SouthGobi Resources last week filed an appeal against the verdict from the Second District Criminal Court of Justice in Mongolia regarding tax evasion and will continue to vigorously defend itself through the appeal process.

Erdene Resource Development Corp has granted Tian Poh Resources a period of exclusivity to exercise an option to acquire an interest in Erdene’s Zuun Mod molybdenum-copper project in southwest Mongolia. Tian Poh can acquire and retain a 51% interest in the project for US$4.8 million in cash and equity in Tian Poh, and by meeting certain work commitments.

The final re-tender of Kincora Copper’s licences previously revoked by the Government of Mongolia concluded last week with no third party bids made. It is, therefore, expected that Kincora will shortly be provided the election to regain both licences which were previously held at a Can$7 million balance sheet value prior to the dispute.

FOLLOWING the success of its first 2014 campaign Xanadu Mines staged a supplementary exploration program at Kharmagtai Copper-Gold Project in the South Gobi region in the final quarter of 2014. The program comprised 2500 metres of diamond core drilling targeting areas of particular potential identified in the first campaign.

The Court of Justice of Mongolia has found that SouthGobi Sands (SGS) and three of its former employees are guilty of tax evasion offences, and has given them jail sentences. SGS is the Mongolian operating subsidiary of SouthGobi Resources.

Mongolia is considering a proposal to revive stalled foreign investment in large mining projects by reducing its equity stake in strategic mines in exchange for higher royalties. The government unveiled its plans last Friday when Prime Minister Chimed Saikhanbileg proposed in parliament an amendment to the country’s mineral resources law.

ERDENE Resource Development Corp began a drilling program at the Altan Nar gold-polymetallic project in the final quarter of 2014 with the primary objective of establishing an initial, independently verified, near-surface, open pit mineable resource at the Discovery Zone and Union North prospects.

TURQUOISE Hill Resources, Rio Tinto and the Government of Mongolia continue to work together with the aim of resolving remaining shareholder matters and finalizing project finance to develop the underground mine at the Oyu Tolgoi Copper-Gold Project. Turquoise Hill and Rio Tinto have made an offer to the Government of Mongolia to resolve shareholder matters in a manner the company believes is beneficial to all stakeholders.

Aspire Mining’s Mongolian rail infrastructure subsidiary, Northern Railways LLC, has signed an agreement to complete the first stage of a bankable feasibility study (BFS) for the Erdenet to Ovoot railway with China Railway 20 Bureau Group Corporation (CR20G), a wholly-owned subsidiary of China Railways Construction Corporation (CRCC).

Prophecy Development Corp announces the approval, via Resolution No 16, of the Ministry of Roads and Transportation of Mongolia for the Road Feasibility study for construction of a 17km road to connect Prophecy’s Ulaan Ovoo coal mine to the Zeltura Russian border.

The Mongolian Parliament’s designation of the Gatsuurt Gold Project as a mineral deposit of strategic importance paves the way for Centerra Gold to advance development of the project. It allows the company to move forward within the application of the Water and Forest Law and also allows Mongolia to acquire up to a 34% interest in the project, which is 35km from Centerra’s operating Boroo mine.

Drilling by Erdene Resource Development Corp has resulted in a significant increase in width and grade at the northern edge of Discovery Zone South (DZS). The drilling is part of a 15-hole fourth quarter 2014 exploration program at the Altan Nar gold-polymetallic project in southwest Mongolia.

Test work completed by Aspire Mining and joint venture partners Noble Group indicates that hard coking coal is present at their Nuurstei Coking Coal Project. This work has categorized the Nuurstei product as bituminous mid volatile coal.

SouthGobi Resources announces that the Capital City Prosecutor in Mongolia had dismissed the accusations of alleged money laundering against the company's three former employees and transferred the tax investigation case back to Court.

Aspire Mining has received an independent Chinese Coal Market Report commissioned by the company from a leading coal consultancy firm in China confirming the marketability of a blended coking coal product called Mongolian Blend. This is a blend of between 25-50% Aspire’s Ovoot project indicative coking coal and other Mongolian selected thermal and non-coking coals.

SouthGobi Resources has announced that the Capital City Prosecutor in Mongolia has dismissed the accusations of alleged money laundering against the company's three former employees and transferred the tax investigation case back to Court.

A supplementary drilling program at Xanadu Mines’ Kharmagtai Copper-Gold Project in the South Gobi region has extended the centres of known high-grade mineralization and confirmed a new porphyry centre. Drilling continues to increase the scale and potential of this large copper-gold system with multiple near-surface, gold-rich centres, including Altan Tolgoi and Zesen Uul.

Despite a concentrator fire at its Oyu Tolgoi mine in Mongolia earlier in December, Turquoise Hill Resources says the copper-gold operation is on track to meet its expected full-year output. The company has, however, lowered its production estimate for 2015 to 600,000-700,000 ounces of gold and 175,000-195,000 tonnes of copper in concentrates.

Subject to certain conditions and limitations, Turquoise Hill Resources has deferred amounts owing on the US$10 million revolving credit facility provided to SouthGobi Resources as initially announced on May 25, 2014 and updated on August 31, 2014.

Kincora Copper’s 2014 field work has identified a number of new targets at the Bronze Fox Copper-Gold Project but nothing economic as yet. As with previous field seasons the 2014 activities returned extensive low-grade copper and localized higher-grade porphyry occurrences at various targets.