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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt">FORM 8-K</font><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
of Report (Date of Earliest Event Reported): May 5, 2009</font></div>
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CORPORATION&#160;</font>&#160;</font></div>
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name of registrant as specified in its charter)</font></div>
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or Other Jurisdiction of Incorporation)</font></div>
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File Number)</font></div>
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Employer Identification No.)</font></div>
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MeiLinDaSha, Ji 2, GongTi Road, East, Beijing, China 100027</font></div>
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of principal executive offices, including zip code.)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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5921-2300</font></div>
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Telephone Number, Including Area Code)</font></div>
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appropriate box below if the Form&#160;8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></div>
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communications pursuant to Rule&#160;425 under the Securities Act (17 CFR
230.425)</font></div>
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material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
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communications pursuant to Rule&#160;14d-2(b)&#160;under the Exchange Act (17
CFR 240.14d-2(b))</font></div>
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communications pursuant to Rule&#160;13e-4(c)&#160;under the Exchange Act (17
CFR 240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
</font>

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    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item&#160;1.02</font></div>
            </td>
            <td align="left" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Termination
      of a Material Definitive Agreement.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Item
      2.01</font></div>
            </td>
            <td align="left" valign="top" width="65%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Completion
      of Acquisition or Disposition of
Assets</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On May 1
2009, the Registrant and<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Beijing Hua Ju Net Media
Technology Co. Ltd., a corporation organized and existing under the laws of the
People&#8217;s Republic of China (&#8220;Hua Ju&#8221;), entered into a Termination of Joint
Venture Agreement (the &#8220;Termination Agreement&#8221;).&#160;&#160;The Termination
Agreement provides for the termination of a joint venture formed pursuant to a
Joint Venture Agreement, dated March 16, 2007 (the &#8220;Joint Venture Agreement&#8221;),
between the Registrant and Hua Ju, under which the parties had jointly conducted
a video sharing web site and other related Internet media businesses in the
People&#8217;s Republic of China since 2007.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;The
joint venture was the principal business activity of the Registrant for the last
two years, although its results of operations have not been consolidated in the
financial statements of the Registrant since the
conditions&#160;&#160;&#160;under the Joint Venture Agreement have not been met
and the related transfers have not been made. Nonetheless, the Termination
Agreement will have a material impact on the business operations of the
Registrant.&#160;&#160;As a result of the termination of joint venture
activities, the Registrant&#8217;s business activities in China will cease and its
will continue to pursue the exploration and development of economically viable
mineral deposits in Ontario, Canada through the Registrant&#8217;s First Light
Resources division.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The Joint
Venture Agreement provided, among other things, that (a) the Registrant owned
51% of the equity of the joint venture, (b) the Registrant was required to
contribute RMB510,000 (US$72,728) to the registered capital of the joint
venture, (c) Hua Ju owned 49% of the equity of the joint venture, (d) Hua Ju was
required to contribute RMB490,000 (US$69,876) to the registered capital of the
joint venture, (e) the Registrant was required to provide the working capital
for the joint venture , (f) Hua Ju was required to contribute its web site
(<font style="DISPLAY: inline; TEXT-DECORATION: underline">www.cnboo.com</font>)
and customer contracts to the joint venture, (g)&#160;&#160;the Board of
Directors of the joint venture consisted of three members, with the Company
having the right to appoint two members, and (h) the Registrant, which was in
charge of the joint venture&#8217;s accounting management, had the right not to
distribute any profits to the parties during the first three
years.&#160;&#160;In addition, according to Article 6 of the Joint Venture
Agreement, the joint venture was to have a term of 20 years.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Also
under the Joint Venture Agreement, the Registrant agreed to issue 20,000,000
restricted shares of its common stock to Hua Ju or its designee as additional
consideration for entering into the Joint Venture Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Informal
joint operations commenced in 2007, and the formal joint venture was established
as a legal matter under Chinese law when a license was granted on February 18,
2008 by the Chinese regulatory authorities.&#160;&#160;While the parties have
operated the joint venture for two years, they recently decided not to pursue
