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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Close: Mongolia Related ASX Listed Companies, July 25, 2011 | | |||||||
Code | Last | $ +/- | Bid | Offer | Open | High | Low | Volume |
0.053 | -0.005 | 0.053 | 0.054 | 0.058 | 0.058 | 0.053 | 9,365,473 | |
1.430 | 0.005 | 1.415 | 1.430 | 1.430 | 1.450 | 1.420 | 389,231 | |
0.250 | -0.010 | 0.250 | 0.260 | 0.260 | 0.260 | 0.250 | 155,000 | |
0.595 | -0.025 | 0.595 | 0.600 | 0.605 | 0.605 | 0.590 | 835,539 | |
0.009 | -0.001 | 0.009 | 0.011 | 0.010 | 0.010 | 0.009 | 7,654,621 | |
0.005 | 0.000 | 0.005 | 0.006 | 0.005 | 0.005 | 0.005 | 150,000 | |
0.110 | -0.010 | 0.110 | 0.115 | 0.115 | 0.115 | 0.110 | 6,136,733 | |
0.170 | 0.010 | 0.155 | 0.175 | 0.170 | 0.170 | 0.170 | 2,258 | |
1.270 | -0.030 | 1.260 | 1.275 | 1.285 | 1.285 | 1.245 | 504,264 | |
0.280 | 0.005 | 0.275 | 0.280 | 0.280 | 0.285 | 0.275 | 294,554 | |
0.400 | 0.000 | 0.350 | 0.390 | 0.000 | 0.000 | 0.000 | 0 | |
0.063 | -0.002 | 0.063 | 0.065 | 0.065 | 0.068 | 0.063 | 18,976,283 | |
0.590 | 0.005 | 0.580 | 0.590 | 0.590 | 0.590 | 0.580 | 354,616 | |
21.740 | -0.260 | 21.730 | 21.800 | 21.900 | 21.970 | 21.690 | 1,107,035 | |
82.060 | -0.440 | 82.040 | 82.060 | 81.290 | 82.080 | 81.200 | 1,768,434 | |
43.060 | -0.370 | 43.050 | 43.070 | 43.120 | 43.260 | 42.960 | 7,718,715 | |
Source: asx.com.au
Drill Results Confirm Continuity of Copper-Gold-Silver Sulfide Zone at Erdene's Nomin Project
HALIFAX, NOVA SCOTIA--(Marketwire - July 25, 2011) - Erdene Resource Development Corp. ("Erdene") (TSX:ERD), is pleased to announce the receipt of final analytical results from a six-hole drill program, totalling 1,023 metres, from its wholly owned Nomin copper-gold project in south western Mongolia.
Highlights
· Drilling identified narrow, steeply dipping, parallel zones of high-grade gold, silver and copper bearing massive sulphide along a north-south strike length of approximately 150 metres
· The mineralized zones are located under a series of shallow historic mineral workings
· The mineralization was drill-tested to a vertical depth between 30 to 60 metres below the ancient pits
· The most northerly hole contains 13.3 g/t gold, 3.0% copper and 26 g/t silver over 0.5 metres
· The most southerly hole contains 1.2 g/t gold, 24.0% copper and 65 g/t silver over 0.25 metres
· The deepest intersection, at approximately 60 metres vertical depth, was also the thickest and included 2 metres of 2.4 g/t gold, 6% copper and 16 g/t silver
· The mineralization is open to the north, to the south and at depth
Drill Program
The Nomin drill program consisted of six holes drilled between June 13th and June 30th. Four angled holes, TND-02, 04, 05 and 06, were drilled to test the down-dip extension of the mineralization within the historic workings. The holes were all drilled at -50 degrees and were spaced approximately 50 metres apart along a strike length of 150 metres (to view a plan map, go to our website at www.erdene.com). Two vertical holes were drilled to test geophysical anomalies; one adjacent to the ancient pits (TND-01) and one testing a prospect located 1.2 kilometres to the west (TND-03).
Within the area of the ancient pits, the results indicate the presence of two sub-parallel mineralized zones within granodiorite and rhyolitic host rocks. The mineralization is associated with zones of intense magnetite and chlorite alteration and consists of disseminated and massive sulphides.
The hole in the second prospect area, 1.2 kilometres to the west of the ancient pits, intersected a narrow zone of anomalous copper mineralization, assaying 0.5% Cu over 2 metres, within a sheared volcanic host rock. The area between the two prospects is largely covered by recent sediments.
