Friday, June 17, 2011

[cpsinewswire] [CPSI NewsWire: Voyager to Drill 23,000 Metres]

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, June 16, 2011



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Voyager commits to 25000m of RC and diamond drilling in Mongolia

June 16 (Fortbridge) Voyager Resources (ASX: VOR) has entered into a number of service contracts to facilitate the exploration of its key projects located in Mongolia. The focus of this is two initial drill contracts for 20,000 metres of diamond core drilling and a further 5,000 metres of Reverse Circulation (RC) drilling to be completed at the Khul Morit Copper Porphyry Project and the high grade Daltiin Ovor Gold Copper Project.

In addition to this, a number of geophysical and geochemical programmes are underway at Khongor and Khul Morit. It is anticipated that these surveys will extend the currently planned drill metres.

Key points:

·         Voyager Resources has entered into two separate drilling service contracts for the commencement of drilling at its Khongor, Khul Morit and Daltiin Ovor Copper and Copper Gold Projects in Mongolia.

·         A Reverse Circulation Drilling rig is scheduled to be mobilised to Khul Morit tomorrow to commence drill testing of high order Induced Polarisation geophysical anomalies and to follow up previously intersected high grade copper in drilling that has returned:

o    27 metres at 2.09% copper from 28.8 metres (KH04), including:

§  12.5 metres at 3.63 % copper from 43.3 metres

·         At completion of the RC programme, the rig will transfer to the Daltiin Ovor Copper Gold Project, where Voyager has recently renegotiated the terms of agreement with the Vendors. Previous drilling completed by Voyager in 2010 at Daltiin Ovor returned exceptional results including:

o    3 metres at 50.59 g/t gold, 4.0% copper & 31.3 g/t silver from 6 metres (DL_12_RC)

o    9 metres at 10.45 g/t gold, 0.8% copper & 16.8 g/t silver from 11 metres (DL_04_RC)

o    9 metres at 10.40 g/t gold, 0.9% copper & 14.3 g/t silver from 10 metres (DL_10_08_RC)

o    4 metres at 6.66 g/t gold, 0.6% copper & 6.75 g/t silver from 2 metres (DL_17_RC)

·         A diamond core drilling programme is now scheduled to commence at the Khongor Copper Gold Project by month’s end, drilling is aimed at testing the mineralised system at depth beneath recently completed shallow drilling, that has returned highly encouraging results, including:

o    70.1 metres at 0.6% copper and 0.15 g/t gold (KH0005D), including

§  53.94 metres at 0.7% copper and 0.18 g/t gold

§  11.19 metres at 1.8% copper and 0.57 g/t gold

o    7.0 metres at 2.0% copper, 0.47 g/t gold and 3.4 g/t silver (KH0010D)

o    37.8 metres at 0.8% copper, 0.15 g/t gold and 2.3 g/t silver (KH0024D), including:

§  25.1 metres at 1.1% copper, 0.21 g/t gold and 3.3 g/t silver

o    5.4 metres at 1.0% copper, 0.50 g/t gold and 1.9 g/t silver (KH0024D)

Link to Fortbridge release

Link to VOR original release


IFC Gives $20m Loan to Khan Bank

Ulaanbaatar, Mongolia, June 15, 2011 ( — IFC, a member of the World Bank Group, will provide $20 million to Khan Bank LLC, Mongolia’s biggest bank by assets, to help strengthen its capital position and increase lending to small and medium enterprises. 

IFC’s seven-year subordinated loan will allow the bank to offer up to 14,000 new loans to small and medium enterprises by the end of 2015. IFC’s investment will also help the bank maintain adequate capital and support its sustainability and development. 

IFC is the third-largest shareholder in Khan Bank, owning a 9.1 percent stake. 

IFC’s investment demonstrates its continued commitment as a shareholder of the bank and reaffirms its intention to provide long-term support to Mongolia’s banking sector,” said Simon Morris, Chief Executive Officer of Khan Bank. 

Since becoming an IFC client in 2004, Khan Bank has grown to become the largest bank in Mongolia by assets and branch network, reaching about 80 percent of Mongolian households. More than 50 percent of its borrowers are women. 

A strong banking system is essential to support the country’s economy and Khan Bank is becoming a role model for reform in Mongolia’s banking system,” said Hyun-Chan Cho, IFC’s Country Manager for China and Mongolia. “IFC’s continued partnership with Khan Bank will help provide access to finance for small and medium enterprises to create more jobs and support Mongolia’s transition to a stable market economy.” 