the activities of the joint venture any longer, and have agreed to a termination
of activities.&#160;&#160;Despite their agreements in the Joint Venture
Agreement, the parties have not completed, among other things, the required
funding of the joint venture and the transfer of Hua Ju&#8217;s operations to the
joint venture.&#160;&#160;Moreover, the Registrant has not issued the 20,000,000
shares of the Registrant&#8217;s common stock to Hua Ju or its designee.&#160;&#160;It
is important to note that there are no early termination penalties under the
Joint Venture Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">According
to the Termination Agreement, the parties agreed to cancel the Joint Venture
Agreement and terminate the rights and obligations of the parties to each other
under the Joint Venture Agreement.&#160;&#160;They further have agreed to
execute a general release of all claims or liabilities.&#160;&#160;In addition,
the Registrant and Hua Ju have agreed to liquidate the joint venture in China
according to the applicable Chinese laws, rules, regulations and
policies.&#160;&#160;Hua Ju will pay for all the costs and expenses associated
with the liquidation process.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
3.02 Unregistered Sales of Equity Securities</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Registrant has issued 55 million restricted common shares to the designated
party of First Light Resources, Inc. (&#8220;First Light Designee&#8221;) as additional
consideration for entering into the Agreement signed between the Registrant and
First Light Resources, Inc. dated April 1, 2009 (&#8220;Agreement&#8221;), in an offering
intended to be exempt from registration under the Securities Act of 1933, as
amended (the &#8220;Act&#8221;), pursuant to Regulation S promulgated pursuant to the Act.
First Light Designee will not constitute &#8220;U.S. Persons&#8221; within the meaning of
Regulation S, and the shares may become eligible for sale pursuant to Rule 144
under the Act within one year if certain conditions are met. The consideration
received by the Registrant for the issuance of the shares was the agreement of
Beijing First Light Technology Co. Ltd.&#160;&#160;to enter into the
Agreement.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon the
consummation of this transaction, there will be 85,060,000 shares of common
stock outstanding. In the opinion of counsel to the Registrant, the 55,000,000
issued pursuant to this transaction will constitute restricted securities as
defined in Rule 144 under the Securities Act of 1933, as amended, and may become
eligible for sale after six months holding period pursuant to Rule 144, provided
that all of the conditions of the rule are met.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
9.01&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial
Statements and Exhibits.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
No.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibit
Title</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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            <td style="WIDTH: 108pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="exhibit10-1.htm">10.1</a></font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a href="exhibit10-1.htm">Termination of Joint Venture Agreement between
      China YouTV Corp. and<font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Beijing Hua Ju Net
      Media Technology Co. Ltd. dated May 1
2009.</a></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">China
      YouTV Corp.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;May
      4, 2009</font></div>
            </td>
            <td align="left" valign="top" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">By:&#160;&#160;</font></div>
            </td>
            <td align="left" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;/s/
      Jie Wang</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Jie
      Wang</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" colspan="2" valign="top" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">President,
      Principal Executive Officer and a Member of the Board of
      Directors</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br><br></body>
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cytvform8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of Earliest Event Reported): May 5, 2009
CHINA YOUTV
CORPORATION
(Exact
name of registrant as specified in its charter)
Nevada
(State
or Other Jurisdiction of Incorporation)
333-130767
(Commission
File Number)
N/A
(I.R.S.
Employer Identification No.)
8
th
floor,
MeiLinDaSha, Ji 2, GongTi Road, East, Beijing, China 100027
(Address
of principal executive offices, including zip code.)
(8610)
5921-2300
(Registrant's
Telephone Number, Including Area Code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o     Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o     Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o     Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o     Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item 1.02
Termination
      of a Material Definitive Agreement.
Item
      2.01
Completion
      of Acquisition or Disposition of
Assets
On May 1
2009, the Registrant and
Beijing Hua Ju Net Media
Technology Co. Ltd., a corporation organized and existing under the laws of the
People's Republic of China ("Hua Ju"), entered into a Termination of Joint
Venture Agreement (the "Termination Agreement").  The Termination
Agreement provides for the termination of a joint venture formed pursuant to a
Joint Venture Agreement, dated March 16, 2007 (the "Joint Venture Agreement"),
between the Registrant and Hua Ju, under which the parties had jointly conducted
a video sharing web site and other related Internet media businesses in the
People's Republic of China since 2007.
