Document:

Exhibit
10.1

 

*This
document has been translated from its original Chinese*

 

Wuchuan
Dongsheng Mining Co., Ltd.

 

Equity
Transfer and 

Capital
Increase Agreement

 

Party A:
Gang LIU, Qiang LIU

 

Party B:
Inner Mongolia Xiangzhen Mining Group Co., Ltd.

 

    	 

    	 

    

 

Table of Contents

 

	Article 1 Definitions	 	1
	Article 2 Cooperation Method	 	2
	Article 3 Transfer Price and Payment of Capital Increase	 	2
	Article 4 New Company’s Registered Capital and Capital Structure	 	3
	Article 5 Inheritance of Assets, Debts and Rights	 	3
	Article 6 Employee Arrangements	 	3
	Article 7 Taxes and Relevant Fees	 	3
	Article 8 Management of New Company	 	3
	Article 9 Representations and Warranties	 	4
	Article 10 Risk Allocation	 	6
	Article 11 Breach of Agreement	 	6
	Article 12 Effectiveness, Modification and Termination of this Agreement	 	7
	Article 13 Dispute Resolution	 	8
	Article 14 Force Majeure	 	8
	Article 15 Confidentiality	 	8
	Article 16 Miscellaneous	 	9
	Exhibit A Dongsheng Mining Rights List	 	Exhibit A

 

    	 

    	 

    

 

Wuchuan
Dongsheng Mining Co., Ltd.

Equity
Transfer and Capital Increase Agreement

 

This Agreement (“Agreement”) is hereby
entered into on January 16, 2012 in Beijing, by and between

 

Party A:
Gang Liu & Qiang Liu

 

Party B:
Inner Mongolia Xiangzhen Mining Group Co., Ltd.

 

Residence:
Building C2, Floors 1 to 3, 101, Tianjiao Lingyu Community, Genghis Khan Street,

New City District, Hohhot, Inner Mongolia

Legal Representative:
Xiaoming Yu

 

Whereas

 

1. Wuchuan Dongsheng Mining Co., Ltd.
(“Dongsheng”) is a limited liability company legally incorporated and validly existing in Wuchuan Yilao and
Miao Autonomous County, Zunyi City, Guizhou Province under PRC law.

 

2. Party A are natural person shareholders
of Dongsheng who have been lawfully registered with the Wuchuan Administration of Industry and Commerce.  Gang LIU holds
80% equity interest of Dongsheng, and Qiang LIU holds the remaining 20% equity interest of Dongsheng.

 

3. Party B is a limited liability company
legally incorporated and validly existing in Hohhot, Inner Mongolia under PRC law with its business mainly in the mining, mineral
dressing, producing and selling of fluorite ores.

 

4. As of the date of this Agreement, Dongsheng
has a registered capital of RMB 2,000,000 with its business mainly in the mining, mineral dressing, producing and selling of fluorite
ores and barite ores. Currently, it owns 100% of the mining rights of Shuanghe Fluorite Mine, Fenshui Qingshuzi Barite and Fluorite
Mine, Baicun Fluorite Mine, Luping Fluorite Mine and Shibuya Barite and Fluorite Mine as specified in Exhibit A, and Douru Town
Fluorite Flotation Plant and Fenshui Town Fluorite and Barite Flotation Plant, and a 30% equity interest of Wuchuan Chenhe Dongsheng
Fluoride Industry Co., Ltd. (“Chenhe”).

 

5. Party A and Party B intend to integrate
their productions of fluorite and barite ores, and use their respective strengths to jointly develop and explore the five mines,
two flotation plants and affiliated fluoride company owned by Dongsheng through cooperation in the form of an equity transfer and
a capital increase.

 

In accordance with PRC Contracts Law,
PRC Company Law and other relevant laws, regulations and policies, after friendly negotiation, Party A and Party B agree to the
following provisions with regard to the equity transfer and capital increase mentioned above in the hope that both parties will
perform in the future.

 

Article 1  Definitions

 

In this Agreement, unless otherwise indicated
by the context of the language herein, the terms below shall have the following meanings:

 

1.1 This Agreement means this Wuchuan
Dongsheng Mining Co., Ltd. Equity Transfer and Capital Increase Agreement and its Exhibit(s).

 

1.2 Cooperation means the equity
transfer and capital increase between the parties with regard to Dongsheng under Article 2.

 

    	1

    	 

    

 

1.3 New Company means the limited
liability company existing after this equity transfer of Dongsheng.

 

1.4 Establishing Day of the New Company
means the day when the change of registration with the Administration of Industry and Commerce has been finished after this equity
transfer of Dongsheng.

 

1.5 Contingent Debts mean the debts
that shall be borne by Dongsheng before the Establishing Day of the New Company, or the debts that occur during the Transition
Period that shall be borne by Dongsheng, or the debts that occur after the Establishing Day of the New Company but shall still
be borne by Dongsheng because its occurrence is totally due to an event before the Establishing Day of the New Company.

 

1.6 Transition Period means the
period from the date this Agreement becomes effective to the Establishing Day of the New Company.

 

1.7 Taxes mean taxes and all forms
of fees imposed by the tax authority and other related authorities, including, but not limited to, all forms of tax, fees, and
related fines, late fees, additional fees and interest.

 

1.8 RMB means Renminbi.

 

1.9 Day means working day.

 

Article 2  Cooperation Method

 

2.1 Party A and Party B agree that firstly
Party A will transfer a 40% equity interest in Dongsheng held by them to Party B in accordance with the terms and conditions of
this Agreement.  Specifically, Gang Liu will transfer to Party B a 32% equity interest in Dongsheng, and Qiang Liu will
transfer to Party B an 8% equity interest in Dongsheng.  Both Gang Liu and Qiang Liu waive their rights of first refusal
with regard to the transferred equity interest.  After this equity transfer, Dongsheng will have a registered capital
of RMB 2,000,000 with Gang Liu holding 48%, Party B holding 40% and Qiang Liu holding the remaining 12%.

 

2.2 Party A and Party B agree that after
the equity transfer Party B shall contribute RMB 50,000,000 in cash to Dongsheng.  Specifically, RMB 1,000,000 shall
be used as registered capital and the remaining RMB 49,000,000 shall be put into capital surplus.  Party A waives its
right to subscribe to the capital increase.  After this capital increase is finished, Dongsheng’s registered capital
will increase to RMB 3,000,000 with Party B holding 60%, Gang Liu holding 32% and Qiang Liu holding 8%.

