Document:

Exhibit 10.6

                           SECURITIES ESCROW AGREEMENT

      THIS SECURITIES ESCROW AGREEMENT, dated as of __________ __, 2007 (this
"Agreement"), by and among CHINA RESOURCES LTD., a Delaware corporation (the
"Company"), the undersigned parties listed under "Insiders" on the signature
page hereto (collectively, the "Insiders") and AMERICAN STOCK TRANSFER & TRUST
COMPANY, a New York corporation (the "Escrow Agent").

      WHEREAS, the Company has entered into an Underwriting Agreement, dated
__________ __, 2007 ("Underwriting Agreement"), with Maxim Group LLC ("Maxim" or
the "Representative") acting as representative of the several underwriters
(collectively, the "Underwriters"), pursuant to which, among other matters, the
Underwriters have agreed to purchase up to 4,000,000 units (the "Units") of the
Company's securities. Each Unit consists of one share of the Company's common
stock, par value $0.0001 per share, and one Warrant, each Warrant to purchase
one share of Common Stock, all as more fully described in the Company's final
Prospectus, dated __________ __, 2007 (the "Prospectus"), comprising part of the
Company's Registration Statement on Form S-1 (File No. 333-145901) under the
Securities Act of 1933, as amended (the "Registration Statement"), declared
effective on __________ __, 2007 (the "Effective Date");

      WHEREAS, the Company has sold an aggregate of 2,600,000 warrants (the
"Insider Warrants") in a private placement to certain Insiders pursuant to
Regulation S or Regulation D under the Securities Act of 1933, as amended;

      WHEREAS, the Insiders have agreed as a condition of the sale of the Units
to deposit in escrow with the Escrow Agent the shares of Common Stock (the
"Insider Shares") and Insider Warrants owned by them which are set forth
opposite their respective names on Exhibit A attached hereto (the "Escrow
Securities"), as hereinafter provided; and

      WHEREAS, the Company and the Insiders desire that the Escrow Agent accept
the Escrow Securities, in escrow, to be held and disbursed as hereinafter
provided.

      NOW, THEREFORE, in consideration of the premises and the mutual covenants,
representations and warranties contained herein and intending to be legally
bound hereby, the parties hereto agree as follows:

      1. Appointment of Escrow Agent. The Company and the Insiders hereby
appoint the Escrow Agent to act in accordance with and subject to the terms of
this Agreement, and the Escrow Agent hereby accepts such appointment and agrees
to act in accordance with and subject to such terms.

      2. Deposit of Escrow Securities. On or before the Effective Date, each of
the Insiders shall deliver to the Escrow Agent certificates representing his or
her respective Escrow Securities, to be held and disbursed subject to the terms
and conditions of this Agreement. Each Initial Stockholder acknowledges that the
certificate representing his or her Escrow Securities is legended to reflect the
deposit of such Escrow Securities under this Agreement.

                                       1
<PAGE>

      3. Disbursement of the Escrow Securities.

      3.1 Except as set forth herein and in Section 3.2 below, the Escrow Agent
shall hold, on the terms and subject to the conditions set forth herein, (x) the
Insider Shares until the earlier of (a) the first anniversary of the
consummation of a Business Combination (as that term is defined in the
Prospectus) by the Company and (b) the third anniversary of the Effective Date
(the "Insider Shares Escrow Period"), and (y) the Insider Warrants until the
consummation of a Business Combination by the Company, on which date it shall,
upon written instructions from the Chief Executive Officer or Chief Financial
Officer of the Company, in form reasonably acceptable to the Escrow Agent,
disburse to the Insiders their Escrow Securities; provided, however, that if the
Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the
Company is being liquidated at any time during the Escrow Period, then the
Escrow Agent shall promptly destroy the certificates representing the Escrow
Securities. and; provided further, that if, after the Company consummates a
Business Combination, it (or the surviving entity) subsequently consummates a
liquidation, merger, stock exchange or other similar transaction which results
in all of the stockholders of such entity having the right to exchange their
shares of Common Stock for cash, securities or other property, then the Escrow
Agent will, upon receipt of a certificate, executed by the Chief Executive
Officer or Chief Financial Officer of the Company, in form reasonably acceptable
to the Escrow Agent, that such transaction is then being consummated, release
the Escrow Securities to the Insiders upon consummation of the transaction so
that they can similarly participate. The Escrow Agent shall have no further
duties hereunder after the disbursement or destruction of the Escrow Securities
in accordance with this Section 3.

