China Gengsheng Minerals, Inc. Receives a $1.5 Million Loan from Shanghai Pudong Development Bank

China Gengsheng Minerals, Inc. (OTC Bulletin Board: CHGS) ("Gengsheng" or "the Company"), 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 signed a six-month loan agreement with Shanghai Pudong Development Bank ("Pudong Bank") for $1.5 million (RMB 10 million). The Company intends to use the loan for general corporate purposes.

From July through October 20, 2008, Gengsheng repaid $6.6 million (RMB 45 million) in short-term bank loans.

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