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China Shen Zhou Mining & Resources, Inc. (SHZ) Reports Q3 2010 Financial Results

China Shen Zhou Mining & Resources, Inc., a company focused on exploring, developing, mining and processing fluorite, zinc, lead, copper, and other nonferrous metals in China, today before the opening bell reported its financial results for the third quarter ended September 30, 2010.

Compared to the same period in 2009, net revenues increased by 110% from $1.72 million to $3.62 million. Gross profit increased by approximately 600% in the third quarter of 2010 as compared to the same period in 2009 to $1.74 million from $0.25 million. Gross margin was 48% as compared to 14% in the same period of the prior fiscal year.

Net income attributable to the company and subsidiaries improved dramatically from a net loss of $2.15 million in the third quarter of 2009 to $0.52 million profit. Basic and diluted net income (loss) per share from continuing operations was US$0.02 in the third quarter of 2010 compared to minus US$0.08 in the third quarter of 2009.

“In the third quarter, we achieved a significant change in operations. Our major processing plants have begun operating at full scale in the third quarter of this year. We believe that this is a new beginning for our business since September 2008 after the crisis. Along with the increase in the price of our final products, this situation brings a positive change to our financial results. We expect that such full-scale operations in our plants will continue to be carried out in 2011.” commented Ms. Xiaojing Yu, the Chairwoman and CEO of the Company.

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