      3.2 Upon written instructions from the Company advising that a Business
Combination has been consummated and that one or more of the public stockholders
has determined to exercise the right to redeem their shares for cash described
in the Registration Statement, the Escrow Agent will release and deliver to the
Company for cancellation on a pro rata basis certificates representing that
number of escrow shares of Common Stock (not to exceed 100,000 in the aggregate)
which is equal to the quotient obtained by dividing (i) the total number of
shares redeemed by (ii) 14. By way of illustration, for each 14 shares redeemed,
up to 100,000 shares, one share of Common Stock will be surrendered for
cancellation. Such instructions set forth both the number of shares the Company
is redeeming and the number of shares of Common Stock to be delivered to the
Company for cancellation.

      4. Rights of Insiders in Escrow Securities.

      4.1 Voting Rights as a Stockholder. Subject to the terms of the Insider
Letter described in Section 4.4 hereof, and except as herein provided, the
Insiders shall retain all of their rights as stockholders of the Company during
the Escrow Period, including, without limitation, the right to vote their Escrow
Securities.

      4.2 Dividends and Other Distributions in Respect of the Escrow Securities.
During the Escrow Period, all dividends payable in cash with respect to the
Escrow Securities shall be paid to the Insiders, but all dividends payable in
stock or other non-cash property (the "Non-Cash Dividends") shall be delivered
to the Escrow Agent to hold in accordance with the terms hereof. As used herein,
the term "Escrow Securities" shall be deemed to include the Non-Cash Dividends
distributed thereon, if any.

                                       2
<PAGE>

      4.3 Restrictions on Transfer . Except as set forth in Section 3.2, during
the Escrow Period, no sale, transfer or other disposition may be made of any or
all of the Escrow Securities except, with respect to (a) an entity that is an
Initial Stockholder, to any person or entity controlling, controlled by, or
under common control with, such Initial Stockholder, and (b) with respect to an
Initial Stockholder who is an individual, (i) to an entity controlled by such
Initial Stockholder or to a member of Initial Stockholder's immediate family or
to a trust, the beneficiary of which is an Initial Stockholder or a person
related to an Initial Stockholder's by blood, marriage or adoption, or (ii) by
virtue of the laws of descent and distribution upon death of any Initial
Stockholder; provided, however, that such permissive transfers may be
implemented only upon the respective transferee's written agreement to be bound
by the terms and conditions of this Agreement and of the Insider Letter signed
by the Initial Stockholder transferring the Escrow Securities. During the Escrow
Period, no Initial Stockholder shall pledge or grant a security interest in his,
her or its Escrow Securities or grant a security interest in his, her or its
rights under this Agreement.

      4.4 Insider Letters. Each of the Insiders has executed a letter agreement
with the Representatives and the Company, dated as indicated on Exhibit A
hereto, and which is filed as an exhibit to the Registration Statement ("Insider
Letter"), respecting the rights and obligations of such Initial Stockholder in
certain events, including, but not limited to, the liquidation of the Company.

      5. Concerning the Escrow Agent.

      5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any
action taken or omitted by it in good faith and in the exercise of its own best
judgment, and may rely conclusively and shall be protected in acting upon any
order, notice, demand, certificate, opinion or advice of counsel (including
counsel chosen by the Escrow Agent), statement, instrument, report or other
paper or document (not only as to its due execution and the validity and
effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is believed by the Escrow Agent to be
genuine and to be signed or presented by the proper person or persons. The
Escrow Agent shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this Agreement unless evidenced by a
writing delivered to the Escrow Agent signed by the proper party or parties and,
if the duties or rights of the Escrow Agent are affected, unless it shall have
given its prior written consent thereto.

