Pages

Tuesday, February 8, 2011

[cpsinewswire] [CPSI News Alerts] Prophecy; Khan; CAML; Centerra

CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.

Wish to unsubscribe? Let me know.

 

Prophecy Obtains Full Mining License for Its 141-Million-Tonne Chandgana Tal Coal Deposit, Mongolia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2011) - Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) reports today that it has received the full mining license from the Mineral Resources Authority of Mongolia for the Chandgana Tal ("Tal") Deposit in Mongolia. Tal contains 141 million tonnes of Measured coal* and is located 9 kms north of Prophecy's Chandgana Khavtgai project (over 1 billion tonnes Measured/Indicated coal)*.

Previously only a small portion of Tal possessed mining license status. The full mining license represents the second significant milestone granted to Prophecy towards its planned 600 MW mine mouth power plant in the Chandgana Projects area ("Power Plant Project"). In November of 2010, the Mongolian Ministry of Nature and the Environment granted environmental approval for the Power Plant Project (see Prophecy news, November 15, 2010).

*The following table outlines the resource estimates and the quality and stripping ratios of Prophecy's Coal Projects:

 

Measured

Indicated

Heating Value (A.D.)

 

License Status

Ulaan Ovoo

174.0 mt

34.0 mt

5,668 kcal/kg

 

Mining

Tal

141.3 mt

 

4,238 kcal/kg

 

Mining

Khavtgai

509.3 mt

538.8 mt

4,354 kcal/kg

 

Exploration

Total

824.6 mt

572.8 mt

 

 

 

Tal will be the starter pit and supply an estimated 2.4 million tonnes per year of coal to the Power Plant Project. The starter pit features a 0.5 to 1 strip ratio; Khavtgai will supplement mine production in later years. The Power Plant Project is next to a paved road and within 160 km of the Central Mongolian Railroad, which can facilitate transport of construction equipment. The Project is adjacent to a 45kv electrical distribution line and within 150km from a 2x220kv electrical transmission line.

Further to receiving mining license and environmental approval on the Power Plant Project, Prophecy is pleased to announce that a 170 page Mongolian Power Plant Project Feasibility Study has been completed, details of which will be released after final translations and review by Mr. Paul Venter, and Mr. Michael Deats, Prophecy directors with combined over 75 years of experience in the coal mining and power generating industry in Russia, Mongolia, South Africa and sub-Sahara territories. They have overseen construction and operation of thermal power plants upward of 3600 MW in installed capacity.

Link to release

 

 

Litigation claim against ARMZ blocked - Khan Resources

Feb 7 (Reuters) - Canada's Khan Resources (KRI.TO), which had sued Russia's state-owned uranium miner ARMZ for alleged interference in its Mongolian operations, said the Russian Justice Ministry blocked the litigation claim.

"We are not deterred by this temporary road block," the company said, adding that it plans to pursue other options in Canada, Mongolia and elsewhere.

In a C$300 million lawsuit filed in August last year, Khan alleged that ARMZ and its affiliates interfered in the joint venture between Khan and MonAtom LLC -- Mongolia's state-owned entity.

Khan claimed AMRZ sought to eliminate Khan's mining and exploration licenses in the country so that it could proceed with its own joint venture with the Mongolian firm. [ID:nSGE67J0JD]

Toronto-based Khan's shares, which have lost nearly half their value in the past year, were up 7 percent at 60 Canadian cents on Monday on the Toronto Stock Exchange.

Link to article

Link to original release

 

 

Central Asia Metals to keep Mongolia licenses

February 8, LONDON (SHARECAST) - Central Asia Metals’ (CAM) (AIM:CAML) gold exploration projects in Mongolia have been removed from the list of licenses the government was considering removing, it confirmed today. 

The country’s government on 17 November published a list of 254 mineral licenses that they intended to revoke, including three of CAM’s, prompting a letter from CAM questioning the inclusion of its licenses. 

The list was drawn up in response to a law that would prohibit mineral exploration and mining in water basins and forest areas. The government responded to CAM’s letter saying that the company’s licenses were removed from the list because they were considered hard rock deposits and therefore not defined as alluvial. 

It is pleasing to see the speed with which the Ministry responded to our request to review their decision on our Ereen licence and gratifying to receive such a favourable response,” said CAM chief executive Nick Clarke. 

Mongolia remains a key region for CAML and we remain committed to our exploration projects, namely, Alag Bayan copper/gold, Handgait molybdenum and the Ereen gold projects.”

Link to article

Link to original release

 

 

Centerra reports 24% gold reserve increase, warns of Mongolian legal changes

Centerra Gold says it is confident new Mongolian regulatory changes directly impacting the mining industry will have a limited effect on Centerra's Mongolian gold operations.

February 7, RENO, NV - Centerra Gold (TSX:CG) Monday announced it has increased the company's total proven and probable gold reserves by 1.7 million ounces or 24% to 8.2 million ounces, up from 7.3 million gold ounces as of the end of 2009.

The company also cautioned investors about changes in Mongolian law which could eventually revoke mining licenses. Mining operations in Mongolia now also face a new sliding scale of mining taxation.

Centerra announced a 739,000-ounce increase in measured and indicated mineral resources to 4.9 million ounces of gold, exclusive of mineral reserves as of Dec. 31. 2010.

The additional gold reserves and resources have now extended the Kumtor mine's life-of-mine plan by two years from 2019 to 2021. Meanwhile, open-pit mine production at Kumtor, located in the Kyrgyz Republic, is projected to increase by 500,000 ounces of gold during the five-year period from 2011 to 2015.

MONGOLIAN GOVT. MINING POLICY CHANGES

Meanwhile, Centerra updated the status of Mongolia's Water and Forest Law, advising that the Mongolian Government is considering revoking all licenses for non-gold mining operations which utilize surface water, and revoking all 460 gold exploration and 931 non-gold exploration licenses while providing compensation.

"The company understands that Mongolia's Cabinet expects that the Water and Forest Law will take until approximately November 2012 to fully implement," Centerra said in a news release. The Toronto-based gold miner noted that the Mongolian government estimates that the total compensation due to mining companies for the revocation of their mineral licenses will amount to US$4 billion, "which is about equal to Mongolia's annual gross domestic product."

Centerra said the Water and Forest Law is opposed by the Mongolian National Mining Association and other groups. "The company also understands that a group of parliamentarians intends to propose amendments to the Water and Forest Law to reduce its impact on environmentally sound mining operations."

"Centerra is reasonably confident that the economic and development benefits resulting from its exploration and develop activities will ultimately result in the Water and Forest having a limited impact on the Company's Mongolian activities," Centerra management advised.

The company also cautioned investors about Mongolia's new graduated royalty that will apply to all mining projects as of Jan. 1, 2011, including Centerra's Gatsuurt project. The graduated fee replaces the previous flat 5% gold royalty levy.

Centerra said it did not believe the graduated royalty will impact its Boroo Mine due to taxation protection contained in the Boroo Investment Agreement. Gatsuurt has proven and probable reserves of 1.5 million ounces of gold, while Boroo has 392,000 ounces of proven and probable gold reserves.

Link to article

Link to original release

 

---

"Mogi" Munkhdul Badral

Executive Director

CPS International LLC

CPSI Logo (Small)

Mobile: +976-99996779

Email: mogi@cpsinternational.mn

 

Suite 906, Central Tower

Sukhbaatar District, Ulaanbaatar

Mongolia

 

CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.

 

No comments:

Post a Comment