QGX will use $20.75 million earned from a subscription agreement with JUST Group Industries for ongoing development of its Baruun Naran coal project and the Central Valley Zone in its Golden Hills copper-gold-silver project.

QGX executive chairman David Anderson says: "We welcome JUST Group as a significant shareholder in QGX and look forward to their assistance in the development of our coal and metals assets in Mongolia.

"JUST Group owner Mr Batkhuu brings a broad range of experience in a variety of complementary industries that will contribute to the development our projects. He also recognizes the positive impact this investment will have on the development of the mining industry in Mongolia and the opportunities that will be created for citizens of Mongolia."

JUST Group is a private Mongolian company incorporated in 1999 that is active through subsidiary companies in the trading, distribution and bulk transportation of energy products, logistics, mining and meat processing in Mongolia.

The company is implementing transport arrangements to carry by rail about three million tonnes of bulk energy products (such as oil, coal, and electricity) on an annual basis.