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Eumeralla Resources focused on Mongolian minerals, set to list next week
March 2 (Proactive Investors Australia) --
Name: Eumeralla Resources
Proposed listing date: 9 March 2012
Proposed code: EUM
Principal activities: Mineral exploration
Issue price: $0.20
Eumeralla Resources (ASX: EUM) is expected to hit the boards of the ASX on Friday March 9, with a focus on the acquisition and exploration of mining projects in Mongolia.
The company offered 17.5 million shares at an issue price of A$0.20 per share to raise a minimum $3.5 million, with this offer closing today.
Eumeralla already holds one granted minerals exploration licence in northeast Mongolia which covers 12,657 hectares including the historical Chuluun Khoroot tungsten mine, active between 1945 and 1955.
The license is located about 20 kilometres north of the town of Dashbalbar and 85 kilometres northwest of the Solowevsk-Choibalsan railway.
Previous exploration at the project has defined tungsten targets, but follow up exploration has been limited.
Eumeralla plans to focus initially on tungsten exploration, planning a geological mapping and surface sampling program followed by geophysical surveys and aircore and reverse circulation drilling to test the anomalies.
Other commodities could be targeted at the project in the future.
"Mogi" Munkhdul Badral
Senior Client Manager / Executive Director
CPS International LLC
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