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&quot;Appointment&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the appointment of the Director as an executive officer of the Company pursuant to by Clause 2;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&quot;Affiliate&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>&quot;affiliate&quot; as defined in the SEC Rules;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&quot;Board&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the board of directors for the time being of the Company or the directors present at any meeting of the Board duly convened and held and includes a duly authorised committee thereof;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-132px; font-size:12pt" align=justify>&quot;Business&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the business carried on from time to time by the Group or by any of the companies within the Group;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;Group&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the Company and its subsidiaries from time to time;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;Hong Kong&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the Hong Kong Special Administrative Region of the People's Republic of China;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;Nasdaq Rules&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the rules and regulations established by Nasdaq Capital Market applicable to foreign private issuer;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;SEC rules&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>the United States securities laws and the Securities and Exchange Commission rules and regulations; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:192px; text-indent:-128px; font-size:12pt" align=justify>&quot;US$&quot;</P>
<P style="line-height:14pt; margin:0px; padding-left:192px; font-size:12pt" align=justify>United States dollars.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>1</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>References to Clauses are references to the clauses of this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>Words importing one gender include all genders.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>Words importing persons include individuals, firms, companies, corporations and unincorporated bodies of persons and vice versa.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(5)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>Words importing the singular include the plural and vice versa.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(6)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>The headings in this Agreement are for convenience only and do not affect the interpretation hereof.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>2.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Appointment and duties</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Company shall employ the Director and the Director shall serve the Company as an executive officer or in such positions as may be assigned to the Director from time to time at the discretion of the Board subject to and upon the terms hereinafter set out.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>3.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Director's basic obligation</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director hereby undertakes with the Company during the continuance of this Agreement to use his best endeavours to carry out his duties hereunder and to protect and promote the interests of the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify><B>4.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify><B>Duration of the appointment</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Subject to Clause 7, the Appointment shall be for a term of three years commencing on 1<SUP>st</SUP> October 2008 and shall continue thereafter unless and until terminated by either the Company or the Director giving to the other not less than three months' notice in writing to determine the same.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify><B>5.</B></P>
<P style="line-height:14pt; margin:0px; text-indent:32px; font-size:12pt" align=justify><B>Director's services</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Without prejudice to the generality of Clause 3, the Director shall during his Appointment under this Agreement :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>devote his knowledge, skill, expertise, attention and time both during normal business hours and at such other times as are necessary for the proper and efficient conduct of the Business (subject to appropriate holidays and vacations as herein provided) and for the proper discharge of duties of his office an executive officer or in such positions as may be assigned to the Director from time to time at the discretion of the Board;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>faithfully and diligently perform such duties and exercise such powers as are consistent with his office in relation to the Company and/or the Group;</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt; page-break-before:always" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>in the discharge of such duties and in the exercise of such powers observe and comply with all reasonable and lawful resolutions, regulations and directions from time to time made or given by the Board in connection with the conduct of the Business according to the best of his skills and ability;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>in pursuance of his duties hereunder perform such services for the Group and (without further remuneration unless otherwise agreed) accept such offices in the Group as the Board may from time to time reasonably require provided the same are consistent with his office;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(5)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>at all times keep the Board promptly and fully informed (in writing if so requested) in connection with the performance of his powers and duties and in connection with the Business or affairs of the Group;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(6)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>perform the duties and exercise the powers in his capacity as an executive officer of the Company or in such positions which the Board may from time to time properly assign to him in connection with the Business subject to such resolutions, regulations or directions as to the scope of his duties or authority or manner of carrying out the same as may be made or given by the Board from time to time;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(7)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>comply with (a) every rule of law applicable to any member of the Group whether in British Virgin Islands, the People's Republic of China or elsewhere; (b) the SEC Rules; (c) every regulation of the Company from time to time in force (including but not limiting to the memorandum