      5.2 Indemnification. The Escrow Agent shall be indemnified and held
harmless by the Company from and against any expenses, including counsel fees
and disbursements, or loss suffered by the Escrow Agent in connection with any
action, suit or other proceeding involving any claim which in any way, directly
or indirectly, arises out of or relates to this Agreement, the services of the
Escrow Agent hereunder, or the Escrow Securities held by it hereunder, other
than expenses or losses arising from the gross negligence or willful misconduct
of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of
any demand or claim or the commencement of any action, suit or proceeding, the
Escrow Agent shall notify the other parties hereto in writing. In the event of

                                       3
<PAGE>

the receipt of such notice, the Escrow Agent, in its sole discretion, may
commence an action in the nature of interpleader in an appropriate court to
determine ownership or disposition of the Escrow Securities or it may deposit
the Escrow Securities with the clerk of any appropriate court or it may retain
the Escrow Securities pending receipt of a final, non-appealable order of a
court having jurisdiction over all of the parties hereto directing to whom and
under what circumstances the Escrow Securities are to be disbursed and
delivered. The provisions of this Section 5.2 shall survive in the event the
Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

      5.3 Compensation. The Escrow Agent shall be entitled to reasonable
compensation from the Company for all services rendered by it hereunder. The
Escrow Agent shall also be entitled to reimbursement from the Company for all
expenses paid or incurred by it in the administration of its duties hereunder
including, but not limited to, all legal counsel and agents' fees and
disbursements and all taxes or other governmental charges.

      5.4 Further Assurances. From time to time, on and after the date hereof,
the Company and the Insiders shall deliver, or cause to be delivered, to the
Escrow Agent such further documents and instruments and shall do or cause to be
done such further acts as the Escrow Agent shall reasonably request to carry out
more effectively the provisions and purposes of this Agreement, to evidence
compliance herewith or to assure itself that it is protected in acting
hereunder.

      5.5 Resignation. The Escrow Agent may resign at any time and be discharged
from its duties as escrow agent hereunder by its giving the other parties hereto
written notice and such resignation shall become effective as hereinafter
provided. Such resignation shall become effective at such time that the Escrow
Agent shall turn over to a successor escrow agent appointed by the Company, the
Escrow Securities held hereunder. If no new escrow agent is so appointed within
the sixty (60) day period following the giving of such notice of resignation,
the Escrow Agent may deposit the Escrow Securities with any court it reasonably
deems appropriate.

      5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be
discharged from its duties as escrow agent hereunder if so requested in writing
at any time by the Company and a majority of the Insiders, jointly; provided,
however, that such resignation shall become effective only upon acceptance of
appointment by a successor escrow agent as provided in Section 5.5.

      5.7 Liability. Notwithstanding anything herein to the contrary, the Escrow
Agent shall not be relieved from liability hereunder for its own gross
negligence or its own willful misconduct.

      6. Miscellaneous.

      6.1 Governing Law. This Agreement shall for all purposes be deemed to be
made under and shall be construed in accordance with the laws of the New York.

      6.2 Third Party Beneficiaries. Each of the Insiders hereby acknowledges
that the Underwriters are third-party beneficiaries of this Agreement and this
Agreement may not be modified or changed without the prior written consent of
the Representatives.

                                       4
<PAGE>

      6.3 Entire Agreement. This Agreement contains the entire agreement of the
parties hereto with respect to the subject matter hereof and, except as
expressly provided herein, may not be changed or modified except by an
instrument in writing signed by the party to be charged and by the
Representatives.

      6.4 Headings. The headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation
thereof.

      6.5 Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the respective parties hereto and their legal representatives,
successors and assigns.

      6.6 Notices. Any notice or other communication required or which may be
given hereunder shall be in writing and either be delivered personally or be
mailed, certified or registered mail, or by private national courier service,
return receipt requested, postage prepaid, and shall be deemed given when so
delivered personally or, if mailed, two days after the date of mailing, as
follows:

      If to the Company, to:

      China Resources Ltd.
      Room 921, Block A, Golden Central Tower, Jintian Road
      Futian District, Shenzhen, P.R. China
,     Attn:   Chief Executive Officer

      If to an Insider, to the address set forth in Exhibit A;

      And if to the Escrow Agent, to:

            American Stock Transfer & Trust Company
            59 Maiden Lane
            New York, New York 10038
            Attn: Herb Lemmer, Vice President

      A copy of any notice sent hereunder shall be sent to:

            Maxim Group, LLC
            405 Lexington Avenue
            New York, New York 10174
            Attn: Clifford A. Teller, Director of Investment Banking

      and:

            Ellenoff Grossman & Schole LLP
            370 Lexington Avenue
            New York, New York 10017
            Attn:  Douglas S. Ellenoff, Esq.

      and:

            Eaton & Van Winkle LLP
            Three Park Avenue , 16th floor
            New York, New York 10016
            Attn:  Vincent McGill, Esq.

