August 5 --
To the Shareholders of Canrim Resources Pte Ltd.,
The month of July was another period of continued progress and forward momentum in Mongolia. July began with much needed, and expected, positive news from the Government of Mongolia stating amendments to the Minerals Law, lifting the four-year moratorium on the issuance of new licenses and extending the life of exploration licenses from nine to twelve years.
Internally, Glenn Griesbach, VP of Resource Development and our team in Mongolia continued their detailed due diligence on potential licenses for acquisition, predominately in copper/gold and other base metal resources. With renewed interest in the secondary license market, Canrim has also identified value in several projects currently under review. Preferring to be scrupulous with assets the Company acquires, we are moving cautiously in order to mitigate a rise in capital expenditures as there is little competition at present. We believe our prudence will keep Canrim in an attractive position.
From July 10 Mongolia was largely consumed by the Naadam festivities, an annual celebration of Mongolian sports which takes place in each Aimag (Province). This led most individuals in Ulaanbaatar to leave the city for the countryside in order to spend time with family. Having recently returned, we anticipate August to be a more productive month for Mongolia.
VP of Corporate Development Celebrating Naadam in Countryside
Mongolian Economic Update:
1. July 7: Viking Mines: Third MOU Signed for BerkhUul Coal Project in Mongolia
2. July 7: Guildford Seeks to Raise A$10 Million via Entitlement Offer, Underwriting Agreement
3. July 14: Mongolia extends its CNY10 billion currency swap facility with China for another three years
4. July 22: Mongolia and Japan formalize a Free Trade Agreement (FTA)
5. July 30: Central Bank of Mongolia increases interest rate by 1.5% to 12% to mitigate inflation
We look forward to updating you again on our progress and developments in Mongolia. If you would like to learn more about Canrim Resources, I encourage you to contact us directly at Canrimresources@gmail.com. Our team will be delighted to speak with you.
Director and CEO
Canrim Resources Pte Ltd.