Final Results

    29 February 2008

                    China Changfa Alumina Recycling Limited                    

                      ("China Changfa" or "the Company")                       

                 Results for the year ended 30 September 2007                  

                             Chairman's Statement                              

I am pleased to announce a strong set of results for the year ended 30
September 2007.

Highlights include:

  * Revenue for the year of �2.6 million
   
  * Profit after tax for the year of �247,701
   
Financial and operating overview

China Changfa, incorporated in Jersey, is the holding company of Xi'an
Changfeng Aluminium Recycling Co. Ltd ("Xi'an Changfeng") based in Shaanxi
Province, China. Xi'an Changfeng is one of the few companies in China which
recycles alumina waste, producing high silicon aluminium using its proprietary
electrolytic technology.

Revenue for the year ended 30 September 2007 was �2.6 million, with profit
after tax amounting to �247,701. Our core product, high silicon aluminium,
continues to perform strongly and we successfully maintained a high profit
margin despite significant rises in the price of transportation, fuel oils, and
raw material.

Changfa's energy saving strategy is in line with the Chinese Government's
economic policy of recycling and reducing resource consumptionIn a report
Shaanxi Province Economical Committee submitted to the National Development and
Planning Commission, Xi'an Changfeng was used as an example to develop the
technology to use "dirty material" as the raw material. The "dirty material" is
the waste dust which flies over the ground, aluminium electrolytic groove or
plant-roof during the aluminium production process.

Outlook

In December 2007, the Company started constructing the second production line
of HI-Si-AL. It is estimated that this will be completed by the end of August
2008 and achieve HI-Si-AL output of 3,500-4,000 tons per year. A second
generator will also be put into service to reduce the production cost. These
should greatly enhance the Company's profit levels.

My thanks to everyone in the Company who has contributed to this successful
result.

Chen Changwu

Chairman

29 February 2008

China Changfa Alumina Recycling Limited                                        
                                                                               
Consolidated Income Statement For The Year Ended 30 September 2007             
                                                                               
                                                           � 000's             
                                                                               
Revenue                                                      2,586             
                                                                               
Cost of sales                                              (2,040)             
                                                                               
Gross profit                                                   546             
                                                                               
Administrative expenses                                      (177)             
                                                                               
Operating profit                                               370             
                                                                               
Income tax                                                   (122)             
                                                                               
Profit for the year                                            248             
                                                                               
Earnings per share (pence)                                                     
                                                                               
Basic                                                         0.83             

China Changfa Alumina Recycling Limited                                        
                                                                               
Consolidated Balance Sheet At 30 September 2007                                
                                                                               
                                                            � 000's            
                                                                               
Non-current assets                                                             
                                                                               
Property, plant and equipment                                     9            
                                                                               
                                                                  9            
                                                                               
Current assets                                                                 
                                                                               
Inventories                                                     126            
                                                                               
Trade and other receivables                                     100            
                                                                               
Cash and cash equivalents                                        87            
                                                                               
                                                                313            
                                                                               
Total assets                                                    322            
                                                                               
Current liabilities                                                            
                                                                               
Trade and other payables                                       (41)            
                                                                               
Net current assets                                              281            
                                                                               
Equity                                                                         
                                                                               
Share capital                                                    33            
                                                                               
Retained earnings                                               223            
                                                                               
Other reserves                                                   25            
                                                                               
Total equity                                                    281            

China Changfa Alumina Recycling Limited                                        
                                                                               
Statement Of Changes In Equity For The Year Ended 30 September 2007            

                                               Share capital         Reserves
                                                                             
                                                     � 000's          � 000's
                                                                             
Issue of shares                                           33                 
                                                                             
Profit for the year                                                       248
                                                                             
Balance at 30 September 2007                              33              248

China Changfa Alumina Recycling Limited                                        
                                                                               
Consolidated Cash Flow Statement For The Year Ended 30 September 2007          
                                                                               
                                                           � 000's             
                                                                               
CASH FLOWS FROM OPERATING ACTIVITIES                                           
                                                                               
Cash receipts from customers                                 2,486             
                                                                               
Cash paid to suppliers and employees                       (2,301)             
                                                                               
Cash generated from operations                                 185             
                                                                               
Income tax paid                                              (122)             
                                                                               
Net cash from operating activities                              63             
                                                                               
CASH FLOWS FROM INVESTING ACTIVITIES                                           
                                                                               
Acquisition of property, plant and equipment                  (10)             
                                                                               
Net cash used in investing activities                         (10)             
                                                                               
NET INCREASE IN CASH AND CASH EQUIVALENTS                       53             
                                                                               
Cash and cash equivalents at beginning of the year              34             
                                                                               
Cash and cash equivalents at end of the year                    87             

No comparatives have been presented as the Company was only incorporated on 24
August 2006.

Notes to the financial statements

1. Basis of preparation

The results for the Company for the year ended 30 September 2007 are audited
and have been prepared in accordance with International Financial Reporting
Standards.

The financial statements contained in this report do not constitute statutory
accounts.

2. Earnings per share

The calculation of basic earnings per share is based on the profit after tax of
�247,701 and on 30,005,000 ordinary shares being the weighted average number of
ordinary shares in issue during the period.

3. Dividend

The directors do not recommend the payment of a dividend.

4. Taxation

The Company is an Exempt company for taxation purpose under which the Company's
liability to Jersey taxation is limited to �600 per annum.

China Changfa's operating subsidiary in China is subject to an income tax
exemption for the first two years, followed by three years at a rate of 7.5%
subject to the approval of the tax authorities. The Company applied the income
tax exemption for the year 2007. After being approved by the tax authorities,
the tax paid will be refunded.

The Directors of China Changfa Alumina Recycling Limited accept responsibility
for this announcement.

For further information please contact:

Carol Chen                        John West/Andrew Dunn
London Asia Corporate Finance     Tavistock Communications
Tel: +852 2251 8373               Tel: 020 7920 3150



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