The
joint venture was the principal business activity of the Registrant for the last
two years, although its results of operations have not been consolidated in the
financial statements of the Registrant since the
conditions   under the Joint Venture Agreement have not been met
and the related transfers have not been made. Nonetheless, the Termination
Agreement will have a material impact on the business operations of the
Registrant.  As a result of the termination of joint venture
activities, the Registrant's business activities in China will cease and its
will continue to pursue the exploration and development of economically viable
mineral deposits in Ontario, Canada through the Registrant's First Light
Resources division.
The Joint
Venture Agreement provided, among other things, that (a) the Registrant owned
51% of the equity of the joint venture, (b) the Registrant was required to
contribute RMB510,000 (US$72,728) to the registered capital of the joint
venture, (c) Hua Ju owned 49% of the equity of the joint venture, (d) Hua Ju was
required to contribute RMB490,000 (US$69,876) to the registered capital of the
joint venture, (e) the Registrant was required to provide the working capital
for the joint venture , (f) Hua Ju was required to contribute its web site
(
www.cnboo.com
)
and customer contracts to the joint venture, (g)  the Board of
Directors of the joint venture consisted of three members, with the Company
having the right to appoint two members, and (h) the Registrant, which was in
charge of the joint venture's accounting management, had the right not to
distribute any profits to the parties during the first three
years.  In addition, according to Article 6 of the Joint Venture
Agreement, the joint venture was to have a term of 20 years.
Also
under the Joint Venture Agreement, the Registrant agreed to issue 20,000,000
restricted shares of its common stock to Hua Ju or its designee as additional
consideration for entering into the Joint Venture Agreement.
Informal
joint operations commenced in 2007, and the formal joint venture was established
as a legal matter under Chinese law when a license was granted on February 18,
2008 by the Chinese regulatory authorities.  While the parties have
operated the joint venture for two years, they recently decided not to pursue
the activities of the joint venture any longer, and have agreed to a termination
of activities.  Despite their agreements in the Joint Venture
Agreement, the parties have not completed, among other things, the required
funding of the joint venture and the transfer of Hua Ju's operations to the
joint venture.  Moreover, the Registrant has not issued the 20,000,000
shares of the Registrant's common stock to Hua Ju or its designee.  It
is important to note that there are no early termination penalties under the
Joint Venture Agreement.
According
to the Termination Agreement, the parties agreed to cancel the Joint Venture
Agreement and terminate the rights and obligations of the parties to each other
under the Joint Venture Agreement.  They further have agreed to
execute a general release of all claims or liabilities.  In addition,
the Registrant and Hua Ju have agreed to liquidate the joint venture in China
according to the applicable Chinese laws, rules, regulations and
policies.  Hua Ju will pay for all the costs and expenses associated
with the liquidation process.
Item
3.02 Unregistered Sales of Equity Securities
The
Registrant has issued 55 million restricted common shares to the designated
party of First Light Resources, Inc. ("First Light Designee") as additional
consideration for entering into the Agreement signed between the Registrant and
First Light Resources, Inc. dated April 1, 2009 ("Agreement"), in an offering
intended to be exempt from registration under the Securities Act of 1933, as
amended (the "Act"), pursuant to Regulation S promulgated pursuant to the Act.
First Light Designee will not constitute "U.S. Persons" within the meaning of
Regulation S, and the shares may become eligible for sale pursuant to Rule 144
under the Act within one year if certain conditions are met. The consideration
received by the Registrant for the issuance of the shares was the agreement of
Beijing First Light Technology Co. Ltd.  to enter into the
Agreement.
Upon the
consummation of this transaction, there will be 85,060,000 shares of common
stock outstanding. In the opinion of counsel to the Registrant, the 55,000,000
issued pursuant to this transaction will constitute restricted securities as
defined in Rule 144 under the Securities Act of 1933, as amended, and may become
eligible for sale after six months holding period pursuant to Rule 144, provided
that all of the conditions of the rule are met.
Item
9.01                      Financial
Statements and Exhibits.
(d)           Exhibits.
Exhibit
No.                                Exhibit
Title
10.1
Termination of Joint Venture Agreement between
      China YouTV Corp. and
Beijing Hua Ju Net
      Media Technology Co. Ltd. dated May 1
2009.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
China
      YouTV Corp.
Date: May
      4, 2009
By:
/s/
      Jie Wang
Jie
      Wang
President,
      Principal Executive Officer and a Member of the Board of
      Directors