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 email@example.com or +976-99996779.
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Close: Mongolia Related ASX Listed Companies, March 21, 2010
Petro Matad increases resource
Shares in AIM-quoted oil and gas explorer Petro Matad have jumped by more than one-third after the Mongolia-focused explorer said that the reinterpretation of its seismic data had led to an increase in the resources of the Davsan Tolgoi prospects.
March 21 (ShareCast News) Shares in AIM-quoted oil and gas explorer Petro Matad (LON:MATD) have jumped by more than one-third after the Mongolia-focused explorer said that the reinterpretation of its seismic data had led to an increase in the resources of the Davsan Tolgoi prospects.
Petro Matad drilled three wells on the Davsan Tolgoi anticline last year and that has taken the number of prospects to 18 and offered three leads. This has helped to develop the 2011 drilling programme.
The area covered is in the north eastern corner of Block XX.
That equates to an additional 275 MMbbl unrisked and 211 MMbbl risked recoverable resource for the prospects and leads. The total unrisked resource for prospects is now 293 MMbbl, with a risked recoverable resource of 225 MMbbl.
The main reason for the increase is the discovery of a newly defined unit in the Uppermost Tsagaantsav Stratigraphic Play.
AKM up 16% on 21st.
Noble Group Becomes Substantial Holder in Aspire with 8.6%
March 21, Aspire Mining Limited (ASX:AKM) --
Denison Announces Increase in 43-101 Estimated Resources at Hairhan Deposit in Mongolia
TORONTO, ONTARIO--(Marketwire - March 21, 2011) - Denison Mines Corp. (TSX:DML)(NYSE Amex:DNN) ("Denison" or the "Company") is pleased to announce that an updated resource estimate has been prepared in accordance with National Instrument 43-101 (NI 43-101) for its Hairhan deposit held by the Gurvan Saihan Joint Venture ("GSJV") in Mongolia. Denison holds a 70% interest in the GSJV with the Mongolian state entity Mon-Atom LLC holding 15% and the Russian concern Geologorazvedka holding the remaining 15%. The GSJV holds six exploration licenses, including Hairhan, totalling 181,574 hectares in the South Gobi region of Mongolia.
The updated NI 43-101 resource incorporates results from drilling from 2007 and 2008 in the central portion of the Hairhan deposit. This drilling comprised 278 holes totalling 46,000 metres concentrated in known mineralized areas in order to close drill spacing and to support detailed resource estimation. As a result of the drill programs, which increased the total drilling at Hairhan to over 118,000 metres, uranium contained in the Indicated Resources increased 151% and in Inferred Resources increased 67% over the resources reported previously in the report titled "Technical Report on the Uranium Exploration Properties in Mongolia" dated February 27, 2007, issued by Scott Wilson Roscoe Postle Associates Inc.
Updated Mineral Resources by Roscoe Postle Associates, Inc. ("RPA") are shown in the following table. The resources were estimated using a cut-off of 0.02% U (0.024% U3O8) over a minimum thickness of 2 metres. The minimum Grade x Thickness for estimation is 0.04 metre-percent U (0.047 metre-percent U3O8).
RPA was retained by the Company to independently review, verify and present the mineral resource estimates for Hairhan. The Technical Report presenting these mineral resource estimates will be filed on SEDAR (www.sedar.com) within 45 days of this release. William E. Roscoe, Ph.D., P.Eng. of RPA, who is a Qualified Persons as defined by NI 43-101, has reviewed the technical contents related to the mineral resource estimates contained in this release.
The Hairhan uranium deposit is amendable to ISR (In Situ Recovery) techniques. A small ISR pilot test conducted in 1998 confirmed favourable geologic and hydrologic conditions for ISR at Hairhan. The next phases being planned by the Company include advancing the Hairhan exploration license to a mining license, designing a semi-commercial scale acid ISR plant, and initiating site construction and development activities in late 2011 and into 2012. The semi-commercial test will be intended to provide site specific operating costs and confirmation of production parameters to support a full commercial feasibility study and decision.
