Tuesday, February 15, 2011

[cpsinewswire] [CPSI NewsWire, Monday, February 14, 2011]

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 or +976-99996779.

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Close: Mongolia Related ASX Listed Companies, February 14, 2010




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February 11 (Office of The President of Mongolia) The State Great Khural approved the Law to Extend the Term for the Law to Temporarily Suspend the Issuance of New Mineral Exploration Licenses, initiated by the President of Mongolia. The draft proposed to extend the term of the Law to July 15, 2011, yet the lawmakers shortened the term to April 30, 2011

Link to release



Mongolia passes law temporarily banning mining exploration permit

ULAN BATOR, Feb. 14, 2011 (Xinhua News Agency) -- The Mongolian parliament passed a law temporarily banning issuance of new mining exploration license, local media reported Monday.

The law was initiated by President Elbegdorj Tsakhia and banned issuance of new mining license until April 30, 2011.

Mineral Resources Authority of Mongolia issued about 4000 exploration and 1,000 mining licenses since 1990s. There are only a dozen large mining operations being conducted by Mongolia despite high number of exploration licenses given out. Mongolian civic groups demanded stricter regulation in mining activities citing environmental degradation.

Under the public pressures, Mongolian government is cracking down on illegal mining operations. Mongolian parliament is expected to debate more stricter law on issuance and transfer mining and exploration licenses.

Munkhbayar Tsetsgee, an environmental activist who leads "River Movement," said "the law should have banned issuance of new mining licenses permanently. Currently, it is just banning temporarily."

Mining is a main economic sector of Mongolia and contributed 98 percent of total exports in 2010, according to National Statistical office of Mongolia.

Link to article



Mineral Resources Authority starts receiving compensation claims

February 14 ( The Mineral Resources Authority (MRA) last week  started making preliminary estimates of the amount of compensation to be paid to individual companies whose mineral resources exploration and exploitation licenses were revoked by the Government in November under the law prohibiting any mining activity in river basins and forests. The compensation will cover expenses since the year when the license was granted. The companies should submit their claims to the MRA within February 21.

Link to article



All born before 2011 entitled to shares in Erdenes Tavantolgoi

February 14 ( Our journalist talks to Ts.Oyunbileg, manager of Payment and Accounting of Bond and Central Saving LLC, about Erdenes Tavantolgoi LLC shares.

What do citizens have to do to own the 10% of shares in Erdenes Tavantolgoi LLC that the Government has decided to distribute free?
Everybody born before January 1, 2011 and included in the new civil registration will own shares. Our company will prepare the share certificates in cooperation with the State General Registering Office. Citizens can open an account with any of the 46 brokerage companies accredited by the Financial Regulatory Authority.

How will citizens open an account?
They can receive assistance from us on production of their ID card. 

What documents will they need to open an account?
Citizens over 16 need only their ID card and those under 16 can open an account on production of their birth certificate and with their parents’ or guardians’ ID card. 

Can citizens check their account without help from a broker company?
Yes, they can if they open an Internet account after opening the initial account. Three kinds of online data will be accessible at a cost of MNT8,000. Citizens can also choose fewer services.

How would dividends be credited?
A shareholder would have to apply and our office will credit the dividend amount to the bank account mentioned in the application. 

Link to article



Aspire Mining Ovoot Coking Coal Project 2011 Exploration Drilling Commence In February

Mogi: AKM shares rose 5.56% today on the announcement.

Sydney, Feb 14, 2011 (ABN Newswire) - Aspire Mining Limited (ASX:AKM) (PINK:ASPXF) ("Aspire") has engaged a drilling contractor for the 2011 season and a drill rig is expected to be mobilised to site by the end of February 2011. Aspire have also received preliminary analysis of new drill data from the company's 100%-owned Ovoot Coking Coal Project ("Ovoot") in Mongolia which shows that the seismic geophysical program has successfully identified faulting basement and location of coal seams.

