XANADU MINES BEGINS EXTENSIVE DRILLING PROGRAM AT GALSHAR

Xanadu Mines last week began exploration drilling at its 100% owned Galshar thermal coal Project, 250 km south east of Ulaanbaatar.  Galshar has a coal exploration target on the area and the aim of the current drilling program is to enhance and extend that target into a JORC code compliant resource. Two diamond drill rigs are operating on a double shift basis. A ground magnetic survey of the coal basin will commence shortly. It is anticipated that the first phase of the programme will take at least two months to complete, which may then be expanded to allow for more detailed JORC Reserve drilling in priority areas.
Chairman Brian Thornton says, “In addition to its Galshar project, the company has embarked on an aggressive program over the winter recess to evaluate a number of coal and potential porphyry copper opportunities across the south and the north of the country. Xanadu aims to spend about AUD6 million on exploration in 2011 on existing and new projects. This will be in addition to exploration spending on coking coal and iron ore as part of the proposed Noble Xanadu strategic alliance. Our coal strategy is to focus on projects strategically located close to existing or planned infrastructure, or near the Chinese border, and with the potential to produce in excess of 2mtpa of coal for 10 -20 years. With respect to the proposed Noble Xanadu strategic alliance, it is Xanadu’s expectation that long form documentation of the transaction announced on 2 February to the ASX will be completed by 23 March 2011.”
Source: Xanadu Mines
The Business Council of Mongolia aims to advocate increased trade and investment in Mongolia and serve as a forum for dialogue on the important business climate issues. Join us at the Business Council Mongolia Official Website
No votes yet
Archived Comments