 

Article 3  Transfer Price
and Payment of Capital Increase

 

3.1 Party A and Party B agree that Party
B shall pay RMB 43,000,000 as consideration for the equity transfer set forth in Article 2.1 in the form of 2,418,448 shares of
common stock of China Shen Zhou Mining and Resources, Inc., a Nevada Corporation (“Shen Zhou Mining”), using
an issuance price per share of 2.8 USD with one dollar equal to RMB 6.35 according to the USD/RMB exchange rate.

 

3.2 Party A and Party B agree that Party
B shall make its contribution in the following way:

 

3.2.1 Party B shall contribute RMB 50,000,000
to Dongsheng, of which RMB 1,000,000 shall be used as registered capital and the remaining RMB 49,000,000 shall be put into Dongsheng’s
capital surplus.  Before January 20, 2012, Party B shall transfer RMB 1,000,000 into Dongsheng’s bank account to
be used as registered capital.  Before February 20, 2012, Party B shall transfer RMB 29,000,000 into Dongsheng’s
bank account.  Before March 31, 2012, Party B shall transfer RMB 20,000,000 to Dongsheng’s bank account.

 

    	2

    	 

    

 

Article 4  New Company’s
Registered Capital and Capital Structure

 

4.1 Party A and Party B agree that after
the equity transfer and capital increase is completed in accordance with this Agreement, the registered capital of the New Company
shall be RMB 3,000,000.  The capital structure of the New Company shall change to the following: Party B holds 60% equity
interest, Gang Liu holds 32% equity interest and Qiang Liu holds the remaining 8% equity interest.

 

4.2 Party A and Party B agree that after
the capital increase in Article 2.2 is completed, in the event that any existing projects need more funds, shareholders of the
New Company shall invest more money in the New Company in proportion to their equity interests.

 

Article 5  Inheritance of
Assets, Debts and Rights

 

5.1 Party A and Party B agree that the
New Company inherits all the assets of Dongsheng except Dongsheng’s long-term equity investment (“Divestible Equity
Investment”) in the following companies: Zhengan Zunzheng Minerals Development Co., Ltd., Hubei Dongsheng Mining Co.,
Ltd., Chongqing Hengrun Mining Co., Ltd., Wuchuan Shanxian Dongsheng Food Co., Ltd. and Guizhou Hongan Dongsheng Industry Co.,
Ltd.

 

5.2 Party A and Party B agree that with
regard to the debts and risks Party A incurs to Dongsheng and the New Company due to the actions of Party A and Dongsheng before
the Establishing Day of the New Company, including, but not limited to, mortgages, guarantees, loans, overdue payments, and debts
and other risks that are caused or could be caused by social insurance, environment issues, taxes, or litigation etc., the New
Company shall bear no more than RMB 5,000,000 and Party A shall be responsible for any amount over RMB 5,000,000.  If
the exceeding amount for any debts or losses incurred due to the debts and risks mentioned above have not been repaid in full and
on time by Party A, Party B, after discovering it, has the right to set off against the unpaid transfer price.  If the
unpaid transfer price is less than the debts or losses mentioned above, Party B has the right to seek recourse from Party A.  If
Party A has no other assets available to pay the New Company, the New Company may deduct annually from the profits to be distributed
to Party A or adjust Party A and Party B’s equity interest in the New Company based on the amount of debts.

 

Article 6  Employee Arrangements

 

6.1 The parties shall, with the employees’
free will and legitimate interests in mind, make suitable arrangements with regard to the employees of Dongsheng to ensure stability,
and to comply with relevant laws, regulations and policies.

 

6.2 The New Company shall give preference
to the employees hired by Dongsheng before the Establishing Day of the New Company in accordance with the Arrangement Plan to be
confirmed by the parties.  As for those old employees that are not hired by the New Company, Party A shall make arrangements
for and compensate them in accordance with relevant laws, regulations and policies.  If the New Company incurs losses
because Party A does not arrange for them properly, Party A shall be responsible for the losses in accordance with the principles
set forth in Article 5.2.

 

6.3 Party A shall be responsible for all
of Dongsheng’s due but unpaid wages and salaries, benefits, insurance, injury and disability pensions, supplemental compensations
and other fees before the Establishing Day of the New Company in accordance with the principles set forth in Article 5.2.

 

Article 7  Taxes and Relevant
Fees

 

7.1 The parties shall bear and pay their
own taxes and relevant fees incurred under this Agreement in accordance with relevant laws and regulations.

 

Article 8  Management of
New Company

 

8.1 The New Company shall establish a
new board of shareholders as the authority of the company, which shall be comprised of Party B, Gang Liu and Qiang Liu.

 

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8.2 The New Company shall have a Board
of Directors comprised of five (5) directors, among which two (2) shall be appointed by Party A and three (3) shall be appointed
by Party B.  The Chairman of the Board shall be elected by the Board from the Directors appointed by Party B.  The
Chairman is the legal representative of the New Company.

 

8.3 The New Company shall have one Supervisor
to be appointed by Party B.

 

8.4 The New Company shall have its Management
as follows:

 

8.4.1 The Management of the New Company
shall be comprised of General Manager, Chief of Accounting and several Deputy Managers;

 

8.4.2 The General Manager of the New Company
shall be retained by the Board upon Party A’s recommendation.

 

8.5 The first shareholders’ meeting
of the New Company shall be held within five (5) days after the date this Agreement becomes binding to elect the Board and supervisors
and amend the Articles of Association of the company in accordance with this Agreement.

 

8.6 The first board meeting shall be held
within five (5) days after the Board is elected to elect the Chairman and retain the Management.

 

8.7 The New Company shall establish and
improve its internal management systems in accordance with Party B’s governance standards, conduct evaluations of its internal
control and performance inspections periodically and defer to the overall accounting system and arrangement of Party B.

 

Article 9  Representations
and Warranties

 

9.1 Party A represents and warrants that:

 

9.1.1 The signing and implementation of
this Agreement will not conflict with the Articles of Association of Dongsheng or the duties and obligations of Party A and Dongsheng
under relevant laws, regulations, rules, promises and agreements.

 

9.1.2 All legal documents signed and to
be signed by the parties with regard to this equity transfer and capital increase and the transaction contemplated herein will
not cause Dongsheng to violate, cancel or terminate any signed contracts, or result in a breach by Dongsheng under any agreements,
promises or other formal documents, or make Dongsheng bear any legal responsibilities.  If any such breach or legal responsibility
occurs, it shall be dealt with in accordance with the principles set forth in Articles 5.1.