The data is currently being processed and analysed following the completion of a 2-D seismic campaign which has been ongoing through the Mongolian winter since drilling finished in October 2010.

"We should receive the results of this data analysis shortly, which will be vital to better understand the Ovoot coking coal deposit and to fully determine our 2011 exploration strategy", said Managing Director David Paull.

2011 Exploration Program Update

The Aspire Board has approved a 10,000 metre drill program for Ovoot in 2011, largely to extend its coal resource base at Ovoot and further advance exploration within the basin.

Ovoot's existing 330.7 million tonne coal resource (93.3mt Measured, 182.4mt Indicated and 55.0mt Inferred) is based on 8,364 metres of drilling, which accounts for less than 10% of the 500 square kilometre Ovoot Project Area.

Aspire's 2011 drill program will also target additional near-surface coal seams. This will boost the resource base and potential for open pit operations at Ovoot. Geotechnical drilling and infill holes are planned to further assist with mine planning for an initial box-cut entry to the deposit.

Results from coal quality analysis are expected to continue to be received through the March quarter 2011. A scoping study in relation to a large scale development of Ovoot is expected to commence in the June quarter 2011.

Aspire's targeted mine plan for Ovoot delivers 15 million tonnes per annum of run-of-mine ("ROM") ore for at least 25 years. Plans for a rail network are proceeding to connect Ovoot with potential customers.

Direct Ship Scoping Study

Aspire has commenced a study to investigate low capital expenditure options to direct ship up to a million tonnes of unwashed coking coal from Ovoot via road to rail facilities at Erdenet. Once loaded onto a train at Erdenet, product can then be transported to markets in China, Japan and Korea.

Aspire is targeting first production from Ovoot by the December quarter, 2012, but initial export will rely on the completion of the construction of a sealed road from Moron to Erdenet. Construction of this road is in progress and completion anticipated to occur by late 2012.

Direct shipping will allow the company to establish a customer base as Ovoot develops into a large-scale project when rail access is built, while giving it the ability to capitalize on strong near term coking coal prices.


The Company has appointed Sustainability East Asia LLC to undertake the initial phase of an Environmental Impact Assessment relating to the Ovoot Coking Coal Project.

Link to press release



150m Aspire Mining Shares Released from Escrow

February 14 --

Link to release



GTSO Opens Transport Office in Mongolia for Rare Earth Exports to U.S., Japan and S. Korea

SAN JOSE, Calif.--(BUSINESS WIRE)--Green Technology Solutions, Inc. (OTCBB:GTSO) and Rare Earth Exporters of Mongolia (REE) today announced the opening of a new transport office in the Mongolian capital city of Ulan Bator. The companies formed a joint venture last week to procure rare-earth mining claims and operations in the developing Asian nation.

Ulan Bator is Mongolia’s largest city and the financial and industrial heart of the former Soviet state. The new office is located in the northern portion of the city. Ulan Bator serves as a major transportation hub in the region and is connected by rail to the Trans-Siberian Railway in neighboring Russia. The joint venture plans to utilize that transportation infrastructure to convey Mongolian rare-earth mining products to the international Russian seaport of Vladivostok.

“This new office gives our joint venture the best possible location to coordinate the transportation of Mongolian Rare Earth products to seaport,” said GTSO President and CEO John Shearer. “It will also accommodate additional executive management, geologists, transportation schedulers and mining operations personnel.”

“China has caused significant supply concerns by slashing export quotas three times in the past two years,” Shearer said. “By developing a new source of rare earths in Mongolia, we plan to help secure the supply chain of these materials to America and its allies, preventing the likelihood of shortages.”

The joint venture is now seeking qualified individuals to be sponsored for valid business visas in Mongolia. Interested parties can learn more at

Link to release



The Supreme Court of Victoria enforces a Mongolian arbitral award (to Altain Khuder) under the New York Convention

February 10 (Lexology) The enforcement principles discussed by the UK Supreme Court in Dallah v Pakistan have been considered in a recent decision of the Supreme Court of Victoria, confirming the prediction expressed in our Alert from 25 November 2010.    