Link to release


Erdene Commences Drilling on Mongolian Copper-Gold-Silver Projects

Provides Metals Exploration Update

HALIFAX, NOVA SCOTIA--(Marketwire - June 16, 2011) -Erdene Resource Development Corp. ("Erdene")(TSX:ERD) is pleased to announce that drilling commenced on the Nomin copper-gold prospect on June 12th and upon completion, drilling is set to continue on the Khuvyn Khar copper-silver prospect.

Nomin Copper-Gold Prospect

Drilling on the Nomin prospect will initially include 1,500 metres in three to five holes targeting this new copper-gold discovery located in southwestern Mongolia. Drilling will focus on geochemical, structural and geophysical targets in the vicinity of ancient shallow pits from which multiple grab samples returned an average of 2.2% copper and 1.7g/t gold over a strike length of 250 metres and a second similar occurrence, 1.2 kilometres south-southwest of the main occurrence which returned assays of 1.6% copper and 1.15g/t gold. The host rocks are intense quartz magnetite altered granodiorite locally intersected by iron oxide bearing stockwork veins. The mineralization is hosted in Paleozoic felsic volcanics and intrusives within the Southwest Gobi Island Arc Terrane.

Khuvyn Khar Copper-Silver Prospect

Erdene has completed a preliminary drill program and a deep penetrating (700 metres) induced polarization geophysical survey over the Khuvyn Khar copper discovery in the northern portion of the Zuun Mod license. Six drill holes were completed over a 1.2 kilometre strike length targeting geophysical and geochemical anomalies in the Khuvyn Khar area. The original discovery hole (ZMD-121) is located at the north western end of the target area. Geophysical results have indicated that ZMD-121, which returned 1.34% copper and 9.24g/t silver over 34 metres, intersected a chargeability anomaly which intensifies to the south and at depth. New drilling results confirmed a broad zone of low grade copper mineralization with continuity over the eastern half (600 metres) of the target area which is open to the south. The eastern most hole, ZMD-128, returned multiple zones of greater than 0.2% copper, most significantly 42 metres of 0.21% copper within a broad zone of anomalous copper mineralization from 24 metres to 302 metres grading 0.13% copper. ZMD-127, located between ZMD-121 and ZMD-128, returned a similar thickness of highly anomalous copper from 4 to 302 metres averaging 0.12% copper.

Four of these holes (ZMD-123 to 126) tested chargeability high and magnetic low features within 200 metres of ZMD-121 to a maximum depth of 500 metres. All holes returned anomalous copper (highest value 0.22% Cu over 2 metres) and molybdenum (highest value 0.25% Mo over 2 metres) but did not intersect the higher grade zone discovered in ZMD-121. An interpretation of the drilling results and the new deep geophysics indicates that the copper mineralized zone appears to be structurally controlled in a zone of dacite porphyry in fault contact with granodiorite. Based on this information, it is apparent that the strongest targets lie to the south and at depth. The chalcopyrite mineralization observed as fracture and breccia infill is thought to be associated with late stage mineralizing fluid flow driven by a local porphyry system. The presence of Unidirectional Solidification Textures (UST's) associated with the high grade copper mineralized Quartz-Feldspar intersect may be interpreted as the top of a mineralized porphyry intrusion.

Follow-up drilling at Khuvyn Khar will target the chargeability anomaly to the south of ZMD-121. Drilling is planned to commence on completion of the Nomin drilling program.

Mongolia Regional Exploration Program

In 2011, the Corporation will continue to expand its detailed program of regional exploration to identify areas, principally in southern Mongolia, with the potential to host porphyry related copper-gold-molybdenum mineralization. Erdene has carried out a two-year, detailed regional evaluation of a large area in south-western Mongolia evaluating the potential for porphyry related copper-gold-molybdenum mineralization. Multiple new targets have been identified to date; these targets are receiving further work.

Mongolia Investor-Analyst Tour

Erdene's senior executive will be leading a tour of its Mongolia operations from June 17th through 20thincluding field visits to the Zuun Mod, Khuvyn Khar and Nomin projects. Ten visitors representing banks and securities firms from Canada, Australia, Mongolia and Hong Kong will be taking part in the visit.

Annual General Meeting

Erdene will hold its Annual General Meeting in Halifax on Thursday, June 23, 2011 at 5:30pm (Atlantic Time). A live webcast of Peter Akerley's presentation will be available on Erdene's website at: AGM Webcast.

Link to release


Erdene Provides Project Updates and First Quarter Financial Results

HALIFAX, NOVA SCOTIA--(Marketwire - June 15, 2011) -Erdene Resource Development Corp. ("Erdene" or "Company") (TSX:ERD), today provided an update on the Company's principal projects in conjunction with the release of its first quarter 2011 financial results.