                                       5
<PAGE>

      The parties may change the persons and addresses to which the notices or
other communications are to be sent by giving written notice to any such change
in the manner provided herein for giving notice.

      6.7 Liquidation of Company. The Company shall give the Escrow Agent
written notification of the liquidation and dissolution of the Company in the
event that the Company fails to consummate a Business Combination within the
time period(s) specified in the Prospectus.

      6.8 Counterparts. This Agreement may be executed in several counterparts,
each one of which may be delivered by facsimile transmission and each of which
shall constitute an original, and together shall constitute but one instrument.

    (Remainder of page intentionally left blank. Signature page to follow.)

                                       6
<PAGE>

      IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first written above.

                                        CHINA RESOURCES LTD.

                                        By:
                                            -----------------------------------
                                            Name: Fuzu Zeng
                                            Title: Chief Executive Officer

                                        INSIDERS:

                                        ---------------------------------------
                                                       Fuzu Zeng

                                        ---------------------------------------
                                                  Brian Baiping Shen

                                        Gemore & Co., Ltd.

                                        By:
                                            -----------------------------------
                                            Brian Baiping Shen

                                        ---------------------------------------
                                                    Gerald Nugawela

                                        MMK Capital Pte Ltd.

                                        By:
                                            -----------------------------------
                                                       Mary Kwan

                                        ---------------------------------------
                                                  Frederick Smithline

                                        ---------------------------------------
                                                    Glenn Richmond

American Stock Transfer & Trust Company

By:
    -----------------------------------
    Name:
    Title:

                                       7
<PAGE>

                                    EXHIBIT A

<TABLE>
<CAPTION>
                                                                                                                     Date of Insider
Name and Address                           Shares (#)     Certificate No.       Warrants (#).     Certificate No.        Letter
----------------------------------------  ------------    ---------------       -------------     ---------------    ---------------
<S>                                            <C>                                  <C>                               <C>

Fuzu Zeng                                      500,000                              1,100,000                         _______,  2007

Shen Zhen China Jia Yue Trading Co.,
Ltd., Room 921, Block A, Golden
Central Tower, Jintian Road, Futian
District, Shenzhen, P.R. China.

                                               200,000                                                                _______,  2007
Brian Baiping Shen
Shen Zhen China Jia Yue Trading Co.,
Ltd., Room 921, Block A, Golden
Central Tower, Jintian Road, Futian
District, Shenzhen, P.R. China.

Gemore & Co., Ltd.                                                                  1,000,000                         _______,  2007

Gerald Nugawela                                100,000                                                                _______,  2007
PO Box 107 Floreat Park
Western Australia 6014

MMK Capital Pte Ltd.                                                                  250,000                         _______,  2007

Frederick Smithline                             75,000
Three Park Avenue, 16th Floor
New York, New York 10016

Glenn Richmond                                 125,000                                250,000                         _______,  2007
c/o Guiying Guo
900 Third Avenue, 23rd floor
New York, NY 10022
</TABLE>

                                       8ASSET PURCHASE AGREEMENT

                                     BETWEEN

                 SHOUGUANG CITY HAOYUAN CHEMICAL COMPANY LIMITED

                                       AND

                                  Jiancai Wang

                                   DATED AS OF

                               October 25th, 2007

--------------------------------------------------------------------------------

INDEX OF SCHEDULES AND EXHIBITS

Schedules:

1. Shouguang City Renjia Area Asset Checklist

2. Leased Property Description

--------------------------------------------------------------------------------

This ASSET PURCHASE AGREEMENT (this "AGREEMENT") is entered into as of October
25th, 2007 (the "Effective Date") and comes into effect on the same day by and
between the following two Parties:

(1) SHOUGUANG CITY HAOYUAN CHEMICAL COMPANY LIMITED, a company validly existing
under the laws of China ("SCHC"), a subsidiary of Gulf Resources, Inc.("GUFR");
and

(2) Jiancai Wang, ("WANG"), an individual resident of China who owns private
land located in the Shouguang City Renjia Area.