 

9.1.3 Until the Establishing Day of the
New Company, the mining rights provided by Party A of Shuanghe Fluorite Mine, Fenshui Qingshuzi Barite and Fluorite Mine, Baicun
Fluorite Mine, Luping Fluorite Mine and Shibuya Barite and Fluorite Mine owned by Dongsheng, and Douru Town Fluorite Flotation
Plant and Fenshui Town Fluorite and Barite Flotation Plant and 30% equity interest of Chenhe and the assets in Dongsheng’s
financial statements are all directly owned, managed, controlled and operated by Dongsheng legally.

 

9.1.4 Until the Establishing Day of the
New Company, there is no litigation, arbitration or dispute against Dongsheng or its mining rights.  All the approvals,
registrations and other procedures required to obtain the mining rights mentioned above have been obtained or completed, and are
currently valid.

 

9.1.5 Until the Establishing Day of the
New Company, Dongsheng has none of the following: (1) pending litigation or arbitration, or enforcements; (2) any liability in
torts due to problems in environment protection, employment security, project construction, or safe operation; (3) any investigation
and possible fines by the authorities in charge of the Administration of Industry and Commerce, tax, safe operation, environment,
labor or quality control due to its illegal operation; (4) any taxes, fees, charges or fines that shall be paid in accordance with
state laws or local rules but have not been paid or are late; (5) any liability for breach of contract or duty to compensate for
losses due to the breach of existing contracts.  If any such breach or legal responsibility occurs, it shall be dealt
with in accordance with the principles set forth in Article 5.2.

 

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9.1.6 Until the Establishing Day of the
New Company, there is no cooperation, joint venture, or investment between Dongsheng and a third party, or any such promise made
by Dongsheng to a third party in writing.

 

9.1.7 Party A has fully contributed the
portion of registered capital of Dongsheng that shall be contributed by them, and there is no exaggerated contribution such as
false contribution or the withdrawal of contribution.

 

9.1.8 The equity interest to be transferred
under this Agreement is legally obtained by Party A and has no encumbrance on it such as pledges or third party rights.  After
the transfer, there is no legal risk or limitation on Party’s B’s right to hold, use, benefit from or dispose of the
transferred equity interest.  Any dispute between the then-existing shareholders before this equity transfer and capital
increase shall not concern Party B.

 

9.1.9 Party A represents and warrants
that they shall transfer all the Divestible Equity Investment to Gang Liu before the date this Agreement becomes effective.  Party
A shall bear all the liabilities incurred to Dongsheng and the New Company due to the Divestible Equity Investment.  If
the New Company or Party B incurs any debt or loss due to the liabilities above, it shall be dealt with in accordance with the
principles set forth in Article 5.2.

 

9.1.10 Party A shall assist Party B in
finishing relevant formalities to register the 60% equity interest of Dongsheng under Party B’s name with the Administration
of Industry and Commerce within ten (10) days after Party B transfers RMB 1,000,000 to Dongsheng in accordance with Article
3.2.1.

 

9.1.11 Party A shall deliver to Party
B all of its accounting and management materials, to be completed at the date when the parties sign the Confirmation of Delivery.  The
Confirmation of Delivery shall include without limitation: the inventory, the list of all claims and debts, a complete set of financial
statements, the payroll and employment contracts.

 

9.1.12 Party A will take effective measures
to maintain Dongsheng in the ordinary course of business, conserve its assets, keep its employees and set no barriers to this cooperation
during the Transition Period.  Party A will make a material disposal of the assets of Dongsheng during the Transition
Period only when it is necessary for the ordinary operation of Dongsheng and written consent from Party B or its designated person
on site has been obtained. Party A will consult Party B if in the transition period a proposed action could affect this cooperation
significantly, such as the disposal of material assets, investment in significant projects, borrowing money or guaranteeing for
others.

 

9.1.13 Party A shall be responsible for
all economic and legal consequences as a result of Party A or Dongsheng providing false information with regard to Dongsheng’s
rights and information before this equity transfer and capital increase.  It shall be dealt with in accordance with the
principles set forth in Article 5.2.

 

9.2 Party B represents and warrants that:

 

9.2.1 It will pay Party A the transfer
price in full and on time in accordance with this Agreement.

 

9.2.2 It will make its contribution to
Dongsheng in full and on time in accordance with this Agreement.

 

9.2.3 It will invest more money in the
New Company in accordance with Article 4.2 to further the New Company’s development and meet the needs of the New
Company to explore minerals.

 

9.3 The parties both represent and warrant
that:

 

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9.3.1 All the legal documents signed and
to be signed by the parties with regard to this equity transfer and capital increase and the transaction contemplated herein will
not cause either party to violate, cancel or terminate any signed contracts, or result in a breach by either party under any agreements,
promises or other formal documents, or make either party bear any legal responsibilities.

 

9.3.2 All the legal documents signed and
to be signed with regard to this equity transfer and capital increase have obtained valid approvals and all necessary internal
authorizations in accordance with relevant requirements.  The signatures on all legally binding documents are Party A
or its authorized agent and the legal representative of Party B or its authorized agent.

 

9.3.3 All the documents and information
provided to the other party and either party’s own intermediaries are real, correct and complete without any false, seriously
misleading information or any omission of significant matters.

 

9.3.4 The obligations borne by the parties
are legal and valid, and performing them will not conflict with other obligations borne by them, or violate any laws.

 

9.3.5 From the date of this Agreement
on, without obtaining written consent from the other party, any party may not negotiate with, consult with, make promises to, or
enter into a contract with any third party with regard to the equity transfer and capital increase under this Agreement.

 

9.3.6 Both will strictly perform their
respective obligations under this Agreement, cooperate with the other and support each other in pushing this equity transfer and
capital increase forward.

 

9.3.7 After the equity change registration
is finished, both parties will obey the Articles of Association of the company, exercise shareholder rights and fulfill shareholder
obligations in accordance with relevant laws and regulations such as PRC Company law.

 

9.3.8 In principle, all other written
or oral agreements between the parties with regard to the transaction contemplated herein shall not violate this Agreement.

 

Article 10  Risk Allocation

 

10.1 The parties unanimously agree that
in the event that the purpose of this Agreement cannot be realized as a result of the parties’ failure to cooperate caused
by laws and regulations or by the government and consequently Dongsheng cannot continue its operation, the following rules apply:

 

10.1.1 The transfer price and contribution
already paid by Party B shall be returned to Party B, and Party B has no obligation to pay the remaining part.  If Dongsheng
cannot return the amount, Party A shall be responsible for returning it.

 

10.2 Party A shall bear all asset losses
to Dongsheng resulting from operation accidents, damages, losses or any other action before the Establishing Day of the New Company
in accordance with the principles set forth in Article 5.2.

