SOURCE: Core Resources Limited

April 02, 2007 05:46 ET

Core Resources in Negotiations to Acquire Chinese Biodiesel Company

VANCOUVER, BC -- (MARKET WIRE) -- April 2, 2007 -- Core Resources Ltd. (PINKSHEETS: CRLJ) announced today that the company is in negotiations with its Chinese partners to acquire controlling interest in up to three biodiesel operations in the People's Republic of China (PRC). Management of Core Resources Ltd. received confirmation today from our agent in Beijing that three projects are under negotiation involving the development, manufacturing and distribution of biodiesel fuel and specialty chemical products made from renewable resources. Further details are expected to be announced later in April 2007.

CHINA'S BIOFUELS INDUSTRY

China's biofuel industry is booming due to its voracious demand for energy to power the country's fast growing economy. China currently imports 43 percent of its oil supply to supports its population in excess of 1.3 billion people. The Chinese alternative fuels market is expected to grow ten fold over the next few years. The country is one of the largest markets for alternative fuel vehicles, with 200,000 in service. In preparation for the 2008 Olympics, Beijing officials plan to convert their entire bus fleet of nearly 120,000 vehicles to run on compressed natural gas (CNG).

ABOUT BIODIESEL

Biodiesel is produced through a process in which organically derived oils are combined with alcohol (ethanol or methanol) in the presence of a catalyst to form ethyl or methyl ester. The biomass-derived ethyl or methyl esters can be blended with conventional diesel fuel or used as a neat fuel (100% biodiesel). Biodiesel can be made from any vegetable oil, animal fats, waste vegetable oils, or microalgae oils. Soybean and Canola are the most common vegetable oils used today.

About Core Resources Ltd.

Core Resources (PINKSHEETS: CRLJ) is a North American-based energy company seeking opportunities in the alternative fuels sector. The company is currently in negotiations with numerous concerns involving development of business initiatives in agriculture, energy processing and research.

Cautionary Statement Regarding Forward-Looking Information:

Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "potential," "estimate," "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

Contact Information

  • Investor Contact:
    Patrick Rost
    PMR and Associates, LLC
    760-703-6753
    PMRandCo@aol.com