WHEREAS: WANG wishes to sell, transfer and convey certain assets to SCHC, and
SCHC wishes to purchase and acquire the same from WANG.

NOW, THEREFORE, in consideration of the mutual promises contained herein, and
for good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, SCHC, and WANG, both have reached an AGREEMENT reciprocally
as follows:

                                       1
<PAGE>

1. CERTAIN DEFINITIONS

"Ordinary Course of Business" shall mean an action taken by WANG if such action
is taken in normal operation, consistent with past practices.

"Closing" The closing of the transactions contemplated by this Agreement (the
"Closing") shall take place at SCHC's offices, on October 25, 2007 (the "Closing
Date") or as soon thereafter as is practicable.

"GUFR" shall mean Gulf Resources, Inc., a Delaware corporation and parent of
SCHC.

"Person" shall mean any individual, entity or governmental body.

"Pre-Closing Period" shall mean the period commencing as of the date of the
Agreement and ending on the Closing Date.

2. TRANSFER OF THE ASSETS

2.1 WANG agrees that, upon the Closing, he will sell, transfer and deliver unto
SCHC, its successors and assigns forever, by duly executed deed(s), bills of
sale, assignment(s) or other instrument(s) of conveyance, for the consideration
hereinafter provided, all right, title and interest in and to all assets listed
and described on Schedule 1 attached hereto and incorporated herein by reference
(the "Purchased Assets"). In addition to the Purchased Assets, WANG agrees at
Closing to convey to SCHC all rights to the Lease (the "Lease") whereby Wang
leases the leased property described in Schedule 2 attached hereto (the "Leased
Property") and to execute and deliver such instruments of transfer and
conveyance to effect the transfer of the Lease from WANG to SCHC.

2.2 As full consideration for the sale, assignment, transfer and delivery of the
Purchased Assets and the Leased Property to SCHC, and upon the terms and subject
to all of the conditions contained herein, SCHC shall pay to WANG the sum of
$6,399,147 (the "Purchase Price") of which $2,519,664 (the "Initial Payment")
shall be paid to Wang at the Closing and $3,879,483 shall be paid in cash or
readily available funds within 5 days after the Closing.

2.3 As a result of Agreement, the Purchased Assets including, without
limitation, annual estimated bromine production capacity of 3,700 tons,
buildings, equipment, wells, pipelines, and power circuits will be owned by
SCHC. SCHC is not assuming and shall not be liable for any and all debts,
obligations and liabilities of WANG relating to the Purchased Assets and the
Leased Property.

2.4 WANG covenants that the $1,106,519 lease payment due under the 50-year land
lease for the Leased Property has been paid. Any economic losses or legal
disputes relating to the ownership of the Leased Property, whether arising prior
to or after the transfer of ownership of the Leased Property from WANG to SCHC,
will be WANG's full responsibility.

2.5 If the transactions contemplated hereunder are not consummated within ten
days of the date hereof, this Agreement shall terminate, and each party shall
have no further obligation to the other party, except that if the transactions
contemplated hereunder are not consummated due to a material default or breach
on the part of SCHC, SCHC shall pay to Wang the sum of $319,957 as liquidated
damages and not as a penalty.

                                       2
<PAGE>

2.6 Three days after the Effective Date, SCHC and WANG will both establish an
asset assessment team to assess all of the Purchased Assets and the Leased
Property for transfer and conveyance to SCHC.

3. REPRESENTATIONS AND WARRANTIES

3.1 WANG represents and warrants to SCHC the following:

(a) Authority. WANG has the power and authority to execute and deliver this
Agreement and to perform his obligations hereunder, and to consummate the
transactions hereby, and upon the execution and delivery of the instruments and
documents specified herein, no further action will be required of WANG to vest
legal title to and possession of the Purchased Assets and the Leased in the
Purchaser, its successors and assigns forever.