and articles of association); (d) the Nasdaq Rules (f) all other relevant securities regulations from time to time in force, in relation to dealings in shares or other securities of the Company or any other member of the Group, and in relation to the discharge of his functions and duties as a director of the Company;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(8)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>serve as a member of the Company&#146;s Board of Directors to the extent duly nominated and elected or appointed, without additional compensation; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(9)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>act in accordance with his powers and obligations as an executive officer or in such positions as may be assigned to the Director from time to time at the discretion of the Company and use his best endeavours to cause the Company to comply with all applicable laws, the Nasdaq Rules, the SEC Rules and all other relevant securities regulations applicable to the Company from time to time.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director may be required to work at such location(s) as the Board may from time to time direct and the Director may be required to travel as directed by the Board from time to time.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(C)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director shall carry out his duties and exercise his powers jointly with any other director(s) or executive officer(s) as may from time to time be appointed by the Board to act jointly with the Director and the Board shall also at any time require the Director to cease performing any of his duties or exercising any of his powers under this Agreement.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>3</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt; page-break-before:always" align=justify><B>6.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Remuneration and reimbursement</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Subject to Clause 7(B), the Director shall receive during the continuance of the Appointment a fee of US$1 per annum. Such fee may be increased annually after each year of service during the term of this Agreement at a rate to be determined by the compensation committee of the Company (&#147;Compensation Committee&#148;) and approved by the Board in its absolute discretion.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)&nbsp;&nbsp;&nbsp;The Director shall be reimbursed all reasonable out-of-pocket expenses (including expenses of entertainment, subsistence and traveling) reasonably incurred by him in the discharge of his duties an executive officer or in such positions as may be assigned from time to time at the discretion of the Company in connection with the Business which expenses shall be evidenced in such manner as the Board may require.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(C)&nbsp;&nbsp;&nbsp;As part of the fee package, the Director may, at the determination by the Compensation Committee and with the approval of the Board, be granted equity awards entitling the Director to subscribe for shares in the Company upon such terms and conditions as are established by the Compensation Committee and the Board.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>7.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Termination of the appointment</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Without prejudice to the accrued rights (if any) or remedies of either party under or pursuant to this Agreement :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>the Director shall be entitled to terminate the Appointment by giving three months' notice in writing to the Company if any money due and payable by the Company to the Director under or pursuant to this Agreement is in arrears and is not paid in full by the Company to the Director within a period of thirty days from any written demand by the Director for the payment thereof;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>the Company shall be entitled to terminate the Appointment without any compensation to the Director :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>by notice in writing given at any time taking immediate effect if the Director shall have been incapacitated or prevented by reason of ill health, injury or accident from performing his duties hereunder for a period of or periods aggregating 12 weeks in any 12 month period Provided that if at any time during the currency of a notice given pursuant to this sub-paragraph the Director shall provide a medical certificate satisfactory to the Board to the effect that he has fully recovered from his physical and/or mental health and that no recurrence of illness or incapacity can reasonably be anticipated, the Company shall withdraw such notice; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>by summary notice in writing if the Director shall at any time :-</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>4</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt; page-break-before:always" align=justify>(i)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>commit any serious or persistent breach of any of the provisions herein contained (and to the extent that such breach is capable of remedy shall fail to remedy such breach within 30 days after written warning given by the Board);</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(ii)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be guilty of any act of dishonesty, grave misconduct or wilful default or neglect in the discharge of his duties hereunder;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(iii)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>become bankrupt or have a receiving order made against him or suspend payment of his debts or compound with his creditors generally;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(iv)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>become a lunatic or of unsound mind;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(v)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>become permanently incapacitated by illness or other like causes so as to prevent the Director from performing his duties and obligations hereunder;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(vi)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>become prohibited by law from acting as a director;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(vii)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be guilty of conduct tending to bring himself or any company in the Group into disrepute;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(viii)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be prohibited by law from fulfilling his duties hereunder;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(ix)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be convicted of any criminal offence (other than an offence which in the reasonable opinion of the Board does not affect his position as a director of the Company); or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt" align=justify>(x)</P>