·         Marston finalizing Donkin NI 43-101 report expected in the second quarter

·         Zuun Mod 30 year Mining Licence Issued

·         Zuun Mod NI 43-101 Resource Estimate Issued

·         Initial Drilling Program completed on the Khuvyn Khar copper discovery

·         Ends quarter with $7.5 million in cash and cash equivalents

Project Summaries and Updates

Zuun Mod Molybdenum Project - Mongolia

In February, the Corporation announced the results of recent drilling at Zuun Mod which indicated higher molybdenum and copper grades in the South Racetrack deposit. A new NI 43-101 compliant report by independent technical consultants, Minarco MineConsult (part of the Runge Group), was commissioned to provide an updated resource estimate. Subsequent to the end of the first quarter, the new resource estimate was issued which included an increase in the Measured and Indicated resources by 38 million tonnes as well as an increase in the average grade.

Subsequent to the end of the first quarter, a 30-year renewable Mining License was granted by the Mongolian Government. The Zuun Mod Mining License covers an area of 6,041 hectares and contains the South Racetrack and North Racetrack deposits, which hosts all of the Measured and Indicated resources at Zuun Mod. The Mining License also contains the Khuvyn Khar copper prospect. Approval of an application for a second contiguous Mining License, south of the approved Mining License, is pending. This license application covers 358 hectares and contains the Stockwork deposit which hosts 17.8 percent of the Inferred resource at Zuun Mod.

Khuvyn Khar Copper Project

In February, the Corporation also announced results from exploration drilling on the Khuvyn Khar copper prospect, located on the Zuun Mod Mining License. A drill hole (ZMD 121) located 2.2 km to the northwest of the main Zuun Mod Mo/Cu deposit returned an average grade of 1.3% copper and 9.24 g/t silver over 34 metres, from 308 to 342 metres. Subsequent to the end of the first quarter a follow-up drilling program was carried out over the Khuvyn Khar copper prospect with results pending.

Nomin Copper-Gold Prospect

The Nomin prospect is a new copper-gold discovery located in southwestern Mongolia. Samples from ancient shallow pits returned an average of 2.2% copper and 1.7g/t gold over a strike length of 250 metres. A sample from a second similar occurrence, 1.2 kilometres south-southwest of the main occurrence, returned assays of 1.6% copper and 1.15g/t gold. Geophysical surveys (magnetic and IP dipole-dipole) have been completed over the area of the mineral occurrences. During the first quarter, Wave Geophysics LLC of Colorado, USA was contracted to re-process and create a 3D model of the geophysical data from the Nomin property to assist in the identification of drill targets. An exploratory drilling program is planned for later this month to test a number of geochemical and geophysical targets on this property.

In 2011, the Corporation will continue to expand its program of regional exploration to identify areas, principally in southern Mongolia, with the potential to host porphyry related copper-gold-molybdenum mineralization.

Coal Projects in Mongolia

Erdene is involved in a comprehensive coal generative and acquisition program in Mongolia that evaluates numerous prospective metallurgical and high-quality thermal coal deposits. The program is being fully funded by the Company's partner, Xstrata Coal, under an Alliance Agreement with whom it is coordinating operations. During the first quarter of 2011, Erdene continued to complete numerous property evaluations and seek to identify and secure high-quality, large-tonnage coal deposits on behalf of the Alliance.

On March 8th, 2011 Xanadu Mines Ltd. commenced an extensive drilling programme at its Galshar coal project in South East Mongolia, 250 kilometres South East of Ulaanbaatar. The aim of the current drilling programme is to further define the known deposit into a JORC code compliant resource. Erdene holds a royalty interest from any coal mined from the property.

Link to release


Mongolia Investment Group: Profit Warning

June 16, Mongolia Investment Group (HK:402) --

This announcement is made by the Company pursuant to Rule 13.09(1) of the Listing Rules.

The Board wishes to inform the shareholders of the Company and potential investors that it is expected that the consolidated results of the Group for the year ended 31 March 2011 may experience a significant decline as compared to the results of the same period last year.

Link to release


Deepening U.S.-Mongolian ties

June 16 (The Hill, by Elbegdorj Tsakhia) In 1206, Mongols, under the leadership of Chinggis (Genghis) Khan, rode out from the Mongolian steppe and, using military tactics (speed and maneuver) still in use today, and technology (a short re-curved bow easily used on horseback) the Great Khan and his successors conquered roughly 22 percent of the world’s total land area. At its zenith, the Mongol empire stretched from the Sea of Japan in the east to present day Hungary, and from Siberia in the north into Southeast Asia, the Indian subcontinent, and Middle East. It was, and remains, the greatest empire the world has ever known.   