(b) Title to Assets. WANG has good and marketable title to the Purchased Assets
and holds a valid leasehold interest to the Leased Property pursuant to the
Lease, free and clear of liens or encumbrances of any kind and no person, firm
or corporation has any undisclosed adverse interest therein. The Lease pursuant
to which Wang holds the Leased Property is in full force and effect and the
assignment of the Lease to SCHC as provided for herein shall not give rise to a
breach of the Lease.

(c) Condition of Purchased Assets. The Purchased Assets are in operating
condition and repair, ordinary wear and tear excepted, and are suitable for
continued use by SCHC in the production of bromine. The material buildings,
plants, machinery and equipment necessary of in connection with the production
of bromine located on the Leased Property as presently conducted are
structurally sound, are in good operating condition and repair and are adequate
for the uses to which they are being put or would be put in the Ordinary Course
of Business, in each case, taken as a whole, and none of such buildings, plants,
machinery or equipment is in need of maintenance or repairs, except for
ordinary, routine maintenance and repairs that are not material in nature or
cost.

(d) Disclosure. No representation or warranty by WANG contained in this
Agreement or any written statement furnished to SCHC pursuant hereto, contains
any untrue statement of a material fact, or omits to state a material fact
necessary to make the statement contained herein true and not misleading.

(e) Reliance. The foregoing representations and warranties have been made by
WANG with the knowledge and expectation that SCHC is placing reliance thereon,
and all such representations and warranties shall survive the Closing for a
period of one (1) year.

                                       3
<PAGE>

3.2 Each of SCHC and WANG represents and warrants respectively to the other as
follows:

(a) Each of SCHC and WANG warrants that has taken all necessary actions for the
execution and performance of this Agreement.

(b) The performance of the transaction contemplated hereunder is not subject to
the consent, approval or order of any governmental authorities or any other
third parties, nor is it subject to any conditions precedent as registration
with, qualification verification by or document delivery to any governmental
authorities or any other third parties.

4. INDEMNIFICATION

4.1 WANG agrees to indemnify, hold harmless and reimburse the Purchaser at all
times after the Closing, against and with respect to:

(a) any damage or deficiency resulting from any misrepresentation, breach of
warranty or non-fulfillment of any covenant or agreement on the part of WANG
made in this Agreement, any other agreement or instrument delivered by WANG at
the Closing;

(b) any damages or claims asserted against the Purchaser on account of any
liability of WANG in connection with his ownership of the Purchased Assets and
the Leased Property ; and

(c) all actions, suits, proceedings, demands, assessments, judgments, costs and
expenses, including reasonable attorneys' fees, incident to the foregoing.

5. MISCELLANEOUS PROVISIONS.

5.1 No Assumption of Liabilities. Except as specifically set forth in this
Agreement, nothing in this Agreement shall be construed to impose upon SCHC the
assumption of any claim against or liability or obligation of WANG, arising out
of his business, or the use, operation or possession of the Purchased Assets,
through the Closing, or thereafter.

5.2 Books and Records. Those books and records reasonably deemed primarily to
relate to the Purchased Assets and maintained separately from the other records
of WANG shall be delivered to and become the property of SCHC.

5.3 Expenses of Negotiation and Transfer. Each party to this Agreement shall pay
its own expenses and other costs incidental to or resulting from this Agreement,
whether or not the transactions contemplated hereby are consummated.

5.4 Entire Agreement. This Agreement, along with the documents and agreements to
be executed in connection herewith, constitutes the full understanding of the
parties, a complete allocation of risks between them and a complete and
exclusive statement of the terms and conditions of their agreement relating to
the subject matter hereof and supersedes any and all prior agreements, whether
written or oral, that may exist between the parties with respect thereto. Except
as otherwise specifically provided in this Agreement, no conditions, usage of
trade, course of dealing or performance, understanding or agreement purporting
to modify, vary, explain or supplement the terms or conditions of this Agreement
shall be binding unless hereafter made in writing and signed by the party to be

                                       4
<PAGE>

bound, and no modification shall be effected by the acknowledgment or acceptance
of documents containing terms or conditions at variance with or in addition to
those listed in this Agreement. No waiver by any party with respect to any
breach or default or of any right or remedy and no course of dealing shall be
deemed to constitute a continuing waiver of any other breach or default or of
any other right or remedy, unless such waiver be expressed in writing signed by
the party to be bound. Failure of a party to exercise any right shall not be
deemed a waiver of such right or rights in the future.

