MONGOLIA - Ovoot open pit resource boosted 10%

Resource remodelling by Aspire Mining at the Ovoot Coking Coal Project in northern Mongolia has resulted in a 23.7 million tonne, or 10%, increase to the open pit resource, which now stands at 253.1 million tonnes. The probable and marketable coal reserves have also increased.  1

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MONGOLIA - Prophecy Coal offtake agreement

Prophecy Coal has entered into two binding coal sale export contracts for the sale of 30,000 tonnes of coal from the company’s Ulaan Ovoo mine to a buyer in Russia. The buyer is a substantial coal trader with annual volume turnover in excess of 2 million tonnes in Russia’s Buryatia region.  1

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MONGOLIA - SouthGobi granted pre-mining agreements

SouthGobi Resources has received three pre-mining agreements (PMAs) relating to three mineral exploration licences. The PMAs granted by the Mineral Resources Authority of Mongolia (MRAM) relate to the Zag Suuj coal deposit and certain areas associated with the Soumber coal deposit, and will enable SouthGobi to progress to the mining licence application process.

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MONGOLIA - Turquoise Hill receives sale payment

Turquoise Hill Resources has received a US$235 million advance payment for the sale of Altynalmas Gold and has signed a binding term sheet with majority shareholder Rio Tinto for a new funding agreement designed to meet Turquoise Hill’s cash needs through the end of 2013.  1

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