...in Q3 and Q4.

So far, our Moly business has been going well. Things have kept moving forward in the right direction." said Mr Wu early September.



HUIZHOU, China, July 27 /PRNewswire-Asia-FirstCall/ -- Qiao Xing Universal Telephone, Inc. (Nasdaq: XING) today presents an overview of the recent developments in the resources industry.

Molybdenum Mining and Processing Business Goes on Smoothly
In June 2009, Chifeng Haozhou Mining Co., Ltd held testing operations for 6 consecutive days. During the testing period, the production capacity reached the level of processing 1260 tons of molybdenum ore per day. It is expected that in August 2009, the production capacity will be further improved to a level of processing 1500 tons of molybdenum ore per day. For all of 2009, we estimate that we will have an aggregate operating period of about 6 months, during which we will share a net sales revenue of RMB128 million (USD18.8 million) and a net profit of RMB51 million (US$7.5 million). We anticipate that in 2010, we will be operating the molybdenum business at a full capacity of processing 1800 tons of molybdenum ore per day.

Plan to Enter into Coking Coal Mining Business and Establish a Larger-size Coking Chemical Project
As an indispensable fuel for the steel smelting industry and a kind of rare mineral resource, coking coal is one of the competition objectives for the purpose of establishing mineral reserves.

We have reached a preliminary consensus with the owner of a large-scale coking coal mine ("the Mine") for the proposed acquisition of the Mine and the establishment of a large coking chemical project ("the Transaction"). We are now working with our financial advisor and legal counsel to design an appropriate Transaction structure. We will keep the investment public informed of the progress on a timely basis.