Table 1: Significant Drill Intersections
Hole No. | From | To | Interval (m) | Cu (%) | Au (g/t) | Ag (g/t) | |
TND-01 | 76 | 86 | 10 | 0.1 | - | - | |
TND-02 | 82 | 90 | 8 | 1.8 | 0.7 | 5 | |
Including | 86 | 88 | 2 | 6.0 | 2.4 | 16 | |
TND-03 | 90 | 92 | 2 | 0.5 | - | 2 | |
TND-04 | 64 | 66 | 2 | 0.5 | 0.2 | 2 | |
Including | 65 | 65.5 | 0.5 | 1.5 | 0.6 | 6 | |
TND-05 | 34 | 37 | 3 | 3.2 | 0.2 | 8 | |
Including | 35.75 | 35 | 0.25 | 24.0 | 1.2 | 65 | |
TND-06 | 48 | 54 | 6 | 0.9 | 2.7 | 6 | |
Including | 50.25 | 50.75 | 0.5 | 3.0 | 13.3 | 26 | |
Future Exploration Plans
Erdene is finalizing plans for additional drilling at Nomin including targeting the Cu-Au-Ag mineralization along strike and at depth. In addition, property-wide geochemical, detailed geological mapping and prospecting surveys are underway. The results of these surveys will be used in conjunction with previously completed magnetic and IP geophysical surveys to define additional drill targets. Whole rock and petrographic studies have also been initiated to further define the style of mineralization and alteration at Nomin.
Background
The Nomin prospect was discovered as a result of a regional-scale reconnaissance exploration program carried out by Erdene in the Southwestern part of Mongolia. The prospect is located in an area that returned a strong regional poly-metallic geochemical anomaly. Prospecting and mapping in the area led to the discoveries of Cu-Ag-Pb-Zn epithermal veins and the historic pits on the Nomin property. Samples collected during the 2010 field season by Erdene geologists returned highly anomalous copper and gold values from the historic workings which are characterized by shallow hand-dug pits with associated waste rock debris.
To view the map of the Nomin property, please visit the following link:http://media3.marketwire.com/docs/Nomin_Drilling_WebMap_July25_final.jpg
Mongol Mining selects 2 fuel products & services suppliers
July 25 (ETNet) Mongolian Mining Corporation (00975) said NIC LLC and Uniservice Solution LLC have been selected, through competitive tendering process, as a supplier of fuel products to the Group and as a service provider for the provision of supporting services for Mongolian Mining's offices located at Ulaanbaatar and camps located at the UHG deposit, Baruun Naran deposit and TKH.
On 22 July 2011, Mongolian Mining entered into a service agreement with Uniservice Solution and Uniservice Solution conditionally agreed to provide office and camp supporting services to the Group for a period commencing from the date of the EGM at the earliest to 31 December 2013 for about US$73.19 million.
Mongolian Mining also entered into a fuel supply agreement with NIC and NIC conditionally agreed to supply fuel products to the Group for a period commencing from the date of the EGM at the earliest to 31 December 2013 for about US$667 million. NIC may sub -contract its obligations under the agreement to Shunkhlai and Gobi Oil. (HL)
MEC: Annual Report 2011
July 25, Mongolia Energy Corporation (HK:276) --
RESULTS ANALYSIS
During the Financial year ended 31 March 2011 (the “Financial Year”), we focused on our Khushuut Coking Coal Project which was in a trial stage of production.
Turnover for the Khushuut Coking Coal Project will be formally recognised when it commences commercial production. Thus, the revenue from the trial shipments during the Financial Year was not recognised in the Consolidated Income Statement.
Staff costs increased to HK$97.0 million (2010: HK$63.2 million). Included in the staff costs was sharebased payment expenses of HK$23.4 million (2010: HK$6.7 million) in relation to 11.8 million share options granted to the Directors and employees of the Group on 9 April 2010.
The finance costs increased to HK$149.5 million (2010: HK$91.6 million). Two convertible notes with aggregate principal value of HK$766.8 million were issued during the Financial Year accounted for the increase in finance costs.
A fair value gain of HK$71.8 million (2010: HK$Nil) on derivative component was recognised. It was arising from the new convertible notes issued during the Financial Year. These convertible notes contain two components, a liability component and a derivative component. The derivative components were measured at fair value at their respective issue dates and re-measured at the balance sheet date. The resulting changes in fair value were then recognised in the Financial Year.