Over time, Mongol influence receded. It would take more than 600 years for my country to re-emerge on the world stage — in a far more benevolent manner.

Last year Mongolia celebrated its 20th anniversary of democratic governance and freedom. It proved to be a time of reflection for us. The winds of change that forced open the Brandenberg Gate and toppled successive Communist governments blew hard in Mongolia in 1989. Peaceful demonstrations by thousands of my countrymen lead to the collapse of communist tyranny. The following year democratic elections were held, a new constitution was drafted (that guaranteed individual human rights, freedom of speech and assembly, and established the rule of law), and free market reforms were implemented.

With generous financial and technical assistance from the U.S. and other countries Mongolians took advantage of their newfound economic and political freedoms and unleashed their creativity. Businesses began sprouting up, trade slowly increased, and gradually our standard of living began to improve. One would not recognize the skyline of our capital city from just two decades ago. 

Now, recent discoveries that include coal, copper, and rare earth mineral resources have Mongolia’s GDP set to triple over the next decade. Mongolia has an open-door foreign investment policy that, coupled with investor friendly laws and transparency within the legal system is attracting attention and new businesses — especially from the West.  

My country has made great strides but much more remains to be done.  I am committed to improving Mongolia’s educational system and helping ensure that as we take advantage of our natural resources it is done in a manner that is respectful of the environment. By making each Mongolian a stockholder in the country’s largest mining operation we want to ensure that the wealth extracted from our land is shared directly with our people. This will help to create a social safety net for those less fortunate and provide a revenue stream that will allow Mongols to decide for themselves how best to invest their national dividend.  

I believe Mongolia has made amazing progress on its democratic journey. If someone had told me twenty years ago, as we stood outside Parliament demanding the resignation of the Politboro, Mongolia would one day be asked to lead the Community of Democracies (CD) I would have shaken my head in disbelief. 

Yet in just two short weeks Mongolia will assume the presidency of the CD. We look forward to lending our guidance, advice, hard work and support to this organization as new democracies struggle to be born, and others seek to strengthen democratic governance. I believe Mongolia can be the anchor in eastern central Asia for helping to convey the virtues of democratic governance within our region.

The U.S.-Mongolian bilateral relationship is based first and foremost on shared values: Individual liberties, human rights, and equal justice under laws passed by democratically elected bodies. I am proud of the fact that Mongolian soldiers have served with collation forces in Iraq and today stand boot-to-boot with U.S. troops and NATO forces in Afghanistan. It is no coincidence that my first official visit in Washington will be to Walter Reed Medical Hospital. It will be a privilege for me to meet and be among those wounded warriors and their families that have sacrificed so much for the cause of freedom.   

My goal during my visit is to deepen and broaden U.S.-Mongolian ties. Increased trade coupled with U.S. foreign investment will strengthen economic links. Exchanges among educators and those in the think tank community can accelerate the understanding of events in our region and visits by elected officials and senior government leaders of both our countries can ensure that the roots of our relationship grow deeper.

Despite the physical distance between our two countries, our values bring us close together. I am convinced that with work and effort our friendship will grow and our peoples will prosper greatly from it. 

Link to article


In Mongolia, lessons for Obama from Genghis Khan

June 16 (Washington Post) ULAANBAATAR, Mongolia — As the leader of a diminished land that was once an invincible superpower, President Tsakhia Elbegdorj of Mongolia has some advice for Americans fatigued by the burdens of global power: Remember Genghis Khan, and stick with your friends.

It is tough, but Mongolia was the biggest power in the world, and we had the same responsibility,” said Elbegdorj, who is to meet with President Obama at the White House on Thursday to pitch his country as a stable, pro-American democracy deserving of more attention.

Sandwiched between a rising, authoritarian China and an often pugnacious and, in these parts, still very powerful Russia, Mongolia is the only nation in the vast expanse of territory conquered by Genghis Khan in the 13th century that holds regular elections and lets power pass peacefully between rival parties.

The United States, like Mongolia in its heyday, “has a responsibility to help those who are trying to follow in its steps,” Elbegdorj said in an interview in a felt-lined tent outside his official residence in the Mongolian capital.

Genghis Khan’s warriors killed lots of people, to be sure, but according to the president, a Soviet-trained former military journalist who helped lead Mongolia’s democratic revolution in 1990, it was done in a good cause.

Do you think we just went to places and killed?” Elbegdorj said. “No.”

Mongolia, he said, used its muscle to keep trade along the Silk Road flowing and to enforce a written law. And “when there was a killer, or in today’s expression, a terrorist nation,” he said, “we were God’s will to make them peaceful. ... When there was a poor nation, we helped them.”