5.5 Binding Effect. All of the covenants, conditions, agreements and
undertakings set forth in this Agreement shall extend to and be binding upon
WANG and SCHC and their respective successors and assigns.

5.6 Assignability. Neither this Agreement nor any right, remedy, obligation or
liability arising hereunder or by reason hereof nor any of the documents
executed in connection herewith may be assigned by any party without the consent
of the other parties

5.7 Headings. Headings as to the contents of particular Sections are for
convenience only and are in no way to be construed as part of this Agreement or
as a limitation of the scope of the particular Sections to which they refer.

5.8 Exhibits and Schedules. The Exhibits and Schedules (and any appendices
thereto) referred to in this Agreement are and shall be incorporated herein and
made a part hereof.

5.9 Counterparts. This Agreement may be executed in two (2) or more
counterparts, each of which will be deemed to be an original copy of this
Agreement and all of which, when taken together will constitute an integral
party of this Agreement.

                                       5
<PAGE>

IN WITNESS HEREOF, SCHC and WANG have caused this Agreement to be executed by
their duly authorized representatives as of the date first hereinabove
mentioned.

SCHC: SHOUGUANG CITY HAOYUAN CHEMICAL COMPANY LIMITED

Signed by: /s/ Ming Yang
           ---------------------------------
Name:      Ming Yang
Position:  CEO

           JIANCAI WANG

           /s/ Jiancai Wang
           ---------------------------------
                     Jiancai Wang

                                       6
<PAGE>

<TABLE>
<CAPTION>
Schedule 1
-------------------------------------------------------------------------------------------------
                           Shouguang City Renjia Area Asset checklist
-------------------------------------------------------------------------------------------------
Check Time              Fixed Asset                     Unit                       Quantity
----------------------- ------------------------------- -------------------------- --------------
<S>                     <C>                             <C>                        <C>
October/23/2007         Plant                           7150 square meter                       1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Garage                                                                  1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Boiler                          0.2 ton                                 1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Unerwater pump                                                         23
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Power cable                                                275 meter
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Water container                 4.5 square meter                        1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Generator                                                               1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Stove                                                                   1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         PVC pipe                                                   650 meter
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Vaporizer                                                               2
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Stove Operating Room                                                    1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Shower Room                                                             1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Sulfur stove                                                            1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Washing Tower                                                           1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Precipitation Cylinder                                                  1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Water Pump                                                              1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         sulfuric acid container         15 cubic meter                          1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Liquid Chlorine cylinder                                               30
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         brimstone storage                                                       3
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Control Room                                                            1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Laboratory                                                              1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Blowing Tower                                                           1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Receiving Tower                                                         1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Brine Pool                      10,000 cubic meter                      1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         High Voltage wire set           1250KVA                                 1
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Bromine well                                                          398
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         convey trench                                              7,830 meter
----------------------- ------------------------------- -------------------------- --------------

<CAPTION>
                        Raw Material
----------------------- ------------------------------- -------------------------- --------------
<S>                     <C>                             <C>                        <C>
October/23/2007         Sulfuric Acid                   ton                                   8.2
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Brimstone                       ton                                 17.45
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Coal                            ton                                 30.15
----------------------- ------------------------------- -------------------------- --------------
October/23/2007         Liquid Chlorine                 ton                                    13
----------------------- ------------------------------- -------------------------- --------------

----------------------- ------------------------------- -------------------------- --------------
Checker: Min Li                                         Owner:Jiancai Wang
----------------------- ------------------------------- -------------------------- --------------
</TABLE>

                                       7
<PAGE>

Schedule 2
Leased Property Description

Shouguang City Renjia Area

Area: 2165 Acres

Lease Period: 50 years (01/01/2005-12/31/2054)
Lease Payment: (Annual Rent of $10.22/ Acre, totaled $1,106,519)
Payment terms: One-time payment paid off by WANG.
Ownership: The properties and mining rights of the lands above and underground
120 meters are belonged to owner.

                                       8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00131-of-00352.parquet"}]]