Honbridge Holdings Limited entered into a letter of intent to acquire 38.75% equity interest in Tibet Summit Resources HongKong Limited from Tibet Summit Resources Co.,Ltd. for $350 million.

Tibet Summit Resources Co Ltd is a China-based company mainly engaged in the business of non-ferrous metal mining and beneficiation, as well as the production and sales of related products. The Company's main products include lead concentrates, zinc concentrates and copper concentrates. The Company is also engaged in the business of non-ferrous metals trading and procurement of domestic materials. The Company distributes its products within the domestic market and to overseas market.