TORONTO, ONTARIO--(Marketwire - Oct 12, 2012) - Arehada Mining Limited ("Arehada" or the "Company") (TSX VENTURE:AHD.H) is pleased to announce filing of the disposition tax return for the sale of its mining assets. Arehada''s wholly-owned subsidiary, Arehada (Barbados) Corporation, sold all of the shares it held in Arehada''s Chinese operating company, to Shanjin Mining Corporation ("Shanjin"), a Shandong based Chinese mining company, pursuant to an agreement dated February 11, 2010. Particulars of the sale were previously disclosed by Arehada in press releases of February 23, 2010, May 13, 2010, July 19, 2010, August 19, 2010, January 12, 2011 and March 31, 2011.
Shanjin has now filed a disposition income tax return on the sale on behalf of Arehada (Barbados) Corporation.
Once the disposition tax return has been assessed and approved by the tax authorities, the final net sale price will be determined after deduction of taxes payable. Shanjin will withhold the taxes payable as assessed from the balance of the sale proceeds and remit the taxes to the tax authorities. The Company will then be required to apply for a Tax Certificate for Sale and Payment of Foreign Exchange and obtain approval from SAFE (State Authority for Foreign Exchange) for payment of the net sale proceeds.
The Company intends to call a special meeting of shareholders as soon as practicable following the approval of the tax return to ratify the sale.
The Company would like to thank its shareholders for their patience as we work through this challenging process.
Forward Looking Information
The above contains forward looking information that is subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Generally, forward looking information can be identified by the use of forward looking terminology such as "plans", "expects", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward looking information in this press release relates to the management''s expectation of the approval of the tax return filed by Shanjin, payment of the taxes payable, the application for SAFE approval, the anticipated calling of shareholders'' meeting and anticipated businesses to be approved at the shareholders'' meeting. Although we believe the expectations reflected in our forward looking information are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Readers should not place undue reliance on forward looking information.