 

Article 11  Breach of Agreement

 

11.1 The party in breach shall take responsibilities
in accordance with this Agreement.  In the event that any party to this Agreement acts in any of the following ways,
it shall be deemed in breach of this Agreement:

 

11.1.1 Failing to pay the transfer price
and contribution on time or deliver Dongsheng’s complete financial statements and management materials in accordance with
this Agreement;

 

11.1.2 Failing to obtain all approvals,
permits, changes, registrations or filings required under this Agreement or cooperate with the other party with respect to obtaining
the above;

 

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11.1.3 Failing to dispose debts and bear
related expenses or legal responsibilities in accordance with the provisions on claims and debts under this Agreement;

 

11.1.4 Violating any of the representations
and warranties under this Agreement;

 

11.1.5 Terminating this Agreement without
cause; or

 

11.1.6 Failing to perform obligations
under this Agreement in any other respect or obstructing this equity transfer and capital increase.

 

11.2 In the event that any party to this
Agreement is in breach of this Agreement in any of the circumstances mentioned above, the non-breaching party may take one or more
of the following remedial measures to preserve its rights:

 

11.2.1 Asking the breaching party for
specific performance;

 

11.2.2 Suspending its obligation to perform,
and waiting until the breaching circumstances are eliminated to continue its performance. Any suspension in accordance with this
clause does not constitute non-performance or delay in the performance of obligations;

 

11.2.3 Asking the breaching party to compensate
its economic losses, including actual expenses directly incurred and other foreseeable losses as well as expenses incurred by the
non-breaching party in order to reduce losses and expenses incurred to conduct litigation or adopt other compulsory or implementing
measures in this respect;

 

11.2.4 Taking other remedial measures
as specified by law.

 

11.3 Either party shall compensate the
other for any losses resulting from its violation of the representations and warranties in this Agreement.  The liabilities
for breach of this Agreement that shall be borne by either party according to the Agreement are not waived due to the cancellation
or termination of the Agreement.

 

Article 12  Effectiveness,
Modification and Termination of this Agreement

 

12.1 The Agreement becomes effective on
the date and year first written above once it is signed and stamped by Party A or its authorized agent and Party B’s legal
representative or authorized agent.

 

12.2 All modifications and changes to
this Agreement must be consented to by both parties and be in the form of written amendments.

 

12.3 Unless otherwise provided in this
Agreement, this Agreement is terminated in any of the following circumstances:

 

12.3.1 Both parties agree to terminate
this Agreement;

 

12.3.2 Obligations under this Agreement
cannot be performed due to either party’s breach;

 

12.3.3 The purpose of this Agreement cannot
be realized in any other way.

 

12.4 The cancellation or termination of
this Agreement does not affect the defaulting party’s liabilities for its breach or their obligation to compensate the non-breaching
party for its economic loss under this Agreement.

 

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Article 13  Dispute Resolution

 

13.1 Regarding any disputes arising out
of this Agreement, both parties shall first resolve them through friendly negotiation.  If negotiation fails, either
party can submit the dispute to the People’s Court where the defendant is domiciled.

 

13.2 During the period of dispute resolution,
all provisions other than the disputed ones under this Agreement are still in force and shall be obeyed by both parties.

 

13.3 The effectiveness of this Article
is not affected by cancellation, termination, invalidity or revocation of this Agreement.

 

Article 14  Force Majeure

 

14.1 Force Majeure means the incidents
that cannot be foreseen, avoided and overcome by either party as well as other incidents that both parties agree would directly
influence the performance of this Agreement.

 

14.2 In the event that any party is unable
to perform all or some of the  obligations under this Agreement due to Force Majeure, it shall be excused from being
responsible for all or some breaches depending on the effect of Force Majeure, but it shall take all necessary measures to reduce
the losses caused by Force Majeure if the circumstances allow.  Either party is not exempt from its liabilities stemming
from breach of this agreement where Force Majeure occurs after that party is in breach.

 

14.3 The party suffering Force Majeure
shall notify the other party of the Force Majeure incident in writing within 15 days after the occurrence of the Force Majeure
incident and provide relevant documents as proof.

 

14.4 The party suffering Force Majeure
shall continue to perform this Agreement after the effect of Force Majeure is eliminated.

 

14.5 In the event that this Agreement
cannot be performed and its purpose cannot be realized due to the occurrence of Force Majeure, either party can terminate the Agreement.  For
the performed part of this Agreement, both parties shall negotiate to seek reasonable and objective resolutions, and make all reasonable
efforts to reduce the adverse effects on the parties’ performance of this Agreement caused by the Force Majeure.

 

Article 15  Confidentiality

 

15.1 All the information obtained by Party
A and Party B as a result of signing and performing this Agreement with regard to the equity transfer and capital increase shall
be kept strictly confidential, including, but not limited to, written, in-kind, electronic, or other forms of information materials,
and the commercial secrets of both parties.  Either party may not disclose any confidential information mentioned above
to any other party in any way, unless otherwise required by relevant laws and regulations, and may not declare to the public and
media any information with regard to the signing or performing of this Agreement in any way.

 

15.2 Disclosure in any of the following
ways shall not be deemed as leaking confidential information: (1) disclosing information required by applicable laws and regulations;
(2) disclosing information in accordance with the requirements of regulatory bodies with jurisdiction; (3) disclosing information
for the working needs of the professional service intermediaries retained by either party; or (4) disclosing information after
obtaining prior written consent from both parties.

 

15.3 This Article is still valid after
cancellation or termination of this Agreement and does not have any time limitation.

 

15.4 Either party who violates this provision
shall compensate the other for any resulting losses.

  

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Article 16  Miscellaneous

 

16.1 The exhibit(s) to this Agreement
are an integral part of this Agreement, and have the same legal effect as this Agreement.

 

16.2 Any written supplementary agreement
between the parties in connection with this Agreement has the same legal effect as this Agreement.  In the event that
the relevant Administration for Industry and Commerce demands, the parties may execute another equity transfer and capital increase
agreement with regard to the equity transfer and capital increase stipulated herein based on the contents and principles contained
in this Agreement.  For any discrepancy between the two agreements, this Agreement shall prevail.

 

16.3 If any provision in this Agreement
is invalid, the validity of other provisions is not affected.

 

16.4 All matters not mentioned in this
Agreement shall be in line with laws and regulations; if the laws and regulations do not provide any guidance, the matter shall
be resolved through both parties’ friendly negotiation.

 

16.5 The title of this Agreement is designed
only for reading convenience and is not subject to any other explanations that might affect the rights and obligations of the parties
under this Agreement.

 

16.6 This Agreement prevails over any
other agreements between the parties with regard to the equity transfer and capital increase contemplated herein before the date
this Agreement becomes effective.

