Golden China shareholders have approved the planned business combination with Michelago Limited

Golden China chairman Douglas Betts says: "Not only does approval of the transaction by Golden China shareholders mark a significant milestone in the closing of this deal, but it also validates the transaction. Golden China shareholders have overwhelmingly voted in favour of the Business Combination because it will create value for them.

"Upon closing of the Business Combination, Golden China expects to benefit from the acquisition of the BioGold production facility, which will greatly enhance the new Golden China's position in the Chinese gold industry while offering synergies with our Nibao and Beyinhar projects as they move into the development phase."

Completion of the Business Combination is subject, among other things, to approval of the revised terms of the Business Combination by Michelago shareholders at special meetings expected to be held in November. The transaction is expected to close in December after which the shares of the new Golden China will be listed in both Canada and Australia.

Upon completion of the transaction, the new Golden China will be among the leading gold producers and a significant foreign diversified gold company in China.

Golden China Resources Corporation is a public company focused on exploration and development, operations, and merchant banking in the Chinese precious metal industry.

Golden China is capitalizing on a combination of its international mining and financing expertise and a partnership with the Hong Kong-based financial services provider, Kingsway Group, to become a significant participant and consolidator in China's developing precious metals sector. Golden China's shares are listed on the TSX Venture Exchange under the symbol AUC.