QGX, owner of Baruun Naran and Golden Hills, to be sold for $259 million

Mining operator QGX Ltd. (TSX:QGX)
is to be purchased by Kerry Holdings Ltd. and MCS Holding LLC. The reported
sales price is $259 million. 

QGX's properties include the
Baruun Naran and the Golden Hills sites in Mongolia. Barrick Gold Corp.
(TSX:ABX) holds a nine per cent stake in the company, which is based
in Canada. 

Kerry is a private investment
holding company with diversified businesses throughout the Asia Pacific
Region. MCS is one of the largest private sector companies in Mongolia,
with over 3,200 employees. 

Shares in QGX, which had been
halted prior to news of its sale, rose 38 cents, or more than eight
per cent, on the TSX to $4.88, with 2.5 million shares changing hands.

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