 

16.7 This Agreement has six counterparts,
each of which shall be an original.  Party A and Party B each hold two counterparts and the New Company holds two counterparts.  All
counterparts have the same legal effect.

 

(The remainder of this page is intentionally
left blank)

 

    	9

    	 

    

 

(This page is the signature page of Wuchuan Dongsheng Mining
Co., Ltd. Equity Transfer and Capital Increase Agreement)

 

	 	Party A: 	Gang Liu (Signature)	/s/ Gang Liu
	 	 	 	 
	 	 	Qiang Liu (Signature)	/s/ Qiang Liu

 

	 	Party B: 	Inner Mongolia Xiangzhen Mining Group Co., Ltd. (Seal)

 

	 	Legal Representative or Authorized Agent (Signature):	/s/ Authorized Representative

 

    	10

    	 

    

 

Exhibit A Dongsheng Mining Rights
List

 

	Mine Name	 	Mining Permit No.	 	Location	 	
        Type of

        Minerals
	 	Mining Method	 	
        Mining Area

        (Square

        Kilometers)
	 	Valid Period	 	
        Mining

        Depth

        (Meters)

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Shuanghe Fluorite Mine	 	C5203002010016120054271	 	Douru Town, Wuchuan	 	
        Fluorite

        (Ordinary)
	 	Underground Mining	 	0.0913	 	
        2010.01.20

        - 2015.01.20
	 	800-650
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Fenshui Qingshuzi Barite and Fluorite Mine	 	C5203002011036230109043	 	Xuetangba, Douru Town, Wuchuan	 	
        Barite

        Fluorite
	 	
        Surface Mining/

        Underground Mining
	 	5.3705	 	
        2011.03.16

        - 2012.10.16
	 	1010-650
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Baicun Fluorite Mine	 	C5203002011036120109042	 	Xuetangba, Douru Town, Wuchuan	 	
        Fluorite

        (Ordinary)
	 	
        Surface Mining/

        Underground Mining
	 	0.6839	 	
        2011.03.10

        - 2012.04.10
	 	810-650
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Luping Fluorite Mine	 	C5203002011056130112892	 	Douru Town, Wuchuan	 	
        Fluorite

        (Ordinary)
	 	
        Surface Mining/

        Underground Mining
	 	8.7337	 	
        2011.05.27

        - 2013.01.27
	 	1070-950
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Shibuya Barite and Fluorite Mine	 	C5203002011036230109044	 	Xuetangba, Douru Town, Wuchuan	 	
        Fluorite

        (Ordinary)

        Barite
	 	Surface Mining	 	1.202	 	
        2011.03.28

        - 2017.01.28
	 	982-735Exhibit
10.2

 

*This
document has been translated from its original Chinese*

 

Yanhe
Tujiazuo Autonomous County

Meilan
Mining Co., Ltd.

 

Equity
Transfer Agreement

 

Party A:
Gang LIU

 

Party B:
Inner Mongolia Xiangzhen Mining Group Co., Ltd.

 

    	 

    	 

    

 

Table of Contents

 

	Article 1 Definitions	1
	Article 2 Subject of the Equity Transfer	2
	Article 3 Transfer Price and Payment Method	2
	Article 4 New Company’s Registered Capital and Capital Structure	2
	Article 5 Inheritance of Assets, Debts and Rights	2
	Article 6 Employee Arrangements	2
	Article 7 Taxes and Relevant Fees	3
	Article 8 Management of New Company	3
	Article 9 Representations and Warranties	3
	Article 10 Risk Allocation	5
	Article 11 Breach of Agreement	6
	Article 12 Effectiveness, Modification and Termination of this Agreement	6
	Article 13 Dispute Resolution	7
	Article 14 Force Majeure	7
	Article 15 Confidentiality	7
	Article 16 Miscellaneous	8
	Exhibit A Meilan Mining Rights List	Exhibit A

 

    	 

    	 

    

 

Yanhe
Tujiazu Autonomous County 

Meilan
Mining Co., Ltd.

Equity
Transfer Agreement

 

This Agreement (“Agreement”) is hereby
entered into on February 7, 2012 in Beijing, by and between

 

Party A:
Gang Liu

 

Party B:
Inner Mongolia Xiangzhen Mining Group Co., Ltd.

 

Residence:
Building C2, Floors 1 to 3, 101, Tianjiao Lingyu Community, Genghis Khan Street,

New City District, Hohhot, Inner Mongolia

Legal Representative:
Xiaoming Yu

 

Whereas

 

1. Yanhe Tujiazu Autonomous County Meilan
Mining Co., Ltd. (“Meilan”) is a limited liability company legally incorporated and validly existing in Yanhe
Tujiazu Autonomous County, Tongren City, Guizhou Province under PRC law.

 

2. Party A is a natural person shareholder
of Meilan who has been lawfully registered with the Yanhe Administration of Industry and Commerce. Party A holds a 60% equity
interest in Meilan, Shuanglong Tian holds a 28% equity interest in Meilan and Zhiqiang Xia holds the remaining 12% interest in
Meilan.

 

3. Party B is a limited liability company
legally incorporated and validly existing in Hohhot, Inner Mongolia under PRC law with its business mainly in the mining, mineral
dressing, producing and selling of fluorite ores.

 

4. As of the date of this Agreement, Meilan
has a registered capital of RMB 1,334,000 with its business mainly in the mineral development of fluorite ores and barite ores.
Currently, Meilan owns 100% of the mining rights of the fluorite ores in Fengshuiling, Banchang Town as specified in Exhibit
A.

 

5. In order to make better use of and
integrate the fluorite ores owned by Party A and Party B, Party A intends to transfer its 60% equity interest of Meilan held by
Party A to Party B

 

In accordance with PRC Contracts Law,
PRC Company Law and other relevant laws, regulations and policies, after friendly negotiation, Party A and Party B agree to the
following provisions with regard to the equity transfer of Meilan mentioned above in the hope that both parties will perform in
the future.

 

Article 1  Definitions

 

In this Agreement, unless otherwise indicated
by the context of the language herein, the terms below shall have the following meanings:

 

1.1 This Agreement means this Yanhe
Tujiazu Autonomous Meilan Mining Co., Ltd. Equity Transfer Agreement and its Exhibit(s).

 

1.2 New Company means the limited
liability company existing after this equity transfer of Meilan.

  

1.3 Establishing Day of the New Company
means the day when the change of registration with the Administration of Industry and Commerce has been finished after this equity
transfer of Meilan.