BUSINESS REVIEW
We did not acquire any new project or subsidiary in relation to our energy and resources business during the Financial Year.
The following disposal and termination were completed during the Financial Year:
(i) In May 2010, we terminated the acquisition of a new Falcon 900EX aircraft. This is consistent with our focus as an energy and resources developer after the disposal of Glory Key Investment Limited in December 2009 and the cessation of our aircraft charter and aircraft leasing businesses in March 2010; and
(ii) In August 2010, we disposed Business Aviation Asia Group Limited (“Business Aviation”), a wholly owned subsidiary of the Company at a consideration of HK$38,239,645. The principal asset of Business Aviation was its 43% equity interest in a company in the People’s Republic of China engaging in the business of aircraft charter, aircraft management, aircraft maintenance and related business. The disposal was completed in September 2010.
Our principal project is the Khushuut Coking Coal Project which was under trial production during the Financial Year.
Progress of the Khushuut Coking Coal Project
In the last interim report, we highlighted that trial production and the first shipment from the Khushuut Coking Coal Project began in October 2010. Since then, the Company continued the production of coking coal through its indirectly wholly owned subsidiary in Mongolia, MoEnCo LLC. The small volume trial shipments continued from October 2010 through the end of the Financial Year for a total of approximately 5,300 tonnes of raw coking coal. Ramp up of coal shipments was slower and smaller than expected and was attributed to various factors including the completion and acceptance of the Khushuut Road. The Khushuut Road is a roadway of approximately 310 km connecting the Khushuut coal mine and the Yarant/Takeshenken border and is the main route for our coal transportation. All issues are being attended to and we are working closely with our principal contractor and government departments to complete the outstanding issues. Particulars are detailed in the paragraph of Khushuut Road below. We hope to satisfy the compliance issues with the Mongolian requirements as soon as possible to commence formal commercial production. Our contract miner, Leighton, is in place and prepared to ramp up production as soon as the approval is received.
Subsequent to the disclosure in the last interim report, the Yarant/Takeshenken border has effectively become a permanent border, which opens on a full month schedule, since January 2011. It operates eight hours per day and five days per week. The Company is the first to transport coal from Western Mongolia to Xinjiang, the PRC via this border-crossing. The introduction of this type of cross border trade presents the Company and border officials with various challenges in the delivery process. As the border-crossing of bulk materials was new to all parties concerned, including the border officials of both sides and the transportation companies, the trial shipments have provided a greater understanding of issues that need to be addressed to expand the capacity and improve operating efficiency. We are working with the Mongolian government officials for an expansion of the border, longer and flexible opening hours and continued improvement of operational efficiency to increase the border-crossing capability to meet our long term production capabilities.
Market conditions for the Khushuut coking coal product remain favorable and encouraging. According to the CEO Technical Summary dated 1 September 2010 and the market study for the Khushuut coking coal conducted by Shanxi Fenwei Energy Consulting Co., Ltd. last year, each clean tonne of our product in the C seam can achieve a selling price between RMB1,290 and RMB1,390 (VAT excluded) in 2010 at Urumqi area, the PRC, where the customers are located at. Initially, we will be selling raw coal product until the coal processing facility is in place. The actual pricing of the coal is negotiated based on various factors including, recovery from raw coal to clean coal, ash content, washing and transportation costs etc., between the customers and the Company prior to actual delivery. We are working on various solutions such as raw coal screening and installation of a rotary breaker at the mine site that will improve the consistency and overall raw coal quality shipment and better pricing.
We have secured sales agreements for up to 2 million tonnes of coking coal product for this year from two customers depending on our production status and shipping capacity. Apart from that, we have been approached by other potential customers. The Group is confident on its high quality coking coal product and the market conditions.
…
Khushuut Road
As reported in the last interim report, the Khushuut Road is substantially completed and trial shipments began in last October.
Currently, 304 km out of the 310 km of the road has been built and 295 km out of the 310 km of the road has been paved.
In order to receive Mongolian government’s approval of the road and to begin formal commercial production, a few issues are required to be addressed. A 6 km section of the Khushuut Road connecting immediately to the Yarant border has yet been constructed. In the meantime, we are building a temporary road connecting to the border. Additional requirements include the installation of signage and guard rails which will be completed shortly.
We have been working closely with our principal contractor to complete the Khushuut Road as soon as possible for road acceptance and commissioning.