<P style="line-height:14pt; margin:0px; padding-left:144px; font-size:12pt" align=justify>be convicted of any offence or be identified as an insider trader under any statutory enactment or regulations relating to insider trading in force from time to time.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>If the Company becomes entitled pursuant to Clause 7(A)(2)(b) above to terminate the Appointment it shall be entitled (but without prejudice to its right subsequently to terminate the Appointment on the same or any other ground) to suspend the Director without payment of the fee described in Clause 6(A) in full or in part for so long as it may think fit.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(C)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>If the Director shall have refused or failed to agree to accept without reasonable grounds an appointment offered to him, on terms no less favourable to him than the terms in effect under this Agreement, by a person or company which has either acquired or agreed to acquire the whole or substantially the whole of the undertaking and assets of the Company or which shall own or has agreed to acquire the whole or not less than 90% of the issued share capital of the Company, the Director shall have no claim against the Company by reason of the subsequent voluntary winding up of any company in the Group or the termination of this Agreement by the Company within two months after such refusal or failure to agree.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>5</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt; page-break-before:always" align=justify>(D)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>On the termination of the Appointment howsoever arising the Director shall :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>forthwith when the termination of the Appointment takes effect resign from office as a director of the Company and all offices held by him in any company in the Group and shall transfer without payment to the Company or as the Company may direct any qualifying shares provided by it or any shares held by the Director as nominee for the Company or any company in the Group and the Director hereby irrevocably appoints the Company to be his attorney and in his name and on his behalf to sign and execute any documents or do any things necessary or requisite to give effect thereto and a certificate in writing signed by any director or by the secretary of the Company for the time being that any instrument or act falls within the authority hereby conferred shall be conclusive evidence that such is the case and any third party shall be entitled to rely on such certificate without further enquiry provided however that such resignati
on or resignations shall be given and accepted on the footing that it is or they are without prejudice to any claims which the Director may have against any such company or which any such company may have against the Director arising out of this Agreement or of the termination of the Appointment;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>forthwith deliver to the Company all books, documents, papers, materials, credit cards (if any) and other property of or relating to the business of the Group which may then be in his possession or under his power or control and all copies thereof or extracts therefrom made by or on behalf of the Director shall be and remain the property of the Group and shall forthwith be delivered up to the Company; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>not at any time thereafter represent himself to be connected with any member of the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(E)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Save as expressly provided herein, neither party may terminate this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(F)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Appointment of the Director under this Agreement shall terminate automatically in the event of his ceasing to be a director of the Company for whatever reason whether by reason of his not being re-elected as a director of the Company at any general meeting or by virtue of a resolution passed by the members of the Company in general meeting to remove him as a director or otherwise but if such termination shall be caused by any act or omission of either party which constitutes a breach of this Agreement, such termination shall be without prejudice to any claim for damages in respect of such breach.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(G)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Termination for whatever reason shall not relieve the parties of their obligations and liabilities arising or accrued prior to the termination of the Appointment or of obligations and liabilities which expressly or by necessary implication continue after termination of the Appointment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>8.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Restrictions on the Director</B></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>6</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt; page-break-before:always" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>During the Appointment the Director shall not, and shall procure that none of his Affiliates shall, be directly or indirectly, engaged in or concerned with or interested in any business which is in any respect in competition with or similar to the Business provided that this shall not prohibit the holding (directly or through nominees) of investments listed on any stock exchange as long as not more than 5 per cent. of the issued shares or stock of any class of any one company shall be so held save that this restriction shall not apply to any holding of shares or stock of the Company.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director shall not (except in the proper course of his duties), and shall procure that none of his Affiliates shall, either during or after the termination of the Appointment without limit in point of time except authorised by the Board or required by his duties hereunder :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>divulge or communicate to any person except to those of the officials of the Group whose province is to know the same in the proper course of their duties; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>use, take away, conceal or destroy for his own purpose or for any purpose other than that of the Group or for the advantage of any person other than the Group or to the detriment of the Group; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>through any failure to exercise all due care and diligence cause any unauthorised disclosure of, </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>any secret, confidential or private information :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(a)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>relating to the dealings, organisation, business, finance, transactions