In this instance, the Supreme Court of Victoria considered the enforcement of a Mongolian arbitral award under the New York Convention.

Altain Khuder LLC v IMC Mining Inc & Anor [2011] VSC 1

·         Altain Khuder brought an application for the enforcement of a foreign arbitral award made by the Mongolian National Arbitration Centre at the Mongolian National Chamber of Commerce and Industry (Award) against IMC Mining Solutions Pty Ltd (IMC).

·         The Award provided that IMC was liable to pay approximately US$6 million to Altain Khuder in relation to a dispute concerning compliance with the terms of an Operations Management Agreement (Agreement) in respect of the Tayan Nuur Iron Ore Project in Mongolia.

·         The Agreement contained an arbitration clause and provided that the applicable law for the purposes of arbitration was Mongolian law. Notwithstanding that the Arbitral Tribunal had found IMC to be a party to the Agreement, in the proceedings before the Supreme Court of Victoria IMC claimed:

o    it was not a party to the Agreement and accordingly the Agreement was not binding on IMC

o    the Tribunal had incorrectly selected and applied Mongolian law as the applicable law, and

o    enforcement of the award should therefore be refused.

The decision

Justice Croft held that the Award in favour of Altain Khuder was a final and binding award under Mongolian law and was capable of being enforced in Victoria under the New York Convention.

Link to article



Summus Capital Corp. Announces Completion of Private Placement, Purchase of Shares, Name Change  to "Mongolia Growth Group Ltd.", Consolidation of Shares, Listing of Shares on the CNSX and Other Corporate Developments

Mogi: Placement offer price roughly 36c. February 11 closing price at C$1.10. Link to stock quote here

Calgary, Alberta, February 2, 2011 /FSC/ - Mongolia Growth Group Ltd. (“MGG” or the “Corporation”) (formerly Summus Capital Corp.) announced today that the purchase of 320,500 common shares of the Corporation on a post-consolidated basis from the founding board members by two arm’s length investors, Harris Kupperman and Jordan Calonego, was completed on February 2, 2011.

The Corporation also completed the following transactions  on February 2, 2011, which were approved by the shareholders at the annual and special meeting of shareholders on January 17, 2011: 

1.    a private placement of the Corporation which raised gross proceeds of $4,611,252 from the sale of 12,685,420 common shares on a post-consolidated basis;

2.    the filing of articles of amendment renaming the Corporation “Mongolia Growth Group Ltd.” and consolidating the common shares of the Corporation at a ratio of 1:2; 

3.    the filing of an application for the de-listing of the common shares from the NEX board of the TSXV and an application for the listing of the common shares on the CNSX; and

4.    the appointment of Paulo Bilezikjian, Jordan Calonego, Bill Fleckenstein, Harris Kupperman and Paul Sweeney as the new directors of the Corporation.

For further details on the foregoing transactions, please refer to the Corporation's Listing Statement filed on SEDAR.   

Upon the listing of the Corporation's common shares on the CNSX, the shares will trade under the symbol "YAK".  The Corporation intends to  acquire and operate real estate businesses in Mongolia and examine other business opportunities in the country.

In connection with the listing of the common  shares on the CNSX, the Corporation obtained consent from the CNSX to have the shares of the promoters, directors, senior officers and greater than 10% shareholders made subject to a three-year trading restriction rather than an escrow agreement, which is generally required by the policies of the CNSX. A total of 8,210,000 of the common shares of the Corporation are subject to this trading restriction and cannot be traded by the securityholders until the expiry of the three-year period.  

