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Friday, June 3, 2011

[cpsinewswire] [CPSI NewsAlert: General Mining Contracts Driller for Uvs Basin Project]

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 mogi@cpsinternational.mn or +976-99996779.

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GMM shares up as much 26.6% in early trading

General Mining Corporation inks contract for drilling targeting potash in Mongolia

June 3 (Proactive Investors) General Mining Corporation (ASX: GMM) has signed a contract with a drilling contractor to target potash at the company’s wholly-owned Uvs Basin Project in Mongolia.

The drilling contractor, ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH, is German-based group of international experts in potash geology and mining.

Three to five holes will be drilled to a depth of 1,000 metres at identified targets with 2D seismic to possibly follow up on drilling.

The project comprises five granted exploration permits covering more than 2,000 square kilometres within the basin considered prospective for bedded and domal (salt diaper) potash deposits as well as for lithium and potassium brines.

Previous drilling in the northern periphery of the basin in the 1950–60s intersected shallow potash mineralisation in up to 600 metre Devonian evaporates, confirming the prospectivity for potash deposits.

General Mining has obtained all necessary approvals to commence the drill campaign sometime between July and August when a suitable drill rig becomes available to the contractor.

The project is located near the Russian border in northwest Mongolia and is near planned railway to be completed by 2015.

Potash is an essential commodity for agriculture and, according to General Mining, China is a major importer of Potash.

General Mining has a strategic alliance with Galaxy Resources (ASX: GXY) at the lithium project in Mongolia.

Link to article

Link to GMM release

 

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"Mogi" Munkhdul Badral

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CPS International LLC

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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 mogi@cpsinternational.mn or +976-99996779.

 

Disclosure/Disclaimer

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.

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