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Mountain China Resorts Announces Delay in Filing Annual Financial Statements

May 2, 2013

BEIJING, CHINA--(Marketwired - May 2, 2013) - Mountain China Resorts (Holding) Limited (TSX VENTURE:MCG) ("MCR" or the "Company"), announced today that the filing of its annual financial statements, management's discussion and analysis, and the related officer certifications for the financial year ended December 31, 2012 (collectively, the "Annual Filings") has been delayed beyond the filing deadline of April 30, 2013. The Company's auditors have advised that they will not be able to complete their audit by the filing deadline as the auditors are still determining the status of Company's default of the bank loan with China Construction Bank. Additionally, the Company is still awaiting results from its recently engaged independent Chartered Business Valuator as recommended by the Auditors. The Company intends to co-operate with the auditors to resolve any outstanding issues and hopes to file the Annual Filings as soon as possible.

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