Pursuant to the share purchase  transaction, all of the vendors, and the Corporation's corporate secretary, who was not a party to the share purchase transaction, agreed to surrender their respective common share options to the Corporation for cancellation.  Such options constituted all of the issued and outstanding common share options of the Corporation, consisting of 296,430 options in total.  

The Corporation is also pleased to announce the appointment of Harris Kupperman as the new President and CEO and Jordan Calonego as  the new COO and interim CFO following the resignations of the previous officers of the Corporation.

All members of the new board of directors  subscribed for an aggregate of 7,889,500 common shares on a post-consolidated basis, under the private placement. Following the foregoing transactions, the Corporation has 14,167,571 common shares issued and outstanding on a postconsolidated basis and approximately $4,700,000 in cash.  “We are thankful that shareholders approved our vision of investing in Mongolia,” said Harris Kupperman, the new President and CEO. “We hope to reward shareholders for putting their faith in us.”

“I would like to thank Jason Krueger and the previous management of Summus Capital Corp. for their help in completing the transaction in a  timely manner,” said Jordan Calonego, the new COO and interim CFO. “We wish them success in all their future endeavors.”

Link to release

Link to CEO Welcome Letter to ShareholdersFebruary 10

Link to Investor Presentation, February 2011



Khan Files First Quarter 2011 Financial Results

TORONTO, ONTARIO--(Marketwire - Feb. 14, 2011) - Khan Resources Inc. (TSX:KRI) ("Khan" or "the Company") announced today that it has filed its financial statements and management's discussion and analysis for the three month period ended December 31, 2010 on SEDAR and has posted these documents to its website

Financial highlights for the quarter include a significant increase in liquidity. As at December 31, 2010, the Company's investment in common shares and warrants of Macusani Yellowcake Inc. had appreciated to US$8.2 million while cash balances stood at US$9.4 million. The investment in Macusani Yellowcake has continued to appreciate subsequent to quarter end and currently exceeds US$14.0 million. Net income for the three month period was US$34,000 or $0.0 per share (basic).

Significant developments during the first quarter included the confirmation by the Mongolian courts that the notices received from the Mongolian Nuclear Energy Agency ("NEA") invalidating the Dornod mining and exploration licenses held by Khan were themselves illegal and invalid. Despite these rulings, the NEA has continued to refuse to reregister the licenses to Khan. These actions, amongst others, have resulted in Khan initiating in January 2011 a $200 million international arbitration suit against the Government of Mongolia for its expropriatary and unlawful treatment of Khan. The Company has appointed its arbitrator and the Government of Mongolia has until February 18, 2011 to appoint theirs. A third arbitrator will then be appointed to chair the tribunal. 

Link to release

Link to Khan 2010 Annual Report



Construction Work Progresses at Garrison's Tovshiir Property

TORONTO, ONTARIO--(Marketwire - Feb. 11, 2011) - Garrison International Ltd. (TSX VENTURE:GAU) ("Garrison") is please to provide the following update on developments at its Tovshiir project.

President Blair Krueger commented: "Work continues at satisfactory pace at the Tovshiir site and advances have been made in the continued test work of the ore in preparation for production startup mid-year in 2011."

Construction continues at the Tovshiir site, with installation of a 2.4 m x 3.6 m ball mill being complete. The ball mill is capable of processing between 22 - 24 tonnes per hour of ore, with expectations of a minimum of 500 tonnes per day of ore milled.  Twin Cummins generators of 1200kw capacity each are being transported from Canada to the mine site. The operations are designed to run on a single generator unit, with the second unit on standby as backup.

Construction of the steel framework for the 12 x SF400 floatation cells has commenced, with 48 m3 of floatation cells expected to arrive in Mongolia late February. Once these are delivered to and installed at the Tovshiir site, this will allow completion of the floatation circuits and enable production of concentrates for the intensive leach circuit.

Test work on bulk sampling of selected ore from the project continues, with 1,380 tonnes of rock to be batch tested by floatation. This rock was taken from an area of the project referred to as the Chinese Pit, and the batch testing that has been conducted was undertaken with a view to defining the right methodology to produce high grade concentrates.

