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XAM up 2.5c on opening to 57.5c
Xanadu Mines Ltd Acquires New Coking Coal Exploration Project As Part Of Strategic Alliance With Noble Group Limited
July 22 (Reuters Key Development) Xanadu Mines Ltd (ASX:XAM) announced the finalization of a farm-in agreement on the Javkhlant exploration project (the Project), as part of its strategic alliance with Noble Group Limited (Noble).
The Project is located in the south western Gobi Altai Province of Mongolia, approximately 22 kilometers from the Burgastai border crossing point into China and only 200 kilometers from the Chinese rail network at Hami.
The earn-in agreement will be undertaken via Ekhgoviin Chuluu LLC (EC), the Joint Venture vehicle established to seek out and develop new coking coal opportunities as part of the strategic alliance between Xanadu and Noble.
Under the terms of the agreement, EC can earn up to 80% of the Javkhlant coal exploration licence by meeting various spending commitments over two years. These include up to USD 230,000 on drilling to earn the first 60%, followed by a commitment to complete a JORC resource to earn a further 20%, taking EC's interest to 80% of the Project.
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"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
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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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