The implementation of the Hairhan development and testing program, as well as continued exploration on the other properties held by the GSJV, is contingent upon resolution of outstanding issues arising from enactment the Nuclear Energy Law of Mongolia in mid 2009. Foremost among the issues that the Nuclear Energy Law has raised are matters relating to ownership and structure of the GSJV and its projects. The Company remains hopeful that these important issues will be resolved in 2011 so that the planned programs can commence.
Mongolia Growth Group Ltd. Announces Private Placement Offering
Calgary, Alberta CANADA, March 21, 2011 /FSC/ - Mongolia Growth Group Ltd. (YAK - CNSX), ("MGG" or "The Company") is pleased to announce a non-brokered "commercially reasonable efforts" private placement offering ("Offering") of common shares ("Common Shares") to raise gross proceeds of up to CDN$ 10 million with a CDN$ 5 million overallotment for aggregate proceeds of up to CDN$ 15 million. The Common Shares will be priced at CDN$ 1.32.
Harris Kupperman, Chairman and CEO of The Company has indicated his intention to subscribe for CDN$ 1,320,000 or 1,000,000 Common Shares and COO and interim CFO Jordan Calonego has indicated his intention to purchase CDN$ 132,000 or 100,000 Common Shares. Various members of the board and management have also indicated their intention to subscribe for Common Shares in the Offering, which will be set-out in a material change report filed on SEDAR once known.
Certain directors and officers of The Company will acquire shares under the private placement. Any such participation would be considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to nor the consideration paid by such persons will exceed 25% of The Company's market capitalization.
The Company intends to use the proceeds to fund the recently announced insurance company, purchase leasable real estate, take advantage of investment opportunities and general corporate purposes.
The Offering is scheduled to close on or about April 8, 2010 (the "Closing Date"), and is subject to certain conditions, including but not limited to, receipt of all necessary approvals including the approval of the CNSX Exchange and the securities regulatory authorities.
The Common Shares issued in connection with this Offering will be subject to a four-month hold period from the Closing Date, as prescribed by the CNSX exchange and applicable securities laws.
For further information, please visit the Company's website at www.mongoliagrowthgroup.com.
Hunnu Coal 2010 Annual Report
March 17, Hunnu Coal Limited (ASX:HUN) --
Manas Petroleum Corp. Financial and Operations Update for the Year Ended December 31, 2010
BAAR, SWITZERLAND--(Marketwire - March 21, 2011) - Manas Petroleum Corp. ("Manas") (OTCBB: MNAP) is pleased to report that it has filed on EDGAR and on SEDAR its annual report on Form 10-K for the fiscal year ended December 31, 2010. The complete document can be viewed at either www.sedar.com or www.sec.gov.
Results of Operations
For the year ended December 31, 2010, we had net income of US$74,442,353 as compared to net loss of US$21,618,015 for the year ended December 31, 2009. This increase in our net income is mainly attributable to non-operating income, which includes a gain from sale of subsidiary of US$57,850,918 and a gain in the fair value of investment in associate (Petromanas Energy Inc.) of US$25,851,061.
For the year ended December 31, 2010, our operating expenses decreased by one percent to US$9,421,318 from US$9,501,901 reported for the same period in 2009. For the year ended December 31, 2010, while we incurred lower personnel costs and lower administrative costs, we recorded higher exploration costs and higher consulting fees.
Liquidity and Capital Resources
Our cash balance as of December 31, 2010 was US$1,736,571. Our shareholders' equity as of December 31, 2010 was US$71,723,484. As of December 31, 2010, total current assets were US$2,191,848 and total current liabilities were US$477,001, resulting in net working capital of US$1,714,847. In addition, of the 200,000,000 common shares of Petromanas Energy Inc. held by us, 25,000,000 were freely tradable as of December 31, 2010. On December 31, 2010, the market value of these freely tradable shares was approximately US$9,997,000.