or any other affairs of the Group or its suppliers, agents, distributors, clients or customers; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(b)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>relating to the working of any process or invention which is carried on or used by any company in the Group or which he may discover or make during the Appointment including anything which by virtue of Clause 9(B) becomes the absolute property of the Group; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-32px; font-size:12pt" align=justify>(c)</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; font-size:12pt" align=justify>in respect of which any company within the Group is bound by an obligation of confidence to any third party </P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>but these restrictions shall cease to apply to any information or knowledge which may (otherwise than through the default of the Director or his Affiliates) become available to the public generally without requiring a significant expenditure of labour, skill or money or otherwise required by law or any applicable rules or regulations to be disclosed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(C)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director agrees that, subject to the exception provided under Clause 8(A), for a period of 2 years after the expiry or the termination of the Appointment, the Director shall not, and shall procure that his Affiliates do not :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(1)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>engage or be engaged or concerned or interested in the People's Republic of </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>7</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt; page-break-before:always" align=justify>China, whether directly or indirectly, in any business which is in competition with or similar to the Business;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(2)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>take up employment with any person, firm, company or organisation engaged in the People's Republic of China, whether directly or indirectly, in or operating any part of the Business (but this restriction shall not operate so as to prohibit an employment none of the duties of which relate to the Business) or assist any such person, firm, company or organisation with technical, commercial or professional advice in relation to the Business;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(3)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>either for his own account or for any person, firm, company or organisation solicit or entice away or endeavour to solicit or entice away from any company within the Group any director, manager or employee of any company in the Group whether or not such person would commit any breach of his contract of employment by reason of leaving the service of the relevant company in the Group;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(4)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>directly or indirectly employ any person who has at any time during the continuance of the Appointment been a director, manager or employee of or consultant to any company in the Group and who by reason of such employment is or may be likely to be in possession of such information which if that person was the Director would be covered by the confidentiality restrictions of this Clause 8;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(5)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>either on his own account or for any person, firm, company or organisation solicit or entice away or endeavour to solicit or entice away any customer, supplier or business from any person, firm, company or organisation which at any time during the continuance of the Appointment has dealt with the Company or any other company in the Group or which on the termination of the Appointment is in the process of negotiating with the Company or any such company in the Group in relation to the Business; and</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(6)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>either alone or jointly with any other person through or as manager, adviser, consultant, employee or agent for or shareholder in any person, firm, company or organisation use or procure the use in connection with any business any name or any colourable imitation thereof or any name of any member of the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(D)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director shall not at any time make any untrue or misleading statement in relation to the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(E)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Since the Director may obtain in the course of the Appointment by reason of services rendered for or offices held in any other company in the Group knowledge of the trade secrets or other confidential information of such company, without prejudice to other provisions herein, the Director hereby undertakes that he will at the request and cost of the Company or such other company enter into a direct agreement or undertaking with such company whereby he will accept restrictions corresponding to the restrictions herein contained (or such of them as may be appropriate in the circumstances) in relation to such trade secrets or other confidential information and for such period as such company may reasonably </P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>8</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt; page-break-before:always" align=justify>require for the protection of its legitimate interests.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(F)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>All notes, memoranda, records, writings and material made by the Director in relation to the Business or concerning any of its dealings or affairs or the dealings or affairs of any clients or customers of the Group shall be and shall remain the property of any Group and shall be handed over by him to the Company (or to such other company in the Group as the case may require) from time to time on demand and in any event forthwith upon his leaving the service of the Company and the Director shall not retain any copy thereof.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(G)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The covenants in each paragraph of sub-clause (C) are independent of each other and are not to be construed restrictively by reference to one another.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(H)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>While the restrictions contained in this Clause are considered by the parties to be reasonable in all the circumstances it is recognised that restrictions of the nature in question may fail for technical reasons unforeseen and accordingly it is hereby agreed and declared that if any such restrictions, either together or individually, shall be adjudged to be void as going beyond what is reasonable in all the circumstances for the protection of the interests of the Company and/or the Group or for any other reason whatsoever but would be valid if part of the wording thereof were deleted or the periods (if any) thereof were reduced the said restriction shall apply with such modifications as may be necessary to make it valid and effective.