Hong Kong, Aug 24, 2010 (ACN Newswire via COMTEX) -- North Asia Resources Holdings Limited ("NAR" or the "Company") announced that the Company has signed a memorandum of understanding (the "MOU") with Sinosteel Trading Co., Ltd. ("Sinosteel Trading") on 18 August 2010 for long-term cooperation with respect of the Company's iron ore mining operation in Mongolia.

Under the MOU, Sinosteel Trading has agreed to jointly establish or to introduce strategic investors from the People's Republic of China to jointly establish high value-added processing facilities with the Company, including direct reduced iron and pelletised iron facilities. Furthermore, Sinosteel Trading has agreed to purchase and underwrite, through China Railway Mongolia Investment LLC all iron ore products processed by the Company in Mongolia, while evaluating potential equity investment in the Company.