Based on our business plan for the next 12 months, we anticipate that we will need US$8,660,000 to fund our operations.
Given our net working capital plus our freely tradable shares of Petromanas Energy Inc., we do not expect that we will need additional funding from external sources to cover our monthly burn rate of approximately US$340,000 and minimum work commitments before February 2012.
In order to fund our operations beyond February 2012, we believe that we will need further financing. These funds have to be raised either through external sources, or via the sale of common shares of Petromanas Energy Inc.
As of February 2, 2011, we filed a registration statement on Form S-1 with the Securities and Exchange Commission and on February 1, 2011, we filed a preliminary prospectus with the securities commissions in all of the provinces of Canada except Quebec, for a proposed public offering of common shares to raise a minimum of US$20,000,000 and a maximum of US$30,000,000 at a price per share to be determined in the context of the market.
Developments in 2010
In 2010, we began to re-interpret existing geological data and plan for a gravity survey. This was to further define the location of lines for the recently completed seismic campaign on Blocks 13 and 14, in which we acquired approximately 300 linear km of seismic data. Also, we collected data from a total of 451 existing wells drilled in the Zuunbayan and Tsagaan Els oil fields area and in prospects. All well data was translated from Russian and Mongolian into English for analysis by international experts.
On August 31, 2010, we entered into a contract with DQE International Tamsag (Mongol) LLC, a subsidiary of CNPC Daqing Petroleum, for the acquisition of 300 km of 2D seismic on Blocks 13 and 14 for an aggregate total of US$1,050,000, payable according to a specific schedule. We were required to provide a bank guarantee over the outstanding amount, which is to be reduced according to the same schedule.
On November 10, 2010, we announced the completion of the 2010 seismic acquisition program for block 13 and 14 without incident. We intend to use the additional 300 km of 2D seismic data to improve our technical database and our chance of drilling a successful exploration well. After interpretation of the full dataset, we intend to decide whether we are ready to drill one or more exploration wells or we need to acquire 3D seismic to define the drill prospects in better detail. Depending on this decision, we hope to spud the first well in 2011.
Our plans for 2011 call for the acquisition of another 833 km (517.6 miles) of data at a cost of approximately US$3.35 million, including 303 km (188.3 miles) on Block 13 and 530 km (329.3 miles) on Block 14.
<Mogi & Friends Fund A/C>
Mogi & Friends Fund is a tiny fund of A$20.8K I created in late September with a few friends to put my own (and a few friends’) money where my mouth (just mine) is.
The Fund enjoyed another day of rally.
With the end of Q1, a new calculation method will be introduced as the Fund’s return will be reset on the beginning of each quarter. With this, I hope to create a much more understandable way of calculating each of my friend’s investment on a consistent and scheduled manner, and also to facilitate an easier entrance for new investment. This will create an opening 4 times each year for new investments. Results will be calculated from the beginning till the end of each quarter, much like listed companies.
I personally and through my “Mogi & Friends Fund” hold 75,000 HAR shares in aggregate.
Jason Peterson, CPS Securities Director, holds shares (approx. 6,500,000) and options (1,000,000) in HAR.
CPS holds 500,000 options in HAR for corporate advice provided to HAR – Jason Peterson is a 33% shareholder in CPS.
CPS and CPSI directors and employees hold shares in HAR and may buy and sell these shares as and when they see fit.
· CPS has received an IPO management fee of $250,000 and a 5% fee for any funds placed to its clients under the prospectus.
· HAR has paid for Jason Peterson’s travel and accommodation expenses to and in Mongolia – this must be disclosed as a soft dollar commission.
"Mogi" Munkhdul Badral
CPS International LLC
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Sukhbaatar District 8 · Ulaanbaatar 14200 · Mongolia
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.