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>9.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Inventions and other industrial or intellectual property</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The parties foresee that the Director may make inventions or create other industrial or intellectual property in the course of his duties hereunder and agree that in this respect the Director has a special responsibility to further the interests of the Group.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Any concept, idea, invention, improvement, design, plan, drawing or specification made or process or information discovered or copyright work or trade mark or trade name or get-up relating to the Business discovered, created, developed or otherwise acquired by the Director or communicated to the Director by any other employee of the Company or any member of the Group during the continuance of the Appointment (whether capable of being patented or registered or not and whether or not discovered, created, developed or otherwise acquired in the course of his Appointment) in conjunction with or in any way affecting or relating to the Business or capable of being used or adapted for use therein or in connection therewith shall (unless such concept, idea, invention, improvement, design, plan, drawing or specification was made or process or information discovered or copyright work or trade name or get-up were in existence prior 
to the commencement of a similar business by any company in the Group) forthwith be disclosed in writing to the Company and shall belong to and be the absolute property of the Company or such company in the Group as the Company may direct without any compensation to the Director.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>9</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(C)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director shall subject to Clause 9(B) above, if and whenever required so to do by the Company at the expense of a company in the Group as part of his duties hereunder apply or join with such company in applying for, obtaining and/or renewing letters patent or other protection or registration for any such concept, idea, invention, improvement, design, plan, drawing or specification, process, information work, trade mark, trade name or get-up relating to the Business in such countries as the Board may direct as aforesaid which belongs to such company and shall at the expense of such company execute and do all instruments and things necessary for vesting the said letters patent or other protection or registration when obtained and all right title, and interest to and in the same in such company absolutely and as sole beneficial owner or in such other person as the Company may specify and such company or person shall not
 be liable to the Director for any revenue or profit derived or resulting from such concept, idea, invention, improvement, design, plan, drawing, specification, process, information work, trade mark, trade name or get-up.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(D)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director hereby irrevocably appoints the Company to be his Attorney in his name and on his behalf to execute and do any such instrument or thing and generally to use his name for the purpose of giving to the Company the full benefit of this Clause and a certificate in writing signed by any director or by the secretary for the time being of the Company that any instrument or act falls within the authority hereby conferred shall be conclusive evidence that such is the case and any third party shall be entitled to rely on such certificate without further enquiry.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>10.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Holidays</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify>The Director shall (in addition to normal public holidays and sick leave) be entitled to<FONT style="color:#0000FF"> </FONT>21<FONT style="color:#0000FF"> </FONT>working days paid holidays in each year during the continuance of the Appointment to be taken at such time or times as the Board may approve.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>11.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Waiver</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Time is of the essence of this Agreement but no failure or delay on the part of either party to exercise any power, right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by either party of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy by that party.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The remedies provided herein are cumulative and are not exclusive of any remedies provided by law.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>12.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Former service agreements</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement constitutes the entire agreement between the parties hereto in relation to the subject matter hereof and shall be in substitution for and supersedes all and any previous service agreements entered into between any company in the Group and the Director and for any terms of employment previously in force between any such company and the Director, whether or not on a legal or formal basis.</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>10</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(B)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Director hereby acknowledges that he has no claim of any kind against any company in the Group and without prejudice to the generality of the foregoing he further acknowledges that he has no claim for damages against any company in the Group for the termination of any previous service agreements for the purpose of entering into this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>13.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Notices</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:32px; text-indent:-32px; font-size:12pt" align=justify>(A)</P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>All notices, requests, demands, consents or other communications to or upon the parties under or pursuant to this Agreement shall be in writing addressed to the relevant party at such party's address set out below (or at such other address as such party may hereafter specify to the other party) and shall be deemed to have been duly given or made :-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(i)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>in the case of a communication by letter 5 days (if overseas) or 2 days (if local) after despatch or, if such letter is delivered by hand, on the day of delivery; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:64px; text-indent:-32px; font-size:12pt" align=justify>(ii)</P>