…
License of “Erdenes Tavantolgoi” will be transferred this week
July 21 (business-mongolia.com, source: unspecified) “Erdenes Tavantolgoi”’s board meeting was held on the 19th of July. The meeting discussed about transferring the license of “Erdenes Tavantolgoi”. Board member D.Enkhbat answered questions regarding the issue.
Q: What issues were discussed in the meeting?
D.Enkhbat: We have approved to transfer the license of Erdenes Tavantolgoi and approved the finances for new technologies that will expand production output. The western and eastern Tsankhi of Tavan Tolgoi has 5 licenses. The transferring of these licenses will take place this week and after that exporting works will start.
Q: How many licenses will Erdenes Tavantolgoi receive?
D.Enkhbat: Only one license will be given to Erdenes Tavantolgoi from Erdenes MGL for now. Production has started and surface layer is removed already and it is ready to mine. It is just waiting on the license issue. The Parliament has ordered to transfer all five licenses but the Government had planned to do that after all the reserves of the west and east Tsankhi is determined and most importantly when investment is flowing in.
Q: Did the working group decide on the last draft of the Investment Agreement of Tavan Tolgoi to be approved by the Parliament?
D.Enkhbat: The working group of the Government will make decision on that and from our information it will be finalized very soon. It is crucial to start the business going as soon as possible and to get the infrastructure ready. The Director of the Company was ordered to start exporting as soon as possible because the mine is ready for export. When the export starts, we can start the IPO and it is possible that we will cooperate with more than one or two Stock Exchanges. It is possible to start the IPO from the beginning of the next year.
Higher freight rates will not affect coal export
July 25 (news.mn) Ulaanbaatar Railway posted a loss of MNT16 billion in 2010. It also transported 5.7 million tons of coal, by far its biggest item of freight, and so it has now decided to increase the coal transportation rate by 15%. Transporting a ton coal would now cost MNT18.
Most observers feel this increase will not affect coal export, mainly because almost all the coal is unloaded at the borders with China and Russia. However, many worry at the general trend of how costs are rising. The Ministry of Mineral Resources and Energy have announced that the prices of coal, electricity and heating will be raised in phases.
Railway to south likely to be constructed in 2012
July 25 (news.mn) Yo.Jargalsaikhan, a senior official of the National Security Council (NSC) who deals with issues of infrastructure, has stressed the supremacy of the principles of national security passed by Parliament of in 2010. The NSC accordingly applies them whenever it discusses an issue and submits recommendations to the Government. He offered the railway policy as an example.
The first phase will be the 1,100-km stretch from Tavantolgoi to Choibalsan but the route to the south will also be taken up next year, especially as the Oyutolgoi mine is being developed fast. Jargalsaikhan said that safety issues relating to coal transportation would have to be considered.
KH.BATTULGA IS PAYING VISIT TO JAPAN
July 25, Ulaanbaatar, Mongolia, /MONTSAME/ The Minister of Road, Transportation, Construction and Urban Development Kh.Battulga is paying an official visit to Japan at an invitation of , and he has held a meeting with Takeaki Matsumoto, the Japan's Minister of Foreign Affairs.
In a scope of the visit, Kh.Battulga has met with H.Onodera, the vice-president of the Japan International Cooperation Agency (JICA) for sharing issues on projects and programs implemented, and being implemented in Mongolia. Mr. Onodera has thanked the Minister for legging the JICA's office, and noted that the JICA has a long-year experience of cooperation with Mongolia, and now is collaborating with Mongolia in directions of technical cooperation, credit and non-refundable aid, particularly, the intensive cooperation with Mongolia in the road, transportation and urban development. In turn, the Minister has said Mongolians always thank Japan for rendering assistance and support in hard times.
“The JICA is the main body which regulates assistance and loans affairs for foreign countries, for example, the JICA made investments to the Gobi Corporation that is one of the biggest entities in Mongolia. We are thankful to Japan for that,” Kh.Battulga has stressed. During the meeting, Mr. Onodera has said the JICA will begin soon a research activity for constructing metro station in Ulaanbaatar city.
After the meeting, Kh.Battulga has met with Mr. A.Oha, the Japan's Minister of Road, Transportation, Tourism and Infrastructure, and then signed a cooperation memorandum. Pursuant to this memorandum, the countries will cooperate in the infrastructure sector in all frames. In addition to it, a joint meeting will be held annually on the infrastructure sector.
<Mogi & Friends Fund A/C>
7.2%
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
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"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
Telephone/Fax: +976-11-321326
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
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Sukhbaatar District 8 · Ulaanbaatar 14200 · 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.
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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