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Golden China Announces Private Placement Financing

Golden China Resources Corporation announces that it is undertaking a private placement financing of up to 22,500,000 units at a price of C$0.20 per unit to raise proceeds of up to C$4.5 million. Quam Securities Company Limited of Hong Kong is acting as agent for the financing. The net proceeds of the financing will be used for working capital and general corporate purposes.

Each unit comprises one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of C$0.25 per share for a period of 12 months following the date of issue. Golden China will have the right to require warrant holders to exercise the warrants if the volume weighted average price of the common shares for any period of 15 consecutive trading days equals or exceeds C$0.30 per share. The placement is subject to the approval of the TSX Venture Exchange.

The net proceeds from the financing will be used for working capital purposes, including Golden China's drilling programme on the promising Nibao and Beyinhar gold projects.

About Golden China Resources Corporation:

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. Golden China has announced a planned business combination with Michelago Limited (ASX: MIC) to form a significant participant and consolidator in the Chinese precious metal industry and one of the largest producers of gold in China.

Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulatory authorities. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.

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THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT

RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.

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For further information: Golden China Resources Corporation, Kristen (Boucher) Humphrey, Communications Manager, Tel: (416) 366-8818 ext. 230, khumphrey@goldenchina.ca, www.goldenchina.ca; or Renmark Financial Communications Inc., Tina Cameron, Tel.: (514) 939-3989, Fax: (514) 939-3717, tcameron@renmarkfinancial.com, www.renmarkfinancial.com

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