CPSI NewsWire brings you market updates on Mongolia, compiled by CPS International, a Mongolian marketing arm of CPS Securities, a Perth, WA based stockbroking and corporate advisory firm, specialising in capital raising for mining and junior stocks.
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MUB securities currently suspended, last closed at 26c on Sep 30. Cash at the end of September at A$4.6m.
EXCELLENT HIGH-GRADE GOLD RESULTS FROM MONGOLIAN PROJECTS
October 31, Mongolian Resource Corporation Limited (ASX:MUB) --
· Excellent high-grade gold results from underground channel sampling program at its Blue Eyes and Sujigtei Projects consisted of :
o An “Ore Shoot” has been outlined at Blue Eyes with the latest bulk test samples results up to 50.4 g/t Au confirming channel sample results (previous press releases). The results occur in veins averaging 0.8m in width.
o Sujigtei underground channel sampling results display high grade gold mineralization :- some highlights are shown here
§ 0.40m @ 210.8 g/t Au
§ 0.55m @ 91.3 g/t Au
§ 0.50m @ 63.9 g/t Au
§ 0.40m @ 58.3 g/t Au
§ 0.30m @ 49.9 g/t Au
o Average of all 64 channels samples in Vein No. 1 is 17.40 g/t Au. (uncut and undiluted). Average vein width is 44cm over this zone of more than 250m strike.
o More than 150 samples were collected from either hanging and/or footwall with assays showing gold extends beyond the vein in the stock work areas. Gold grades range from 0.1 - 4.3 g/t Au over widths up to 1m
· Surface drilling is underway to assist in validation of the next two years of reserves for the plant under construction.
· Underground drilling will target confirmation of this “ore shoot” to deeper levels and commencing in current quarter 2011
· Mineralization is found in several locations around the vein and the Company is reviewing the open cut potential of this project
· The first permit for expansion of the Blue Eyes Mining Project has been received and the company is now pursuing environmental permitting.
NON CORE ASSETS REVIEW
The MRC board is reviewing its non-core assets and will be looking to vend out any projects that will distract from its objective of creating gold production in its Mongolian Gold Projects. Accordingly MRC has agreed to market its Australian Uranium and Gold Assets.
As part of this rationalisation program, MRC recently initiated a sale of a minor iron license, 13901X, for the sum of US$256,000 to a Mongolian-Chinese Group (Tsakhir Tsagaan Gol LLC), yet to be finalised.
The remaining 11 alluvial gold licenses with Russian Defined potential of more than 3 tonnes of alluvial gold (320 drill holes database that has not been validated or recalculated and as such is not in JORC Standard Reporting) remains in the Company’s holdings.
Quarterly Activities Report - October 31, 2011
Quarterly Cashflow Report – October 31, 2011
Annual Report 2011 – October 31, 2011
"Mogi" Munkhdul Badral
Senior Client Manager / Executive Director
CPS International LLC
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