Today, too, Elbegdorj said, “sometimes you have to pay attention to your friends.”

Kurt Campbell, assistant secretary of state for East Asian and Pacific affairs, said that the Obama administration is “committed to developing a broader, deeper and more strategic relationship with Mongolia, including expanded commercial, political and cultural ties.” Thursday’s meeting in the Oval Office, he said, speaking from Washington, “is testament to that, as will be other high-level American visits and engagements in the months to come.”

Vice President Biden and Secretary of State Hillary Rodham Clinton are both due to visit Mongolia.

So far, however, only one U.S. leader has trekked to Ulaanbaatar, the world’s coldest capital city in winter: President George W. Bush stopped off for a few hours in 2005. Efforts to secure a free-trade agreement have gone nowhere, and U.S. investment in Mongolia is tiny, despite the country’s bountiful natural resources and a big push by other countries, particularly China and Canada, to join what looks set to be a minerals-driven economic boom. The World Bank in a recent report described Mongolia’s prospects for growth as “excellent.”

Mongolia has sent troops to support U.S. forces in Afghanistan and Iraq, and unlike China, Russia and the former Soviet lands of Central Asia, it has a vibrant free press, allows street protests and does not routinely harass critics. Some local leaders are bullies, and the national parliament is heavily influenced by Mongolia’s version of Russian oligarchs, but Mongolia is far freer than its neighbors.

Link to article

Related: Country of Genghis Khan merits U.S. focusUPI, June 16


China agrees $500 million loan to Mongolia

BEIJING, June 16 (Reuters) - China agreed to lend $500 million to its northern neighbour Mongolia after the two countries signed a "strategic partnership agreement" in Beijing on Thursday.

The two sides also agreed to boost economic, technological and educational ties during a meeting between Chinese premier Wen Jiabao and the Mongolian prime minister, Sukhbaatar Batbold, who began a three-day visit to China on Wednesday.

No further details about the loan deal were provided, but the figure amounts to about one twelfth of Mongolia's total gross domestic product in 2010, and about half of the value of Mongolia's total coal sales to China last year.

The neighbours have been anxious to improve a sometimes frosty relationship in recent years, with landlocked Mongolia keen to boost exports of its vast mineral reserves and China keen for new and more secure supplies of vital commodities like coal and copper.

China dominates Mongolia's foreign trade, buying 84 percent of its total exports in 2010, but Ulan Bator is worried about the economic and geopolitical consequences of over dependence and is looking for alternative markets. 

Link to release


Mongolia PM: Hope China Can Support Mongolian Firms Investing There

BEIJING (Dow Jones)--Mongolia's prime minister on Thursday said Mongolian companies have started to invest in China, and that the nation hopes the Chinese authorities can provide these firms with support.

Speaking during a visit to Beijing, Prime Minister Sukhbaatar Batbold said the two countries should pay more attention to their bilateral trade structure. Mongolia's exports to China mainly consist of heavy raw materials, which is bad for the environment, he said, adding that he hopes the processing industry can gain a larger share in trade in the future.

He said Mongolia will also try to provide a fairer and transparent environment for foreign investors, and welcomed the latter to invest in the country's coal, copper, iron and residential property sectors.

Link to article

Related: Mongolia PM welcomes foreign investmentAFP, June 16


Senior CPC official vows to strengthen co-op with Mongolian People's Party

BEIJING, June 16 (Xinhua) -- Wang Jiarui, chief of the International Department of the Communist Party of China (CPC) Central Committee met with Mongolian Prime Minister and the Chairman of the Mongolian People's Party Sukhbaatar Batbold on Thursday.

Wang hailed Batbold's contribution to the promotion of China-Mongolia bilateral ties and relations between the two parties, saying China values the development of the bilateral ties and is ready to boost mutual political trust as well as pragmatic cooperation between the two parties.

Wang congratulated Batbold on the 90th anniversary of the founding of the Mongolian People's Party.

Batbold echoed Wang's remarks by offering his congratulating on the 90th anniversary of the founding of the CPC, adding that the party-to-party relationship is an important part of China-Mongolia bilateral ties.

Batbold said the Mongolian People's Party would consistently work to strengthen exchanges and cooperation with the CPC at all levels and continue to promote the China-Mongolia relationship to new heights.

Batbold arrived in Beijing on Wednesday for a three-day visit to China as guest of Premier Wen Jiabao.

Link to article


<Mogi & Friends Fund A/C>


Mogi & Friends Fund is a tiny fund of A$23K I created in late September with a few friends to put my own (and a few friends’) money where my mouth (just mine) is.




"Mogi" Munkhdul Badral

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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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