To date, 120 tonnes of ore material have been tested, producing 5.5 tonnes of gold concentrates. The rock for this test work came from the Chinese Pit and was sampled by five samples, each sample being approximately 50 kg in weight. Testing was completed to obtain a guide as to the head grade of the material. Analysis of these five samples using FA50 (fire assay 50 gms on splits) at Alex Steward Laboratories showed the following results:

Sample Number

Au g/t


Cut Grade

Bulk 001








Bulk 002








Bulk 003








Bulk 004








Bulk 005











(30 g/t upper grade cut imposed)



Garrison also reports that it has signed an interim contract with Bondu LLC to obtain additional management support. The contract is open ended and is based around Bondu LLC providing Country Management and Site Management support for Garrison's Tovshiir project. Their extensive construction experience will assist to keep development work on schedule. It is expected that mid-year in 2011, the JPCM mining contract previously signed by Garrison will become effective, and that operations will begin to stockpile ore from the Quartz Blow and Ninja Pit areas of the Tovshiir project for use in future production. Ore feed for the 500 tpd mill will come from three separate pits (Chinese, Quartz Blow, Ninja) that will be developed simultaneously and will allow the flexibility of the feed to maintain the head grade at the expected 4.7 g/t gold levels during 2011.

Garrison also reports that an operational agreement was signed with the local and provincial governments in Mongolia to obtain community support during 2011. The agreement allows for development of local skills and trades by increasing local employment at the mine.

Current costs of completion of the mine at Tovshiir are on budget and on time, with the remaining US$1.6m of expenditure expected to be finished by early in the third quarter of 2011, in advance of the planned commencement of production late in the that quarter.

Link to release




The Gobi: Mongolia's desert playground

The Gobi Desert, where the natives struggle to survive, remains a playground for madcap adventurers, says Nigel Richardson.

February 14 (The Telegraph) Mongolians have a word for it: zud. A zud is a winter so harsh that animals cannot feed through the frost and ice encrusting the steppe. In the winter of 2009-10 Mongolia suffered its worst zud for nobody knows how long – "for decades", some say; or "in living memory". Ten million head of livestock are reckoned to have died.

As I gazed from the vehicle window at the stony desert steppe I wasn't sure whether I was seeing the dramatic fallout of that zud, or whether the rib cages and skulls were the usual cull exacted by nature in this most thrillingly harsh of environments. Whatever the case, the black vultures, sitting like homeless undertakers on the scattered boulders, were making the most of it.

Link to article



<Mogi & Friends Fund A/C>


Mogi & Friends Fund is a tiny fund of A$21.8K I created in late September with a few friends to put my own (and a few friends’) money where my mouth (just mine) is.




·         I personally and through my “Mogi & Friends Fund” hold 75,000 HAR shares in aggregate.

·         Jason Peterson, CPS Securities Director, holds shares (approx. 6,500,000) and options (1,000,000) in HAR.

·         CPS holds 500,000 options in HAR for corporate advice provided to HAR – Jason Peterson is a 33% shareholder in CPS.

·         CPS and CPSI directors and employees hold shares in HAR and may buy and sell these shares as and when they see fit.

·         Jason Peterson is a non-executive director of HAR but not involved in the day to day running of HAR.

·         CPS has received an IPO management fee of $250,000 and a 5% fee for any funds placed to its clients under the prospectus.

·         HAR has paid for Jason Peterson’s travel and accommodation expenses to and in Mongolia – this must be disclosed as a soft dollar commission.

·         Please refer to the prospectus for further disclosures.




"Mogi" Munkhdul Badral

Executive Director

CPS International LLC

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Telephone/Fax: +976-11-321326

Mobile: +976-99996779


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Suite 906 · Central Tower · 2 Sukhbaatar Square

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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 or +976-99996779.



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