 

    	1

    	 

    

 

1.4 Contingent Debts mean the debts
that shall be borne by Meilan before the Establishing Day of the New Company, or the debts that occur during the Transition Period
that shall be borne by Meilan, or the debts that occur after the Establishing Day of the New Company but shall still be borne by
Meilan because its occurrence is totally due to an event before the Establishing Day of the New Company.

 

1.5 Transition Period means the
period from the date this Agreement becomes effective to the Establishing Day of the New Company.

 

1.6 Taxes mean taxes and all forms
of fees imposed by the tax authority and other related authorities, including, but not limited to, all forms of tax, fees, and
related fines, late fees, additional fees and interest.

 

1.7 RMB means Renminbi.

 

1.8 Day means working day.

 

Article 2  Subject of the
Equity Transfer

 

2.1 Party A and Party B agree that Party
A will transfer Party A’s 60% equity interest in Meilan to Party B in accordance with the terms and conditions of this Agreement.

  

Article 3  Transfer Price
and Payment Method

 

3.1 Party A and Party B agree that Party
B shall pay RMB 9,000,000 as consideration for the equity transfer set forth in Article 2.1 in the form of 506,186 shares of common
stock of China Shen Zhou Mining and Resources, Inc., a Nevada Corporation (“Shen Zhou Mining”), using an issuance
price per share of 2.8 USD with one dollar equal to RMB 6.35 according to the USD/RMB exchange rate.

  

Article 4  New Company’s
Registered Capital and Capital Structure

 

4.1 After the equity transfer is completed
in accordance with this Agreement, the registered capital of the New Company shall be RMB 1,334,000. The capital structure of the
New Company shall change to the following: Party B holds 60% equity interest, Shuanglong Tian holds 28% equity interest and Zhiqiang
Xia holds the remaining 12% equity interest.

 

Article 5  Inheritance of
Assets, Debts and Rights

 

5.1 Party A and Party B agree that Party
A shall bear and repay all the debts and risks Party A incurred to Meilan and the New Company due to the actions of Party A and
Meilan before the Establishing Day of the New Company, including, but not limited to, mortgages, guarantees, loans, overdue payments,
and debts and other risks that are caused or could be caused by social insurance, environment issues, taxes, or litigation etc.
If Shuanglong Tian and Zhiqiang Xia are responsible for some of these debts and risks as shareholders, Party A shall first bear
them and then ask Shuanglong Tian and Zhiqiang Xia for contribution in proportion to their equity interest. If any debts or losses
incurred due to the debts and risks mentioned above have not been repaid in full by Party A before the Establishing Day of the
New Company, Party B, after discovering it, has the right to set off against the unpaid transfer price. If the unpaid transfer
price is less than the debts or losses mentioned above, Party B has the right to seek recourse from Party A.

 

Article 6  Employee Arrangements

 

6.1 The parties shall, with the employees’
free will and legitimate interests in mind, make suitable arrangements with regard to the employees of Meilan to ensure stability,
and to comply with relevant laws, regulations and policies.

 

    	2

    	 

    

 

6.2 The New Company shall give preference
to the employees hired by Meilan before the Establishing Day of the New Company in accordance with the Arrangement Plan to be confirmed
by the parties.  As for those old employees that are not hired by the New Company, Party A shall make arrangements for
and compensate them in accordance with relevant laws, regulations and policies.  If the New Company incurs losses because
Party A does not arrange for them properly, Party A shall be responsible for the losses in accordance with the principles set forth
in Article 5.1.

 

6.3 Party A shall be responsible for all
of Meilan’s due but unpaid wages and salaries, benefits, insurance, injury and disability pensions, supplemental compensations
and other fees before the Establishing Day of the New Company in accordance with the principles set forth in Article 5.1.

 

Article 7  Taxes and Relevant
Fees

 

7.1 The parties shall bear and pay their
own taxes and relevant fees incurred under this Agreement in accordance with relevant laws and regulations.

 

Article 8  Management of
New Company

 

8.1 The
New Company shall establish a new board of shareholders as the authority of the company, which shall be comprised of Party B
, Shuanglong Tian and Zhiqiang Xia.

 

8.2 The Executive Director (who shall
also be the legal representative) of the New Company shall be appointed by Party B. After the consumation of this Agreement, the
Executive Director shall initially be Gang Liu.

 

8.3 The New Company shall have one Supervisor
to be appointed by Party B.

 

8.4 The New Company shall have its Management
as follows:

 

8.4.1 The Management of the New Company
shall be comprised of General Manager, Chief of Accounting and several Deputy Managers;

 

8.4.2 The General Manager of the New Company
shall be appointed by Party B.

 

8.5 The first shareholders’ meeting
of the New Company shall be held within five (5) days after the date this Agreement becomes binding to elect directors and supervisors
and amend the Articles of Association of the company in accordance with this Agreement.

 

8.6 The New Company shall establish and
improve its internal management systems in accordance with Party B’s governance standards, conduct evaluations of its internal
control and performance inspections periodically and defer to the overall accounting system and arrangement of Party B.

 

Article 9  Representations
and Warranties

 

9.1 Party A represents and warrants that:

 

9.1.1 The signing and implementation of
this Agreement will not conflict with the Articles of Association of Meilan or the duties and obligations of Party A and Meilan
under relevant laws, regulations, rules, promises and agreements.

 

9.1.2 All legal documents signed and to
be signed by the parties with regard to this equity transfer and the transaction contemplated herein will not cause Meilan to violate,
cancel or terminate any signed contracts, or result in a breach by Meilan under any agreements, promises or other formal documents,
or make Meilan bear any legal responsibilities.  If any such breach or legal responsibility occurs, it shall be dealt
with in accordance with the principles set forth in Articles 5.1.

 

    	3

    	 

    

 

9.1.3 Until the Establishing Day of the
New Company, the mining rights provided by Party A of fluorite ores in Fengshuiling, Yangchang Town owned by Meilan and the assets
in Meilan’s financial statements will all be directly owned, managed, controlled and operated by Meilan legally.

 

9.1.4 Until the Establishing Day of the
New Company, there is no litigation, arbitration or dispute against Meilan or its mining rights.  All the approvals,
registrations and other procedures required to obtain the mining rights mentioned above have been obtained or completed, and are
currently valid.

 

9.1.5 Until the Establishing Day of the
New Company, Meilan has none of the following: (1) pending litigation or arbitration, or enforcements; (2) any liability in torts
due to problems in environment protection, employment security, project construction, or safe operation; (3) any investigation
and possible fines by the authorities in charge of the Administration of Industry and Commerce, tax, safe operation, environment,
labor or quality control due to its illegal operation; (4) any taxes, fees, charges or fines that shall be paid in accordance with
state laws or local rules but have not been paid or are late; (5) any liability for breach of contract or duty to compensate for
losses due to the breach of existing contracts.  If any such breach or legal responsibility occurs, it shall be dealt
with in accordance with the principles set forth in Article 5.2.

