BVI Company News

China Software Technology Group Co., Ltd, which is a holding company for Heng Xing Technology Group Development Limited, a British Virgin Islands corporation, has signed a Letter of Intent with American Wenshen Steel Group, Inc. (“AWSG”). China Software is going to acquire Chaoyang Liaoyang Special Steel Co. Ltd., a company registered in the People Republic of China – a wholly owned subsidiary of AWSG.

The closing of the acquisition should be approved by the Board of Directors of China Software and AWSG, and both companies will make the exchange of due diligence materials.

Mr. Yuanqin Li, CEO of China Software Tech., has stated in his comments, “ We believe this reorganization will bring value to our shareholders. AWSG is a high-tech company which produces high quality moulded and forged steel. The company is also a member company of China Die and Mould Industry Association.”

Mr. Yang Kuidong, Chairman and CEO of Chaoyang Liaoyang Special Steel Co., Ltd., has stated, “If the acquisition is consummated, we believe it will enable AWSG to access the U.S. public markets in order to further its development.”.

Chaoyang Liaoyang Special Steel Co. was registered in October 2003 under the law of the Republic of China. The company manufactures steel forged moulds of high-quality and high-affiliated-added-value, and is the owner of 5 manufacturing patents in China.

The sole asset of BVI-registered Heng Xing Technology, which is held by China Software, is Shenzhen Hengtaifeng Technology Co., Ltd., a corporation based in a People’s Republic of China (“HTC”). HTC is a provider of application software and system integration services in China. HTC entered the market in 1996, and currently has more than 110 customers in more than 20 provinces.

China Software Technology Group Co., Ltd. is a new name for China International Enterprises Inc. , after its redomiciliation to the state of Delaware in November 2006.

AfriOre Limited, the mineral exploration company domiciled in the British Virgin Islands, has announced financial results for the three and nine month period ended November 30, 2006. The company reported a profit for the three month period, of $774,515 or $0.02 per share - basic and diluted, and a loss for the nine month period ended November 30, 2006, of $5,348,106 or $0.11 per share. BVI Company financial results for periods ended August 31, 2006, also showed losses which could be explained with a significant increase in exploration expenditure for Akanani project, which is currently the most important development of AfriOre.

In the nine month period ended November 30, 2006, capital exploration costs amounted to $18,496,230. Exploration expenditure for the Akanani Platinum Project made $7,298,630, with total exploration costs for the nine months period totaling $7,712,973. Another expenditure was a write down of $317,968 on the Dwaalboom Gold Project. For the nine months period last year exploratiion expenditures for Akanani Project made $6,076,429 (for Dwaalboom Gold Project $2,804,468). The continuing positive results at Akanani were justification for the attendant increase in expenditure at Akanani.

AfriOre also reported a foreign exchange loss of $637,101 for the nine month period ended November 30, 2006, if compared to $164,948 for the nine month period ended November 30, 2005. This loss could be connected with the weakening of the South African Rand. It could be also attributable to a Stock Based Compensation expense of $3,685,000, resulting from revaluing of 2,500,000 warrants per the Black-Scholes method, issued in terms of an agreement between AfriOre and the original Black Economic Empowerment Shareholders of Akanani Mining (Pty) Limited.

As it was previously announced, on November 14, 20006 AfriOre entered into a binding letter agreement with Lonmin Plc., whereby Lonmin would offer to acquire AfriOre by means of a cash offer to shareholders of CDN$8.75 per AfriOre share. The board of directors of Afriore has recommended to the AfriOre shareholders that they accept Lonmin’s offer. The transaction between AfriOre and Lonmin was approved by the South African Competition Commission .

The BVI company has announced that it continues to concentrate on exploration on its platinum group metals and gold projects, and to engage in the acquisition, exploration and development of its projects in South Africa.