China NetTV Holdings Inc.
OTC Bulletin Board : CTVH

China NetTV Holdings Inc.

June 29, 2005 09:31 ET

China NetTV Holdings Inc. Acquires Options on Four Additional Properties Surrounding its On-Going Xietongmen Prospect and is Targeted to Spend US$1.3 Million on an Exploration Program by Year-End

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 29, 2005) - CHINA NETTV HOLDINGS INC. (OTCBB:CTVH) has acquired the Rights/Permits to conduct exploration on four additional properties lying within a 10 km radius of the Xietongmen porphyry-like deposit located some 240 km southwest of Lhasa, Tibet, China.

Xietongmen is the site, underway, of a first phase 26 holes (8,000 meters) drilling program in conjunction with Continental Minerals Corporation. Continental has an option to earn a 60% interest in Xietongmen by spending $2 million in payments and $8.0 million in property work by November 9, 2007.

China NetTV Holdings Inc. reported the results of two drill holes completed on Xietongmen during the fourth quarter of 2003. Diamond drill hole ZK301 reported a 234.6 meter intercept assaying 0.58 g/t gold and 0.47% copper including a section of 115.6 meters assaying 0.68 g/t gold and 0.57% copper. A second drill hole, ZK 701 reported a 206.5 meter intercept assaying 1.43 g/t gold and 0.68% copper, including a section of 92.6 meters assaying 1.96 g/t gold and 1.02% copper.

The four additional properties surrounding Xietongmen are known as: Zemuduola (18 sq. km.), Banongla (69.6 sq. km.), Donggapu (21.9 sq. km.) and Tangbai (41.9 sq. km.). Banongla & Donggapu are contiguous to the Xietongmen property boundary. Zemuduola & Tangbai are within 10 km of the property boundary. The four properties are at an early stage of exploration and are underlain by similar prospective geology as Xietongmen.

China NetTV Holdings Inc. is required to meet minimum annual payments totaling approximately $185,000 in order to keep the four additional properties in good standing with Chinese mining regulations. The Company may earn interests of between 60% and 80% in the properties by completing the annual payments and forming certain joint venture relationships subject to approvals from the Chinese regulators.

China NetTV Holdings Inc. has been encouraged by the geological database compiled on these properties by the Chinese geologists in Tibet. As a result, the Company is now conducting an exploration and work program on all four properties. In addition to the exploration program, an 18 km access road is required to allow equipment to reach the site of targets (approx 5,300 meters above sea level) on the Zemuduola & Donggapu properties.

Copper and gold mineralization has been reported by the Chinese geologists on some of the shear zones mapped on the Zemuduola & Donggapu properties. Two anomalous stream sediment gold values have also been identified on the Banongla property.

It has been recommended by geologists from government & Chengdu University of Technology and an independent consultant to the Company that an exploration program be conducted on the properties. The recommended work includes geological mapping, geochemical, geophysical surveillance and a trenching program. The Company will also consider a limited drilling program on mineralized zones on the Zemuduola property.

The cost of the work program is estimated to be around US$1.3 million and is expected to be completed by December 2005.

This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuing availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual result or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's Annual Information Form with the United States Securities Commission.

On Behalf of the Board of Directors

Anthony Garson, Director, President & CEO

Contact Information