China Zirconium Limited
TSX : CZL

China Zirconium Limited

September 28, 2009 08:59 ET

China Zirconium Limited: Voluntary Delisting From the Toronto Stock Exchange

TORONTO, ONTARIO--(Marketwire - Sept. 28, 2009) - China Zirconium Limited (the "Company") (TSX:CZL)(HKEX:0395) -

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Introduction

The Board wishes to announce that the Company has applied for the voluntary delisting of the Shares from the TSX pursuant to Section 720 of the TSX Company Manual. The Board further announces that the Company's application has been approved by the TSX. The Company's Shares will cease trading and the Company will be delisted from the TSX as of the close of trading at 5:00 p.m. on 30 September 2009 (Toronto time).

As the Company is listed on the SEHK, Shareholders can continue to trade their Shares on the Main Board of the SEHK after the Delisting. There is no requirement for an exit alternative to be offered to Shareholders.

Reasons for the Delisting

The Board has considered the benefits of the Shares being listed on two publicly traded stock exchanges, namely the SEHK and the TSX. However, the trading volume of the Shares on the TSX has been very limited since the Company was listed on the TSX in August 2008. In addition, the compliance costs and administrative burden in maintaining the listing of Shares on the TSX are relatively significant, which has not resulted in additional benefit for Shareholders in view of the low trading volume. After due and careful consideration, the Board has decided that it is no longer in the Company's best interest to maintain a listed status on the TSX. As the Company will continue to maintain its listing on the SEHK, the Board is of the view that the dispensation of such additional costs and administrative burden will enable the Board to focus its resources on the future business operations of the Company.

Implication of Delisting for Shareholders and Removal of Toronto Branch Register

Upon Delisting, certain procedures stipulated by Computershare Toronto will apply with respect to the removal and transfer of Shares that are currently registered with Computershare Toronto. Further announcement with detailed procedures and arrangements upon Delisting will be published by the Company in due course.

Shareholders who do not have any Shares registered with Computershare Toronto are not required to take any action and this announcement is for information purposes only. Please note that the last trading day of Shares on the TSX will be Wednesday, 30 September 2009 (Toronto time).

DEFINITIONS

"Board" the board of Directors of the Company

"Business Day" any day (other than Saturday, Sunday or public holiday) on which licensed banks in Hong Kong are generally open for business throughout their normal business hours

"Company" China Zirconium Limited, a company incorporated in the Cayman Islands with limited liability, the securities of which are listed on the SEHK (Stock code: 0395)

"Computershare Toronto" the Company's branch registrar in Canada, Computershare Investor Services Inc.

"Delisting" the voluntary delisting of the Company from the TSX pursuant to Section 720 of the TSX Company Manual

"Director(s)" the director(s) of the Company

"Hong Kong" the Hong Kong Special Administrative Region of the People's Republic of China

"Shares" ordinary share(s) of HK$1.00 in the share capital of the Company

"Shareholder(s)" holder(s) of the ordinary share(s) of HK$1.00 each in the share capital of the Company

"SEHK" The Stock Exchange of Hong Kong Limited

"Toronto Branch Register" the register of members of the Company held in Toronto by Computershare Toronto

"TSX" Toronto Stock Exchange



By order of the Board
China Zirconium Limited
Yang Xin Min
Chairman

Hong Kong, 28 September 2009


As at the date of this announcement, the Board comprises Mr. Yang Xin Min, Ms. Huang Yue Qin, Mr. Zhou Quan, Mr. Li Fu Ping as executive directors, and Mr. Cheng Faat Ting Gary, Mr. Carl F. Steiss and Mr. Victor Tong as independent non-executive directors.

Contact Information