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.
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CEO closed up 33% to 10.5c with intraday high of 12c
C@: Significant Coal Seam Intersected
· 60m coal seam intersected from surface on first drill hole in Ovorhangay Province
· Second hole intersected 40m coal seam at open pit mineable depth
· Drill core review indicates significant section of high quality coal
June 29, C @ Limited (ASX:CEO) --
XAM closed up 38% to 49c with intraday high of 53c
Xanadu Mines shares soar 35% on thick coal intersection in northern Mongolia
June 29 (Proactive Investors Australia) Xanadu Mines (ASX: XAM) has caught investors’ attention today with the initial drill hole at the Nuurstei Coking Coal Project intersecting 42 metres of coal from 70 metres.
In afternoon intra-day trade, the company's shares are 35% higher at $0.48.
Xanadu said a visual inspection indicates the coal has a hard, lustrous, bituminous character with a high vitrinite content.
The drilling of a planned wide spaced program has identified coal in sub crop over a 7 kilometre strike which extends at depth.
Nuurstei is the first project of the recently formed Xanadu - Noble Strategic Alliance in Mongolia targeting coking coal and iron ore opportunities.
The project covers an area of more than 3,000 hectares and is located in a newly identified coking coal basin between Murun and Erdenet in northern Mongolia.
The alliance has committed to spend US$1.5m on exploration as part of its commitment to earn 60% of the project and could move to 80% following completion of a JORC Resource.
A comprehensive reconnaissance program is currently underway and is expected to take at least three months to complete.
Xanadu said one multi-purpose rig is now operating on a double shift basis on the first phase of 3,500 metres of diamond and mud rotary drilling, with initial coal quality results expected in early July 2011.
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"Mogi" Munkhdul Badral
Senior Client Manager / Executive Director
CPS International LLC
Telephone/Fax: +976-11-321326
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
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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 mogi@cpsinternational.mn or +976-99996779.
Disclosure/Disclaimer
CPS Securities, its directors and employees advise that they may hold securities, may have an interest in and/or earn brokerage and other benefits or advantages, either directly or indirectly from client transactions mentioned in correspondence from CPS International.
CPS International advise this email contains general information only and does not include advice. In preparing this communication, CPS International did not take into account the investment objectives, financial situation and particular needs of any person. As with any speculative mining company there are significant risks.
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