Hong Kong, January 8, 2002 - Mandarin Resources Corporation Limited ("Mandarin Resources") (SEHK code: 0070) today announced its appointment by Century Hero Film Investment Co., Ltd. ("Century Hero"), the film and entertainment arm of CITIC Cultural & Sports Industry Co., Ltd. ("CITIC Cultural"), as its sole and exclusive agent worldwide (outside mainland PRC) to handle, distribute, sell, promote, exhibit and/or deal with all its cultural, media, film, television, entertainment and/or related products. The agency would be held by Eagles Wing Limited, a wholly owned subsidiary of Mandarin Resources. The term of the agency period is five years.

Committed to create a new and sophisticated market for the PRC's film and entertainment industry, Century Hero aims at becoming the new market leader. It was formed with a capital investment of RMB150 million, and has an initial planned annual production of 10 to 15 feature films and 300 television series.

"We have every confidence that we will be able to lead the way through Century Hero to bring China film and entertainment industry to new heights and world recognition through friendly cooperation and ventures with our overseas counterparts," said Mr Li Bolun, Chairman of CITIC Cultural and Century Hero, and a Director of CITIC.

To inaugurate this significant partnership, Century Hero has already secured the talents of world famous Chinese director, Chen Kai Ge, to direct its very first feature film "Be With You" which has already been selected as a candidate for prestigious international film awards despite the fact that it is still only under production.

"With the Mandarin Resources Group as our close working ally and partner, it is our belief that our successful cooperation will signify the beginning of a major wave of success for Chinese movies in the international film world with Century Hero being proudly and fondly referred to as our film industry's "Pioneering Hero", continued Mr Li.

In addition to distribution and sales of movies and TV series, Mandarin Resources will also manage Century Hero artistes' contracts and performances outside the PRC, arrange for cultural exchanges with overseas media and be responsible for the audio and video equipment rental and sales business of Century Heroes.

"We certainly feel very privileged to be involved as a major partner in such an important chapter in China's development of her film and entertainment industry. With Century Hero, we have faith that we will achieve great success in expanding and developing new markets overseas," confirmed Mr Edward Chen, Chairman of Mandarin Resources.

Mandarin Resources is principally engaged in the business of investment holding and its core businesses are the manufacture and trading of electrical equipments, the trading of listed securities, the provision of electrical engineering and contracting services, and property investments. Mandarin Resources was successfully taken over in August 2001 with Mr Edward Chen Chak Man, through 369 Holdings Ltd., becoming the controlling shareholder. Mandarin Resources, under its new management successfully raised funds by the placement of new shares on a number of occasions and is actively seeking investment opportunities which would generate profits and/or capital growth and in particular those which require little or no capital investment.

Issued by :
Mandarin Resources Corporation Limited

Through :
Troika Communications Limited
Stella To or Veronica Yum
tel: 2511 8388 / fax: 2511 8238
email: enquiry-at-t6pr.com (use "@" to replace "-at-")
URL : http://www.t6pr.com