<P style="line-height:14pt; margin:0px; padding-left:64px; font-size:12pt" align=justify>in the case of a communication by telex or facsimile, when sent provided that the transmission is confirmed by the answer back of the recipient (in the case of telex) or by a transmission report (in the case of facsimile).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; font-size:12pt" align=justify>The Company's address:</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>Room 2205, West Tower,</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>Shun Tak Centre,</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>200 Connaught Road C.,</P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>Hong Kong</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:96px; text-indent:160px; font-size:12pt" align=justify>Facsimile Number: 852-28106963</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:96px; font-size:12pt" align=justify>The Director's address:</P>
<P style="line-height:14pt; margin:0px; text-indent:256px; font-size:12pt" align=justify>Flat A 9/F., Block 9,</P>
<P style="line-height:14pt; margin:0px; text-indent:256px; font-size:12pt" align=justify>South Horizons,</P>
<P style="line-height:14pt; margin:0px; text-indent:256px; font-size:12pt" align=justify>Apleichau,</P>
<P style="line-height:14pt; margin:0px; text-indent:256px; font-size:12pt" align=justify>Hong Kong</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; text-indent:256px; font-size:12pt" align=justify>Facsimile Number: 852-25802952</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>14.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Assignability</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement shall be binding upon and enure to the benefit of each party hereto and its successors and assigns and personal representatives (as the case may be), provided always that the Director shall not assign his obligations and liabilities under this Agreement.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>15.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Relationship</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>None of the provisions of this Agreement shall be deemed to constitute a partnership or joint venture between the parties hereto for any purpose.</P>
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<BR></P>
<P style="margin:0px" align=center>11</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt; page-break-before:always" align=justify><B>16.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Amendment</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement may not be amended, supplemented or modified except by a written agreement or instrument signed by or on behalf of the parties hereto.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>17.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Severability</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>Any provision of this Agreement prohibited by or unlawful or unenforceable under any applicable law actually applied by any court of competent jurisdiction shall, to the extent required by such law, be severed from this Agreement and rendered ineffective so far as is possible without modifying the remaining provisions of this Agreement. &nbsp;Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the parties hereto to the full extent permitted by such law to the end that this Agreement shall be a valid and binding agreement enforceable in accordance with its terms.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:24px; text-indent:-24px; font-size:12pt" align=justify><B>18.</B></P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt" align=justify><B>Law and jurisdiction</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>This Agreement shall be governed by and construed in all respects in accordance with the laws of British Virgin Islands and the parties hereby submit to the non-exclusive jurisdiction of the courts of British Virgin Islands.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; font-size:12pt" align=justify><B>19. Indemnification</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin:0px; padding-left:32px; font-size:12pt" align=justify>The Company hereby indemnifies and holds the Director harmless from and against all expenses including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings in which the Director (a) is or was a party or is threatened to be made a party to any threatened, pending or completed proceedings, whether civil, criminal or administrative or investigative, by reason of the fact that the Director is or was a director or officer of the Company and/or (b) is or was, at the request of the Company, serving as a director or officer or in any other capacity is or was acting for another company, partnership, joint venture, trust or other enterprise, including a subsidiary or affiliate of the Company; provided that, (y) in the view of the Board of Directors (which in the absence of fraud or a question of law shall be suffici
ent) the Director acted honestly and in good faith with a view to the best interests of the Company, and in the case of criminal proceedings, the Director had no reasonable cause to believe that his conduct was unlawful and (z) the termination of any proceedings by any judgment, order, settlement, conviction or the entering of a nolle prosequi does not, by itself, create a presumption that the Director did not act honestly and in good faith with a view to the best interests of the Company, or that the Director had reasonable cause to believe that his conduct was unlawful.</P>
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<BR></P>
<P style="margin:0px" align=center>12</P>
<P style="margin:0px"><BR></P>
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<P style="line-height:14pt; margin:0px; font-size:12pt; page-break-before:always" align=justify><B>IN WITNESS</B> whereof this Agreement has been duly executed the day and year first above written.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>SIGNED by <B>Li Feilie</B></P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>for and on behalf of</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify><B>CHINA NATURAL RESOURCES, INC.</B></P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>in the presence of :-</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>Yue Ming Wai Bonaventure</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>SIGNED &nbsp;&nbsp;SEALED &nbsp;&nbsp;AND</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>DELIVERED by <B>Wong Wah On Edward</B></P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>in the presence of :-</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; font-size:12pt" align=justify>Ma Sin Ling</P>
<P style="line-height:14pt; margin:0px; text-indent:288px; font-size:12pt" align=justify>)</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<P style="margin:0px" align=center>13</P>
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