Thursday, May 6, 2010

Mogi's Wednesday, May 5, 2010 Morning News

Cash Minerals to get Mongolian uranium properties in $3M-plus cash deal

May 4 (The Canadian Press) TORONTO - Shares in Cash Minerals Ltd (TSXV:CHX) soared 40 per cent Tuesday after the miner said it plans to acquire "very prospective uranium properties" in Mongolia in a $3-million-plus cash, stock and royalty deal.

The Toronto-based miner, currently focused in the Yukon, said it had an agreement in principal to acquire 100 per cent of Eam Exploration LLC from East Asia Minerals Corp. (TSXV:EAS).

Terms of the deal include a $2-million cash payment and about $1 million in stock, as well as smelter royalty payments.
The project portfolio includes seven properties, Ulaan Nuur, Ingenii, Enger Ar, Sevsul Bulag, Hutul, Unegt and Bukht Uul, totalling approximately 155,500 hectares, Cash Minerals said in a news release.

CHX's Marketwire announcement with drill reports on some sites:

(Mogi: it would be interesting to see how Nuclear Energy Agency of Mongolia reacts to this development)

Mongolia may decide soon on uranium joint venture with Russia

May 4 (RIA Novosti) The government of Mongolia could soon decide on establishing a joint venture with Russia to develop a Mongolian uranium deposit, the head of the Russian civilian nuclear power corporation, Rosatom, said on Tuesday.

At a meeting with Russian Prime Minister Vladimir Putin in the Black Sea resort of Sochi, Sergei Kiriyenko said that Russia had signed an intergovernmental deal on the uranium joint venture early in 2009 but the project stalled due to the change of government in Mongolia.

"Already after the election, we signed an agreement with the new government and in January signed a specific protocol. The government of Mongolia has made a decision on the Dornod-uranium deposit. This deposit is in the ownership of the government of Mongolia," Sergei Kiriyenko said.

Kiriyenko reports to Putin on international nuclear cooperation

SOCHI, May 4 (Itar-Tass) -- The head of Russia’s State Atomic Energy Corporation, Rosatom, Sergei Kiriyenko, informed Prime Minister Vladimir Putin on Tuesday on the present state and future development of the corporation’s international cooperation.
Mongolia was another partner country discussed at the meeting. Following the elections in Mongolia, Rosatom “signed an agreement with the new government”, and back in January the sides “inked a detailed protocol.”

“Just recently we have met the head of Mongolia's Security Council who confirmed that some time in the short term the government is expected to adopt the final decision on the Dornod uranium deposit and on the organisation of our joint venture,” Kiriyenko said.

“We'll be able to start working there very promptly, as our Trans-Amur Mining Plant is only 300 kilometres away from the deposit, in Russia’s Chita region,” he said. “We'll be able to borrow specialists and equipment from there.”

“We even may train Mongolian specialist at our technical college in the Chita region.”

Thousands of Local Businesses Unite to Work at Tavan Tolgoi

May 4 (UB Post) More than a thousand local Mongolian businesses have joined Mongol 999, a national consortium established last week in a hope to win Tavan Tolgoi coal mine project, opposed to currently aligned world coal mining giants that includes Peabody.
“We [Mongolia] can do whatever other nations do. We will develop the project, and all earnings will remain in Mongolia,” told L.Ariunbold, Director General of Mongol Bazaltwool LLC, who initiated the project, which is widely applauded by public.

Deripaska’s SMR Said to Plan $200 Million IPO in Hong Kong

May 4 (Bloomberg) -- Strikeforce Mining & Resources Plc, a Russian molybdenum producer controlled by billionaire Oleg Deripaska, is gauging demand for an initial public offering in Hong Kong that may raise as much as $200 million, said a person with knowledge of the plan.
“I don’t see any urgency to rush into this one,” said Alex Wong, asset management director at Ample Capital Ltd. in Hong Kong. SMR “probably won’t be too hot so to speak given how Rusal performed. These kind of stocks aren’t very well covered in terms of research.”

SMR produces more than 6 percent of the global supply of ferro-molybdenum which is used to make stainless steel. The company also owns a share in Buka Mining, which holds a development license for gold, silver and copper deposits in Mongolia, according to its Web site.

Aberdeen Reports Shareholders' Equity of $1.18 Per Share and Year End Financial ResultsZ

TORONTO, ONTARIO--(Marketwire - May 4, 2010) - ABERDEEN INTERNATIONAL INC. ("Aberdeen", or the "Company") (TSX:AAB) is pleased to announce that it has released its financial results for the fiscal year ending January 31, 2010.
In Q4 we invested in Temujin Mining, a private exploration and development company focused on the Oyu Tolgoi district of Mongolia with copper and gold projects,

SouthGobi Energy Resources to Announce First Quarter 2010 Financial Results on May 14, 2010

HONG KONG, CHINA--(Marketwire - May 4, 2010) --

Ulaanbaatar Launches Biggest Infrastructure Project

May 4 (UB Post) Ulaanbaatar government launched largest ever financed infrastructure projects last week. The first one closed vehicle traffic of Gurvaljin Bridge last Saturday for a complete renovation until August 25, 2010. All vehicles to pass the bridge was advised to choose alternative roads.
The capital city projected to spend a total of MNT74 billion for the construction of new bridges and roads as well as maintaining current ones to tackle rapidly increasing urban population.

First ever overpass road of Ulaanbaatar or Engels Bridge has changed its name into Narny Guur (Bridge of the Sun) at the request of its developers. The project will be built at the assistance of the Government of Japan and will be completed in November 2012.

Australian tax plan shakes up mining industry

May 4 (Reuters) - A proposed new tax on Australian miners has rekindled fears that other mining jurisdictions may adopt similar legislation, hurting the industry and curtailing the pace of global exploration.

At the very least, Australia's plan to levy a 40 percent tax on profits could deter mining investment in the country, raise the price of key natural resources and drive miners to invest in lower tax jurisdictions.

The governments of Mongolia, Zambia, Peru and Ecuador have considered, and in some instances implemented, a windfall profits tax on the mining sector.
Plaster said the Australian proposal makes Canada a more attractive venue for investment in metallurgical coal.
Miners with operations outside Australia could also benefit from a higher Australian tax as it would likely increase the prices of bulk commodities like iron ore and coal.

Reminder: IVN's General Meeting will be held on May 7, 2010

IVN also released its 2009 Annual Report:

Euro market meltdown resumes despite Greek deal

May 4 (Reuters) - A renewed selling frenzy gripped euro zone financial markets on Tuesday as concern mounted that a record EU/IMF bailout for Greece would not stop a debt crisis spreading in the single currency area.

P.Temuujin Wins International Competition of Morin Khuur

May 4 (UB Post) On Sunday (May 2), winners of the international competition of professional Morin khuur (horse head fiddle) players were selected and awarded in the Cultural Central Palace.

Mothers in Norway, Australia have best lives, Afghanistan worst

SYDNEY (Reuters Life!) --

... for 2010 Norway came first followed by Australia, Iceland, Sweden and Denmark with New Zealand, Finland, the Netherlands, Belgium and Germany rounding out the top 10.
In Mongolia, women earn 87 cents for every dollar men earn and in Mozambique they earn 90 cents.

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