 

9.1.6 Until the Establishing Day of the
New Company, there is no cooperation, joint venture, or investment between Meilan and a third party, or any such promise made by
Meilan to a third party in writing.

 

9.1.7 Party A has fully contributed the
portion of registered capital of Meilan that shall be contributed by Party A, and there is no exaggerated contribution such as
false contribution or the withdrawal of contribution.

 

9.1.8 The equity interest to be transferred
under this Agreement is legally obtained by Party A and has no encumbrance on it such as pledges or third party rights.  After
the transfer, there is no legal risk or limitation on Party’s B’s right to hold, use, benefit from or dispose of the
transferred equity interest.  Any dispute between Party A and other then-existing shareholders shall not concern Party
B

 

9.1.9 Party A shall assist Party B in
finishing relevant formalities to register the 60% equity interest of Meilan under Party B’s name with the Administration
of Industry and Commerce before January 20, 2012.

 

9.1.10 Party A shall deliver to Party
B all of its accounting and management materials, to be completed at the date when the parties sign the Confirmation of Delivery.  The
Confirmation of Delivery shall include without limitation: the inventory, the list of all claims and debts, a complete set of financial
statements, the payroll and employment contracts.

 

9.1.11 Party A will take effective measures
to maintain Meilan in the ordinary course of business, conserve its assets, keep its employees and set no barriers to this cooperation
during the Transition Period.  Party A will make a material disposal of the assets of Meilan during the Transition Period
only when it is necessary for the ordinary operation of Meilan and written consent from Party B or its designated person on site
has been obtained. Party A will consult Party B if in the transition period a proposed action could affect this cooperation significantly,
such as the disposal of material assets, investment in significant projects, borrowing money or guaranteeing for others.

 

9.1.12 Party A represents and warrants
that he will in good faith procure three (3) shareholders of the New Company to write a new Articles of Association or an amendment
to the Articles of Association in accordance with principles set forth in this Agreement when the equity change registration is
filed with the Administration of Industry and Commerce.

 

9.1.13 Party A represents and warrants
that Party A will in good faith procure all shareholders of the New Company other than Party B to inject more money into the New
Company in proportion to their equity interest if, after the establishment of the New Company, existing projects needs more funds.

 

9.1.14 Party A represents and warrants
that Party A is responsible for 40% of the expenses incurred by the New Company for the preliminary geological inspection of mining
resources as well as 40% of the price for any new or additional mining resources resulting from the inspection, if they occur after
the Establishing Day of the New Company, which otherwise shall be paid by Shuanglong Tian and Zhiqiang Xia due to their equity
interest in the New Company.

 

    	4

    	 

    

 

9.1.15 Party A shall be responsible for
all economic and legal consequences as a result of Party A or Meilan providing false information with regard to Meilan’s
rights and information before this equity transfer. It shall be dealt with in accordance with the principles set forth in Article
5.1.

 

9.2 Party B represents and warrants that:

 

9.2.1 It will pay Party A the transfer
price in full and on time in accordance with this Agreement.

  

9.3 The parties both represent and warrant
that:

 

9.3.1 All the legal documents signed and
to be signed by the parties with regard to this equity transfer and the transaction contemplated herein will not cause either party
to violate, cancel or terminate any signed contracts, or result in a breach by either party under any agreements, promises or other
formal documents, or make either party bear any legal responsibilities.

 

9.3.2 All the legal documents signed and
to be signed with regard to this equity transfer have obtained valid approvals and all necessary internal authorizations in accordance
with relevant requirements.  The signatures on all legally binding documents are Party A or its authorized agent and
the legal representative of Party B or its authorized agent.

 

9.3.3 All the documents and information
provided to the other party and either party’s own intermediaries are real, correct and complete without any false, seriously
misleading information or any omission of significant matters.

 

9.3.4 The obligations borne by the parties
are legal and valid, and performing them will not conflict with other obligations borne by them, or violate any laws.

 

9.3.5 From the date of this Agreement
on, without obtaining written consent from the other party, any party may not negotiate with, consult with, make promises to, or
enter into a contract with any third party with regard to the equity transfer under this Agreement.

 

9.3.6 Both will strictly perform their
respective obligations under this Agreement, cooperate with the other and support each other in pushing this equity transfer forward.

 

9.3.7 In principle, all other written
or oral agreements between the parties with regard to the transaction contemplated herein shall not violate this Agreement.

 

Article 10  Risk Allocation

 

10.1 The parties unanimously agree that
in the event that the purpose of this Agreement cannot be realized as a result of the parties’ failure to cooperate caused
by laws and regulations or by the government and consequently Meilan cannot continue its operation, the following rules apply:

 

10.1.1 The transfer price already paid
by Party B shall be returned to Party B, and Party B has no obligation to pay the remaining part.

 

10.2 Party A shall bear all asset losses
to Meilan resulting from operation accidents, damages, losses or any other action before the Establishing Day of the New Company
in accordance with the principles set forth in Article 5.1.

 

    	5

    	 

    

 

Article 11  Breach of Agreement

 

11.1 The party in breach shall take responsibilities
in accordance with this Agreement.  In the event that any party to this Agreement acts in any of the following ways,
it shall be deemed in breach of this Agreement:

 

11.1.1 Failing to pay the transfer price
on time or deliver Meilan’s complete financial statements and management materials in accordance with this Agreement;

 

11.1.2 Failing to obtain all approvals,
permits, changes, registrations or filings required under this Agreement or cooperate with the other party with respect to obtaining
the above;

 

11.1.3 Failing to dispose debts and bear
related expenses or legal responsibilities in accordance with the provisions on claims and debts under this Agreement;

 

11.1.4 Violating any of the representations
and warranties under this Agreement;

 

11.1.5 Terminating this Agreement without
cause; or

 

11.1.6 Failing to perform obligations
under this Agreement in any other respect or obstructing this equity transfer.

 

11.2 In the event that any party to this
Agreement is in breach of this Agreement in any of the circumstances mentioned above, the non-breaching party may take one or more
of the following remedial measures to preserve its rights:

 

11.2.1 Asking the breaching party for
specific performance;

 

11.2.2 Suspending its obligation to perform,
and waiting until the breaching circumstances are eliminated to continue its performance. Any suspension in accordance with this
clause does not constitute non-performance or delay in the performance of obligations;

 

11.2.3 Asking the breaching party to compensate
its economic losses, including actual expenses directly incurred and other foreseeable losses as well as expenses incurred by the
non-breaching party in order to reduce losses and expenses incurred to conduct litigation or adopt other compulsory or implementing
measures in this respect;

 

11.2.4 Taking other remedial measures
as specified by law.

 

11.3 Either party shall compensate the
other for any losses resulting from its violation of the representations and warranties in this Agreement.  The liabilities
for breach of this Agreement that shall be borne by either party according to the Agreement are not waived due to the cancellation
or termination of the Agreement.

