China Gengsheng Minerals, Inc. Establishes $1.17 Million Secured Credit Line

China Gengsheng Minerals, Inc., a materials technology company in China with products capable of withstanding high temperature, saving energy and boosting productivity in certain industries such as steel and oil, today announced that it has established a $1.17 million (RMB 8 million) credit line with Gongyi Chengzhong Agriculture Credit Cooperative in Henan Province. It is available through August 14, 2009, and secured by certain assets of Henan Gengsheng Refractories Co., Ltd., the Company's wholly-owned subsidiary.

The proceeds from the new credit line are expected to expand the Company's production capabilities and facilities, and for other working capital needs.

In the first six months of 2008, the Company generated a positive net operating cash flow of $4.3 million. Capital expenditures in the first six months of 2008 were $2.5 million. The Company's secured short-term bank loans as of June 30, 2008, were $5.1 million.

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