 

Article 12  Effectiveness,
Modification and Termination of this Agreement

 

12.1 The Agreement becomes effective on
the date and year first written above once it is signed and stamped by Party A or its authorized agent and Party B’s legal
representative or authorized agent.

 

12.2 All modifications and changes to
this Agreement must be consented to by both parties and be in the form of written amendments.

 

12.3 Unless otherwise provided in this
Agreement, this Agreement is terminated in any of the following circumstances:

 

12.3.1 Both parties agree to terminate
this Agreement;

 

12.3.2 Obligations under this Agreement
cannot be performed due to either party’s breach;

 

    	6

    	 

    

 

12.3.3 The purpose of this Agreement cannot
be realized in any other way.

 

12.4 The cancellation or termination of
this Agreement does not affect the defaulting party’s liabilities for its breach or their obligation to compensate the non-breaching
party for its economic loss under this Agreement.

 

Article 13  Dispute Resolution

 

13.1 Regarding any disputes arising out
of this Agreement, both parties shall first resolve them through friendly negotiation.  If negotiation fails, either
party can submit the dispute to the People’s Court where the defendant is domiciled.

 

13.2 During the period of dispute resolution,
all provisions other than the disputed ones under this Agreement are still in force and shall be obeyed by both parties.

 

13.3 The effectiveness of this Article
is not affected by cancellation, termination, invalidity or revocation of this Agreement.

 

Article 14  Force Majeure

 

14.1 Force Majeure means the incidents
that cannot be foreseen, avoided and overcome by either party as well as other incidents that both parties agree would directly
influence the performance of this Agreement.

 

14.2 In the event that any party is unable
to perform all or some of the  obligations under this Agreement due to Force Majeure, it shall be excused from being
responsible for all or some breaches depending on the effect of Force Majeure, but it shall take all necessary measures to reduce
the losses caused by Force Majeure if the circumstances allow.  Either party is not exempt from its liabilities stemming
from breach of this agreement where Force Majeure occurs after that party is in breach.

 

14.3 The party suffering Force Majeure
shall notify the other party of the Force Majeure incident in writing within 15 days after the occurrence of the Force Majeure
incident and provide relevant documents as proof.

 

14.4 The party suffering Force Majeure
shall continue to perform this Agreement after the effect of Force Majeure is eliminated.

 

14.5 In the event that this Agreement
cannot be performed and its purpose cannot be realized due to the occurrence of Force Majeure, either party can terminate the Agreement.  For
the performed part of this Agreement, both parties shall negotiate to seek reasonable and objective resolutions, and make all reasonable
efforts to reduce the adverse effects on the parties’ performance of this Agreement caused by the Force Majeure.

 

Article 15  Confidentiality

 

15.1 All the information obtained by Party
A and Party B as a result of signing and performing this Agreement with regard to the equity transfer shall be kept strictly confidential,
including, but not limited to, written, in-kind, electronic, or other forms of information materials, and the commercial secrets
of both parties.  Either party may not disclose any confidential information mentioned above to any other party in any
way, unless otherwise required by relevant laws and regulations, and may not declare to the public and media any information with
regard to the signing or performing of this Agreement in any way.

 

15.2 Disclosure in any of the following
ways shall not be deemed as leaking confidential information: (1) disclosing information required by applicable laws and regulations;
(2) disclosing information in accordance with the requirements of regulatory bodies with jurisdiction; (3) disclosing information
for the working needs of the professional service intermediaries retained by either party; or (4) disclosing information after
obtaining prior written consent from both parties.

 

15.3 This Article is still valid after
cancellation or termination of this Agreement and does not have any time limitation.

 

    	7

    	 

    

 

15.4 Either party who violates this provision
shall compensate the other for any resulting losses.

 

Article 16  Miscellaneous

 

16.1 The exhibit(s) to this Agreement
are an integral part of this Agreement, and have the same legal effect as this Agreement.

 

16.2 Any written supplementary agreement
between the parties in connection with this Agreement has the same legal effect as this Agreement.  In the event that
the relevant Administration for Industry and Commerce demands, the parties may execute another equity transfer agreement with regard
to the equity transfer stipulated herein based on the contents and principles contained in this Agreement.  For any discrepancy
between the two agreements, this Agreement shall prevail.

 

16.3 If any provision in this Agreement
is invalid, the validity of other provisions is not affected.

 

16.4 All matters not mentioned in this
Agreement shall be in line with laws and regulations; if the laws and regulations do not provide any guidance, the matter shall
be resolved through both parties’ friendly negotiation.

 

16.5 The title of this Agreement is designed
only for reading convenience and is not subject to any other explanations that might affect the rights and obligations of the parties
under this Agreement.

 

16.6 This Agreement prevails over any
other agreements between the parties with regard to the equity transfer contemplated herein before the date this Agreement becomes
effective.

 

16.7 This Agreement has six counterparts,
each of which shall be an original.  Party A and Party B each hold two counterparts and the New Company holds two counterparts.  All
counterparts have the same legal effect.

 

(The remainder of this page is intentionally
left blank)

 

    	8

    	 

    

 

(This page is the signature page of Yanhe Tujiazu Autonomous
County Meilan Mining Co., Ltd. Equity Transfer Agreement)

 

 

	Party A: Gang Liu (Signature)	/s/ Gang Liu
	 	 
	Party B: Inner Mongolia Xiangzhen Mining Group Co., Ltd. (Seal)
	 	 
	Legal Representative or Authorized Agent (Signature):	/s/ Authorized Representative

 

    	9

    	 

    

 

Exhibit A Meilan Mining Rights List

 

 

	Mine Name	 	Mining Permit No.	 	Location	 	
        Type of

        Minerals
	 	Mining Method	 	
        Mining Area

        (Square

        Kilometers)
	 	Valid Period	 	
        Mining

        Depth

        (Meters)

	
        Fluorite Ores in Fengshuiling,

        Banchang Town
	 	C5222002009056130079458	 	Dasongcun, Banchang Town, Yanhe County	 	
        Fluorite

        (common)
	 	Underground Mining	 	3.7327	 	
         

2010.11.02 – 2015.11.02 
	 	665-400

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